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Wed Jan 9, 2013, 03:23 PM

AIG Says Will Not Join Lawsuit Against U.S. Government.

Source: nyt/reuters

American International Group Inc will not join a lawsuit against the U.S. government over the terms of the insurer's 2008 bailout, the company said on Wednesday.

In a statement, AIG said it expected to file a formal statement explaining its decision in coming weeks with the courts hearing the various cases.


Read more: http://www.nytimes.com/reuters/2013/01/09/business/09reuters-aig-board.html?hp

18 replies, 2472 views

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Response to elleng (Original post)

Wed Jan 9, 2013, 03:25 PM

1. Too late... damage done and many of us will NOT forget.

Assholes...

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Response to hlthe2b (Reply #1)

Wed Jan 9, 2013, 03:28 PM

5. Too late... damage done and many of us will NOT forget.

Yep.....Should've been a no brainer......Just the fact that they considered it for more than a millisecond,hi-lites an unacceptable level of wanton asshattiness.....

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Response to hlthe2b (Reply #1)

Wed Jan 9, 2013, 03:40 PM

8. Thanks

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Response to elleng (Original post)

Wed Jan 9, 2013, 03:26 PM

2. I am sure hank Greenberg isn't too happy. The right move. Greenberg can get bent

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Response to still_one (Reply #2)

Wed Jan 9, 2013, 03:42 PM

9. Show some love for 58 home runs

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Response to HERVEPA (Reply #9)

Wed Jan 9, 2013, 05:08 PM

12. Wrong greenberg, but good one

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Response to elleng (Original post)

Wed Jan 9, 2013, 03:27 PM

3. NPR business show ran a funny parody of AIG's "thanking America" ad.


They had an expert on who said that because there was a lawsuit that could effect shareholder equity that the board had to listen to the proposal or face the possibility of defending a lawsuit from this quack.

He also said that as it was universally accepted that AIG would have gone bankrupt without the bailout and the shareholders would have zero equity that the whole lawsuit is an absurd joke.

He predicted that the board would listen to both sides (government also gave a presentation) and show this idiot the door in a New York minute.

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Response to grantcart (Reply #3)

Wed Jan 9, 2013, 03:50 PM

10. I heard the segment this morning ...

It was a parody?

From the segment, the lawsuit filing quack was none other than AIG former-CEO Hank Greenberg, a major stock holder in AIG. Talk about self-dealing! I guess his millions in walk-away money was not enough.

http://www.businessinsider.com/aig-launched-risky-bets-under-greenberg-2013-1

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Response to elleng (Original post)

Wed Jan 9, 2013, 03:27 PM

4. Did Elizabeth Warren scare them off?

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Response to TwilightGardener (Reply #4)

Wed Jan 9, 2013, 03:29 PM

7. She and probably a lot more 'noise.'

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Response to TwilightGardener (Reply #4)

Wed Jan 9, 2013, 05:16 PM

13. Yes, when she publicized the "stealth bailout" via those tax breaks AIG shouldn't still be getting.

Apparently, they value their tax breaks more than anything they could recover from their lawsuit. Too late. They'll lose those now that EW is on the case. Just the fact that they would even mull over suing the government over bailing out their sorry asses is reason enough to immediately end those unjustified tax breaks.

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Response to SunSeeker (Reply #13)

Wed Jan 9, 2013, 06:31 PM

17. God I love her. I FINALLY feel like we have someone not in their pocket.

I don't need "on my side". Not "on their side" works for now.

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Response to TwilightGardener (Reply #4)

Wed Jan 9, 2013, 05:25 PM

15. I doubt it.

Greenberg was to the insurance industry someone similar to the old commercials for E. F. Hutton, when he spoke people in the industry listened. The Board paid him the courtesy of listening to his proposal. They probably did not imagine that their board meeting would have attracted so much attention.

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Response to elleng (Original post)

Wed Jan 9, 2013, 03:29 PM

6. are they not merciful n/t

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Response to elleng (Original post)

Wed Jan 9, 2013, 03:55 PM

11. But wait! Isn't that a breach of fiduciary duty??!

To the shareholders?

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Response to elleng (Original post)

Wed Jan 9, 2013, 05:21 PM

14. It went the way that I thought it would go.

The board listened to Greenberg and then declined to join the lawsuit. Meantime, politicians and the punditry at large whipped people into a froth over something that never came to fruition.

As in old Rome, bread and circuses (panem et circenses).

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Response to elleng (Original post)

Wed Jan 9, 2013, 06:14 PM

16. Damn! Now what am I going to do with all these torches and pitchforks? n/t

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Response to elleng (Original post)

Wed Jan 9, 2013, 08:27 PM

18. Big friggin' deal -- the corporation will not join the lawsuit.

The corporation made a business decision -- weighing potential gain vs. downside loss of reputation. The shareholders are still suing the government -- our government -- because they believe they were short-changed on some dividend payments while WE were saving them from bankruptcy.

I think this might be -- for me -- the most arrogant, maddening piece of the whole economic fiasco.

When is it enough?

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