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Washington, D.C. — Today, Congressman Elijah E. Cummings (D-Md.), a senior member of the House Committee on Oversight and Government Reform, released the following statement applauding Neil M. Barofsky, Special Inspector General for the Troubled Asset Relief Program, for initiating an audit of AIG in response to a request from twenty-seven members of Congress led by Congressman Cummings:
“Last week, my colleagues and I sent a request to TARP IG Neil Barofsky requesting an investigation into AIG’s counterparty transactions, specifically looking at what kind of assessments were made of the health and total exposure risks of the counterparties and whether or not AIG made any attempts to renegotiate its contracts with these companies.
“I was very pleased to receive a response from Mr. Barofsky informing me that his office has opened an audit to further investigate this situation. AIG has been the largest recipient of taxpayer assistance during the current economic crisis, and the American people now essentially own this company, holding nearly 80% of its equity. As such, it is critical that we ensure that AIG is spending this money with taxpayers’ best interests at heart. The American people deserve to know how their money is being spent.
“Further, I applaud Mr. Barofsky for responding to our inquiry with such immediacy. He has consistently demonstrated his commitment to his role in ensuring that transparency and accountability stay firmly rooted in the government’s efforts to revive and sustain the American economy. I look forward to learning what this audit reveals.”
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