Saturday, January 30, 2010

Washington, DC – On Tuesday, Rep. Steve Israel (D – Long Island), former Governor Eliot Spitzer (D – N.Y.) and Professor Frank Partnoy of the University of San Diego School of Law announced the introduction of new legislation to get to the bottom of the AIG collapse with an open source investigation. Rep. Israel introduced the Financial Crisis Public Disclosure Act of 2010, which directs the Treasury Secretary to put online the emails of high level AIG employees so the public can conduct an investigation of the company’s collapse and subsequent government bailout.

“Our economy nearly fell off a cliff because a bunch of risky traders made bad decisions. Accountability means knowing who knew what and when. My bill will force AIG to publicly open company emails from top employees so we can find out what they were thinking as they made decisions that wrecked our economy,” said Rep. Israel.

“Transparency has been lacking in our examination of AIG. The best route to a full understanding of the roots of the cataclysm will come from an opening of AIG's books and records. I applaud Congressman Israel for pushing this issue,” said former Gov. Spitzer.

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