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Pelosi Calls on Paulson to Strengthen Conflict of Interest Rules for Financial Rescue Package
October 7, 2008
Speaker Pelosi today called on the Secretary of the Treasury Henry Paulson to strengthen the conflict of interest provisions included in the Emergency Economic Stabilization Act to ensure that taxpayers' interests are protected. The Speaker said that the conflict of interest interim guidelines for contractors and asset managers who will be hired by the Treasury to run the program fall short of meeting the standards directed by Congress to protect taxpayers writing, "we all need to assure the American people of our commitment to meaningful oversight and to protecting the interests of taxpayers.
Blog Post
Oversight Committee to Paulson: U.S. taxpayers are paying for AIG's profligate spending
October 7, 2008
During today's Oversight Committee hearing to examine the regulatory mistakes and financial excesses that led to the bailout of AIG the committee learned, among other things, that a week after the government spent $85 billion dollars bailing out AIG, executives went on a retreat at a luxury resort spending $443,343.71. Chairman Waxman asked at the hearing that a letter to Secretary Paulson about these expenditures be inserted into the record. Below is the letter:

October 7, 2008

The Honorable Henry M. Paulson, Jr.

Secretary

U.S. Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, DC 20220

Dear Mr. Secretary:

Blog Post
Further Testimony From Oversight Hearing On AIG
October 7, 2008
This afternoon, the House Oversight Committee continues their hearing to examine the regulatory mistakes and financial excesses that led to government bailout of AIG. Learn more about the hearing and read prepared testimony and documents at the Oversight Committee website.

Witnesses testifying are:

Eric R. Dinallo, Superintendent, New York State Insurance Department

Lynn E. Turner, former chief accountant, Securities and Exchange Commission

Robert B. Willumstad, former Chief Executive Officer, AIG

Martin J. Sullivan, former Chief Executive Officer, AIG

Rep. Bruce Braley (D-IA) and Chairman Waxman question Robert B. Willumstad and Martin J. Sullivan on executive compensation:

Press Release
Pelosi Calls on Paulson to Strengthen Conflict of Interest Rules for Financial Rescue Package to Ensure Taxpayers are Protected
October 7, 2008
"We all need to assure the American people of our commitment to meaningful oversight and to protecting the interests of taxpayers. I therefore urge you to reconsider your interim guidelines and to strengthen them to avoid even the appearance of conflicts of interest by the same financial institutions who may also benefit [from this program]."
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Rep. Elijah Cummings: They were getting manicures, facials, pedicures and massages while American people were footing the bill
October 7, 2008
At today's Oversight Committee hearing on AIG, the Committee discovered that a week after the government spent $85 billion dollars bailing out AIG, executives went on a retreat at a luxury resort, spending $443,343.71:

Image removed.

Rep. Elijah Cummings (D-MD) on the expenditures:

Blog Post
Oversight Committee Holds Hearing on the Causes and Effects of the AIG Bailout
October 7, 2008
Today, the Oversight Committee is holding a hearing to examine the regulatory mistakes and financial excesses that led to government bailout of AIG. Watch the live webcast >>

Watch Chairman Waxman's opening statement:

Transcript:

Today we are holding our second day of hearings on the financial crisis on Wall Street.

Yesterday, we examined the collapse of Lehman Brothers. Our focus today is AIG.

There are obvious differences between Lehman and AIG. Lehman is an investment bank; AIG is an insurance company. Lehman fell because it placed highly leveraged bets in the subprime and real estate markets; AIG's problems originate in complex derivatives called credit default swaps.

Press Release
Pelosi: Congress Uncovering Excesses of Wall Street While Pushing President on Economic Recovery Plan
October 6, 2008
"Last week's enactment of the emergency rescue law is only the beginning of uncovering what went wrong due to deregulation and no supervision of our financial system. We will work diligently to develop common sense reforms and to change the way Wall Street is held accountable."
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Oversight Hearing on Causes and Effects of the Lehman Brothers Bankruptcy
October 6, 2008
Today, the Oversight Committee is holding a hearing to examine the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers. Watch the live webcast>>

Read prepared testimony from invited witnesses:

Dr. Luigi Zingales, Professor of Finance, University of Chicago

Dr. Robert F. Wescott, President, Keybridge Research LLC

Nell Minow, Chairman of the Board and Editor, The Corporate Library

Gregory W. Smith, General Counsel, Colorado Public Employees' Retirement Association

Blog Post
Toxic Trailers: Report Finds CDC Failed to Protect the Public Health
October 6, 2008
The Committee on Science and Technology Subcommittee on Investigations and Oversight released a report entitled, "Toxic Trailers - Toxic Lethargy: How the Centers for Disease Control and Prevention Has Failed to Protect the Public Health." The staff report documents that "tens of thousands of Hurricane Katrina and Rita families living in trailers with elevated levels of formaldehyde were kept in harm's way for at least one year longer than necessary."

From the Subcommittee's release:

Press Release
Pelosi Calls on Bush to Support Stimulus Package to Create Jobs, Grow the Economy and Bring More Stability to Main Street
October 4, 2008
"The need for action is long overdue."
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