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Tue Jan 8, 2013, 01:34 PM

Elizabeth Warren gears up (Rips AIG a new one) - Greg Sargent

Last edited Tue Jan 8, 2013, 02:31 PM - Edit history (1)

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

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, 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.“

. . . more

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Arrow 41 replies Author Time Post
Reply Elizabeth Warren gears up (Rips AIG a new one) - Greg Sargent (Original post)
swag Jan 2013 OP
Autumn Jan 2013 #1
ellenfl Jan 2013 #2
Autumn Jan 2013 #3
Pachamama Jan 2013 #17
Jefferson23 Jan 2013 #4
Spitfire of ATJ Jan 2013 #5
Myrina Jan 2013 #10
Brigid Jan 2013 #18
Spitfire of ATJ Jan 2013 #22
leftyohiolib Jan 2013 #6
Jeevus Jan 2013 #7
SemperEadem Jan 2013 #11
allan01 Jan 2013 #8
dothemath Jan 2013 #9
DinahMoeHum Jan 2013 #12
beachgirl2365 Jan 2013 #13
sellitman Jan 2013 #34
Plucketeer Jan 2013 #14
busterbrown Jan 2013 #15
cer7711 Jan 2013 #16
SoapBox Jan 2013 #19
santamargarita Jan 2013 #20
Spitfire of ATJ Jan 2013 #23
Cha Jan 2013 #21
cbrer Jan 2013 #24
Canoe52 Jan 2013 #27
BlancheSplanchnik Jan 2013 #25
1StrongBlackMan Jan 2013 #36
BlancheSplanchnik Jan 2013 #39
freshwest Jan 2013 #26
albear Jan 2013 #28
RoccoR5955 Jan 2013 #29
sheshe2 Jan 2013 #30
RVN VET Jan 2013 #31
grantcart Jan 2013 #32
ReRe Jan 2013 #33
KurtNYC Jan 2013 #35
Heathen57 Jan 2013 #37
Beacool Jan 2013 #38
Lone_Star_Dem Jan 2013 #40
Bill USA Jan 2013 #41

Response to swag (Original post)

Tue Jan 8, 2013, 01:44 PM

1. Oh my. Better look out for this woman. She is going to be such a trouble maker.

Our politicians just can't have that, it might make them sad.


K/R she and Bernie are the only hope we have.

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Response to Autumn (Reply #1)

Tue Jan 8, 2013, 01:48 PM

2. and grayson in the house.

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Response to ellenfl (Reply #2)

Tue Jan 8, 2013, 01:49 PM

3. Yes, another one who has our back.

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Response to Autumn (Reply #1)

Tue Jan 8, 2013, 04:33 PM

17. Well-behaved Women Never made History.....

I hope she does what she is doing and keeps on doing it....

This story makes my blood boil....when I think how much money went to the banks and to AIG and how they have profited and gained from the taxpayer, whom without they would have been destroyed, dead like Lehman Bros. How dare they.....I hope that Senator Warren leads the way and makes these disgusting thiefs regret they ever said anything other than "Thank you Taxpayer, I'm not deserving...."

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Response to swag (Original post)

Tue Jan 8, 2013, 01:56 PM

4. Damn reckless is right. K&R for Senator Warren. n/t

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Response to swag (Original post)

Tue Jan 8, 2013, 02:37 PM

5. I hope she stays off of small planes.

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Response to Spitfire of ATJ (Reply #5)

Tue Jan 8, 2013, 03:37 PM

10. ... and away from Cabinet members who browbeat her into "compromising"

... with the enemy ...

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Response to Myrina (Reply #10)

Tue Jan 8, 2013, 04:53 PM

18. Somehow . . .

I can't picture Elizabeth Warren being browbeaten into anything.

