This thought-provoking press release is from the American Association for Justice:
U.S. CHAMBER CREATED CURRENT FINANCIAL CRISIS, NEW REPORT SAYS
Filings show AIG paid U.S. Chamber $23M to eliminate oversight and accountability
WASHINGTON, DC—The
current financial crisis was caused by U.S. Chamber’s aggressive
lobbying to eliminate accountability and oversight, says a new issue
brief that also exposes payments from bailed-out AIG to the Washington
corporate lobby.
Today, U.S. Chamber is the loudest
supporter of a $700 billion taxpayer bailout, even though it spent the
last decade fighting to eliminate corporate accountability – one of the
major factors that led to the current financial crisis.
U.S.
Chamber has been paid millions by large corporations to limit the
rights of shareholders, roll back Sarbanes-Oxley reforms, prevent
disclosures to investors, and protect boardrooms while preventing
consumers from holding them accountable.
The issue
brief also details payments from American International Group (AIG) to
U.S. Chamber totaling $23 million from 2001 to 2005. AIG, coined by
one commentator as “the new Enron,” was represented by U.S. Chamber
while engaging in massive corporate fraud before receiving a government
bailout this month.
“U.S. Chamber has sought to
destroy any check on corporate excess, accountability and greed," said
American Association for Justice CEO Jon Haber. "By conducting the
dirty work of Enron, Exxon, AIG, and a host of other negligent
corporations, U.S. Chamber has put countless Americans in financial
jeopardy."
The issue brief summarizes a small
selection of U.S. Chamber lobbying and litigation that has put Wall
Street ahead of Main Street and corporations above everyday Americans.
To read “Behind the Bailout: How U.S. Chamber Created the 2008
Financial Crisis,” visit: http://www.justice.org/pdf/uschamberbehindthebailout.pdf.
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