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Tue Jan 8, 2013, 01:55 PM

Senator Elizabeth Warren gears up (hits AIG on news it plans to sue U.S. Gov't)

Senator Elizabeth Warren gears up

Posted by Greg Sargent

As you may have heard, AIG is in the process of deciding whether to join a $25 billion shareholder lawsuit against the federal government, despite the government’s role in bailing out the company, to the tune of $182 billion. The New York Times explains that the lawsuit charges that the government rescue “deprived shareholders of tens of billions of dollars and violated the Fifth Amendment,” which prohibits the taking of private property for “public use, without just compensation.”

This comes even as AIG is running ads thanking the American people for that initial bailout. As the Times account archly notes, joining the lawsuit “would almost certainly be widely seen as an audacious display of ingratitude. The action would also threaten to inflame tensions in Washington, where the company has become a byword for excessive risk-taking on Wall Street.”

In response to the news, Senator Elizabeth Warren released a sharply worded statement that’s worth quoting in full:

“Beginning in 2008, the federal government poured billions of dollars into AIG to save it from bankruptcy. AIG’s reckless bets nearly crashed our entire economy. Taxpayers across this country saved AIG from ruin, and it would be outrageous for this company to turn around and sue the federal government because they think the deal wasn’t generous enough. Even today, the government provides an ongoing, stealth bailout, propping up AIG with special tax breaks — tax breaks that Congress should stop. AIG should thank American taxpayers for their help, not bite the hand that fed them for helping them out in a crisis.“

This is very interesting, and here’s why. Warren didn’t merely castigate the company for ingratitude. She put it in a crucial larger context, specifically noting that Wall Street recklessness was what caused the country’s economic meltdown in the first place. She also used this as an occasion to indict the continued tax breaks that the company continues to enjoy — calling them a “stealth bailout.”

- more -

http://www.washingtonpost.com/blogs/plum-line/wp/2013/01/08/elizabeth-warren-gears-up/

11 replies, 1004 views

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Arrow 11 replies Author Time Post
Reply Senator Elizabeth Warren gears up (hits AIG on news it plans to sue U.S. Gov't) (Original post)
ProSense Jan 2013 OP
TwilightGardener Jan 2013 #1
bluestate10 Jan 2013 #5
TwilightGardener Jan 2013 #6
AnotherMcIntosh Jan 2013 #2
Little Star Jan 2013 #3
bluestate10 Jan 2013 #4
SugarShack Jan 2013 #7
arthritisR_US Jan 2013 #8
cilla4progress Jan 2013 #9
cilla4progress Jan 2013 #10
iandhr Jan 2013 #11

Response to ProSense (Original post)

Tue Jan 8, 2013, 01:57 PM

1. Off to a good start, Sen. Warren.

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Response to TwilightGardener (Reply #1)

Tue Jan 8, 2013, 02:05 PM

5. Do they really want to fuck with Senator Warren? She knows where bodies are buried and

how to find the ones that she doesn't know about. Better yet, she won't hesitate to go after their asses.

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Response to bluestate10 (Reply #5)

Tue Jan 8, 2013, 02:16 PM

6. I am guessing they don't. They're going to be sorry that

they didn't let her become a watchdog-agency bureaucrat--they might have been able to ignore or avoid her. There is no ignoring her now as Senator.

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Response to ProSense (Original post)

Tue Jan 8, 2013, 01:59 PM

2. Good for her.

 

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Response to ProSense (Original post)

Tue Jan 8, 2013, 01:59 PM

3. Truth Teller!!!! Go Elizabeth!

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Response to ProSense (Original post)

Tue Jan 8, 2013, 02:03 PM

4. I am sure the rat Greenberg is behind the lawsuit. That pig scum needs to be buried alive. nt

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Response to ProSense (Original post)

Tue Jan 8, 2013, 03:11 PM

7. Yes!!!!

 

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Response to ProSense (Original post)

Tue Jan 8, 2013, 03:17 PM

8. A senator with brains and brass balls, love her!

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Response to ProSense (Original post)

Tue Jan 8, 2013, 04:38 PM

9. "We've only just begun..."

Ahh...sweet justice!

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Response to ProSense (Original post)

Tue Jan 8, 2013, 04:38 PM

10. Hmmm....

I hear Dems are looking for a woman to run for the White House in '16.....

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Response to ProSense (Original post)

Tue Jan 8, 2013, 04:43 PM

11. I LOVE HER

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