U.S. agency subpoenas airlines over loan board

[54anickel]

http://www.forbes.com/markets/newswire/2004/03/20/rtr1306206.html

CHICAGO/WASHINGTON, March 20 (Reuters) - U.S. Treasury Department investigators have subpoenaed airlines for records related to their dealings with the federal board that oversees loan guarantees to struggling carriers, industry officials said on Saturday.

snip>
But Phoenix-based America West, which also received a loan guarantee, said the inspector general ordered the carrier to provide documents relating to correspondence with board members and staff.

snip>
Inspectors general usually investigate fraud and government waste but can also probe other problems within agency programs.

The stabilization board was created by Congress after the Sept. 11 2001 hijack attacks to administer $10 billion in loan guarantees to struggling airlines.

more...