U.S. Rep. Edolphus "Ed" Towns Promises Aggressive Oversight of Wall Street
WEST PALM BEACH, Fla., Jan. 14 /PRNewswire-FirstCall/ -- U.S. Rep.
Edolphus "Ed" Towns, recently named Chairman of the Committee on Oversight and
Government Reform today outlined his plans on government oversight and
investigations during a keynote address in Washington, DC. The panel
discussion, sponsored by FTI Consulting, Inc. (NYSE: FCN) and its public
affairs arm FD Dittus, also included the Honorable Richard A. Gephardt; The
Honorable Roel C. Campos; Elizabeth Williamson of The Wall Street Journal;
Allen D. Applbaum of FTI Consulting. The panel was moderated by Gloria Dittus,
President and CEO of FD Dittus.
During Wednesday's event at the The Willard InterContinental Hotel, the
distinguished panel offered their observations on the role the new
administration and 111th Congress will take in corporate oversight,
investigation and regulation, including the importance of government
transparency, an issue that President-elect Barack Obama stressed during his
In his address, Chairman Towns announced that as the new chairman of the
House's chief investigative panel, he plans to make oversight of Wall Street
one of his top priorities, emphasizing that he wants a full accounting of how
the first half of the $700 billion in federal bailout funding was spent before
the second half is released. Specifically, he plans to investigate how firms
have spent federal bailout funds and whether any of the funds have been used
for executive bonuses.
"We cannot continue to give money away and not hold somebody accountable
for that money," said Chairman Towns. "It is an abomination that so many firms
who are receiving government funds continue to reward poor performance."
In addition, he stated that he intends to further investigate government
procurement and contracting processes, with a particular emphasis on ensuring
that contractors delinquent on their taxes are not awarded new federal
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to
helping organizations protect and enhance enterprise value in an increasingly
complex legal, regulatory and economic environment. With more than 3,000
employees located in most major business centers in the world, we work closely
with clients every day to anticipate, illuminate, and overcome complex
business challenges in areas such as investigations, litigation, mergers and
acquisitions, regulatory issues, reputation management and restructuring. More
information can be found at www.fticonsulting.com.
About FD Dittus Communications
FD Dittus is the Washington, DC-based public affairs arm of FD, a global
strategic communications consultancy serving national and international
clients. FD and FD Dittus were acquired by FTI Consulting in 2006 and form the
company's national strategic communications practice specializing in assisting
organizations to solve problems, to seize opportunities, to manage
perceptions, and to ease the manner in which they control the complexities of
their business and environment. For more information log onto www.fd.com or
SOURCE FTI Consulting, Inc.
CONTACT: Jack Dunn, President & CEO, FTI Consulting, +1-410-951-4800; or
Investors: Gordon McCoun, Media: Andy Maas, both of FD, +1-212-850-5600