Tue Jan 8, 2013, 05:45 PM
elleng (53,586 posts)
Lawmakers Warn A.I.G. Not to Join Lawsuit Against U.S.
As the board of the American International Group weighs whether to join a shareholder lawsuit against the United States government, several lawmakers have a simple message for the bailed-out insurer.
Don’t do it. Don’t even think about it.
With A.I.G. having fully repaid its $182 billion bailout only weeks ago, the prospect of the company trying to claw back some of the $22 billion in profit that its rescue generated for shareholders doesn’t sit right with several members of Congress. . .
“A.I.G. became the poster company for Wall Street greed, fiscal mismanagement, and executive bonuses – the taxpayer and economy be damned,” Representatives Peter Welch of Vermont, Michael Capuano of Massachusetts and Luis V. Gutierrez of Illinois wrote in the letter. “Now, A.I.G. apparently seeks to become the poster company for corporate ingratitude and chutzpah.”
And Senator Elizabeth Warren, the new Democratic senator from Massachusetts, added in her own statement:
“A.I.G.’s reckless bets nearly crashed our entire economy. Taxpayers across this country saved A.I.G. 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 A.I.G. with special tax breaks — tax breaks that Congress should stop. A.I.G. should thank American taxpayers for their help, not bite the hand that fed them for helping them out in a crisis.“
Read more: http://dealbook.nytimes.com/2013/01/08/lawmakers-warn-a-i-g-not-to-join-lawsuit-against-u-s/?hp
12 replies, 2600 views
Lawmakers Warn A.I.G. Not to Join Lawsuit Against U.S. (Original post)
|Angry Dragon||Jan 2013||#1|
|Sherman A1||Jan 2013||#4|
Response to cbrer (Reply #6)
Tue Jan 8, 2013, 07:13 PM
elleng (53,586 posts)
7. HUGE problem was that they were so large,
held so many OTHER insurance interests, that doing so could have devastated many real people. The lesson, if any, is enforce antitrust laws and principles, don't allow any entity to acquire so many similar entities.
Response to elleng (Reply #7)
Tue Jan 8, 2013, 07:19 PM
cbrer (1,831 posts)
8. Sometimes the best way to make change
is to suffer the current situation.
Negative feedback was programmed into us by nature for a reason. I hate the thought of the amount of suffering that AIGs collapse could cause. I hate the hostage situation we have now MORE.
GOPs solution? Grandma's got to eat more cat food. We can't afford social security at its current level.
Response to elleng (Original post)
Tue Jan 8, 2013, 07:53 PM
DavidWD72 (34 posts)
9. Time to finish the job...
AIG wants to sue, bitch, piss and moan? Too big to fail should equal too big to exist. Break it up like ma bell way back when.