According to a report from the research arm of Congress, American International Group, one of huge financial institutions to experience extremely dire straits as a result of the financial crisis, has reached a point of stability. However, the same report has raised doubts concerning whether or not AIG will ever be able to restructure and pay back the money it borrowed from the government.
 
This report from the Government Accountability Office came at the same time as Representative Edolphus Towns of New York was preparing to raise the possibility of renegotiating A.I.G.’s debt. Towns, the chairman of the House Committee on …read more

Just off the heels of watchdog Neil Barofskys’ report that revealed how many banks across the country are misusing the bailout funds that were meant to stimulate lending, two senior Democratic lawmakers have asked President Obama’s administration to put the mechanisms in the place that would make the $700 billion bailout more transparent to the American public.
 
Senator Max Baucus of Montana and Representative Edolphus Towns of New York have led the charge to petition Treasury Secretary Timothy Geithner to adopt the recommendations issued in the watchdog report. Baucus is the head of the Senate Finance Committee and Towns is the …read more