Manufacturing Industry
US Treasury Secretary denies political pressure put on ATSB
Airline Industry Information, June 28, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
US Treasury Secretary John Snow has denied that any political pressure was put upon Treasury Under Secretary and Air Transportation Stabilization Board (ATSB) member Brian Roseboro to change his vote on United Airlines' loan guarantee request.
Snow said that no pressure had been applied and that the correct ATSB procedures had been followed. The ATSB rejected a proposal from United Airlines that would see the federal government guaranteeing USD1.6bn of a USD2bn private loan the bankrupt Illinois company was seeking.
Sen. Peter Fitzgerald had requested an investigation into the board's decision after suggesting that House of Representatives Speaker Dennis Hastert of Illinois, who favours United Airlines' guarantee, called Snow to ask for the board to reconsider, reports Reuters.
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