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Tue Jan 8, 2013, 11:21 AM

AIG Says $182 Billion Taxpayer Bailout Was Too ‘Onerous,’ Threatens To Sue Government For Billions M

This discussion thread was locked as off-topic by Lasher (a host of the Latest Breaking News forum).

Source: Think Progress

American International Group, the mega-insurer that nearly collapsed in 2008 before being bailed out, is now considering joining a lawsuit filed by its former chairman against the federal government. The lawsuit, filed in 2011 by former AIG chairman Maurice Greenberg, contends that the federal government violated the Fifth Amendment by taking too large a share in the company and charging it excessive interest rates on the $182 billion in loans it gave the company.
Greenberg, who led AIG for nearly four decades, says the deal crushed the company’s shareholders, and he will make the same case to AIG’s board of directors to urge them to join his lawsuit, the New York Times reports:
The board of A.I.G. will meet on Wednesday to consider joining a $25 billion shareholder lawsuit against the government, court records show. The lawsuit does not argue that government help was not needed. It contends that the onerous nature of the rescue — the taking of what became a 92 percent stake in the company, the deal’s high interest rates and the funneling of billions to the insurer’s Wall Street clients — 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.”

Read more: http://thinkprogress.org/economy/2013/01/08/1412411/bailout-aig-thanks-sue/

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Arrow 12 replies Author Time Post
Reply AIG Says $182 Billion Taxpayer Bailout Was Too ‘Onerous,’ Threatens To Sue Government For Billions M (Original post)
appleannie1 Jan 2013 OP
dipsydoodle Jan 2013 #1
Turbineguy Jan 2013 #2
still_one Jan 2013 #3
Kelvin Mace Jan 2013 #4
Democrats_win Jan 2013 #5
jpak Jan 2013 #6
reteachinwi Jan 2013 #7
thelordofhell Jan 2013 #8
leveymg Jan 2013 #9
blue_heron Jan 2013 #10
wilsonbooks Jan 2013 #11
Lasher Jan 2013 #12

Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:24 AM

1. Duplicate LBN.

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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:25 AM

2. Gee, and their TV commercials say

they were so happy with the bailout and were glad the taxpayers made a little profit.

Greenberg would have wiped out the shareholders anyway. He should sue the shareholders for buying AIG stock anf getting screwed by him.

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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:25 AM

3. They do not have a case. They approved the bailout. /nt

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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:26 AM

4. Here's their plan

Sue.

The admin will cave since it never has the stomach to fight, and will settle for a few billion.

Everybody gets an AIG directorship/board seat after they leave office.

Everyone wins!!!

Oh, wait... We (the taxpayer) get screwed again.

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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:30 AM

5. Criminal suing government: Pendulum has really swung!

In the old days common criminals often sued the government from behind bars. Now the conservative businessmen are the criminals and they're suing the government. Unfortunately, the privelaged rich never go to jail so the suit is NOT from behind bars. Yet this suit is typical of how the conservatives have become what they complained about in the 70s.

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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:31 AM

6. Good luck with that assholes

yup

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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:33 AM

7. You've just crossed over...

 

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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:35 AM

8. Ungrateful little bastards...........

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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:37 AM

9. "Just compensation" would have been federal prison for Moe Greenberg & Co. Scumbags.

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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:46 AM

10. audacity is stunning

this is disgusting!





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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:52 AM

11. Moe likes to sue and has a long

history of filing lawsuits. Can't this one going anywhere but would love to be on the jury if it does.

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Response to appleannie1 (Original post)

Tue Jan 8, 2013, 11:59 AM

12. Locking...

Duplicate threads are not permitted in LBN. Please continue discussion here.

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