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Response to Myrina (Reply #10)

Tue Jan 8, 2013, 06:43 PM

22. Expecting a panic call to soften that in 5,..4,..3,..

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Response to swag (Original post)

Tue Jan 8, 2013, 02:38 PM

6. and yet the 5th amendment didnt protect those land-owners from keystone piple taking their land

 

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Response to swag (Original post)

Tue Jan 8, 2013, 02:39 PM

7. This lawsuit could be a good thing.

If AIG goes forward with it America will respond. This kind of abhorrent behavior would fan the flames of hatred against Wall Street and give more strength to the Occupy movement and/or lead to the development of more anti-corporate-greed movements.

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Response to Jeevus (Reply #7)

Tue Jan 8, 2013, 03:41 PM

11. and summer is coming...

I really wish AIG would... it's time for pitchforks and torches..

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Response to swag (Original post)

Tue Jan 8, 2013, 02:43 PM

8. re:Elizabeth Warren gears up (Rips AIG a new one) - Greg Sargent

next time , when we have a populist election i want to see an iceland style revolt by the voters , and then arrest these arrogent so and sos !

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Response to swag (Original post)

Tue Jan 8, 2013, 03:15 PM

9. Honestly, Liz

 

That Warren girl. Stating the truth and making sense. Just who does she think she is?
Republicans aren't going to like this. How do I know? Limbaugh, Hannity, Laura Ing...something, Mr. Coulter, Dooooocy, Faux Nooz, et al, will tell them they don't and they will run with it.

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Response to swag (Original post)

Tue Jan 8, 2013, 03:45 PM

12. Pass the popcorn: Warren and Grayson are in the Senate and House. . .

. . .it's gonna be a fun 2+ years (at least).

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Response to DinahMoeHum (Reply #12)

Tue Jan 8, 2013, 03:54 PM

13. so true!!!!

 

I know I cheer whenever I see news reports like these! Go Elizabeth & Alan!!!!

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Response to DinahMoeHum (Reply #12)

Wed Jan 9, 2013, 07:08 AM

34. Don't forget Bernie

He may not have. D after his name but there is no one better.

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Response to swag (Original post)

Tue Jan 8, 2013, 04:02 PM

14. How VERY sweet

Sweet to have someone on OUR side for a change. And not someone just saying crap without ever backing it up. Go gitum, Liz! Tear 'em a new one!

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Response to swag (Original post)

Tue Jan 8, 2013, 04:15 PM

15. Finally!!!! Fucking Finally..........My Sweet Jesus!!! N/T

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Response to swag (Original post)

Tue Jan 8, 2013, 04:19 PM

16. Nationalize the Banks & Imprison Corrupt Bankers

Nothing less will solve the problem—ever.

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Response to swag (Original post)

Tue Jan 8, 2013, 04:57 PM

19. Go Elizabeth Go!

Tell it like it is girl!!!!

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Response to swag (Original post)

Tue Jan 8, 2013, 05:17 PM

20. Take no prisoners!

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Response to santamargarita (Reply #20)

Tue Jan 8, 2013, 06:45 PM

23. "Take no prisoners!"

Actually,....make them ALL prisoners...

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Response to swag (Original post)

Tue Jan 8, 2013, 06:11 PM

21. Biting the hand that feeds them ..

Seems like future help to AIG should be Stopped because of Insufficient Gratitude. Thank you, Elizabeth Warren!


scott brown would have been worthless in the Senate.

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Response to swag (Original post)

Tue Jan 8, 2013, 06:47 PM

24. Warren 2016! nt

 

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Response to cbrer (Reply #24)

Tue Jan 8, 2013, 07:06 PM

27. You know, I really really like the sound of that!

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Response to swag (Original post)

Tue Jan 8, 2013, 06:52 PM

25. that is arrogance on a level rarely seen...

It is disgusting!!!!!! I want my money back--they sure don't deserve it!

I love seeing Elizabeth say it straight to the point. Kick their sorry asses!!!!!!!

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Response to BlancheSplanchnik (Reply #25)

Wed Jan 9, 2013, 11:49 AM

36. Agreed ...

I wonder if these "Masters of the Universe" actually think of the possible outcomes of their actions?

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Response to 1StrongBlackMan (Reply #36)

Wed Jan 9, 2013, 02:54 PM

39. not one iota

Perhaps they do in terms of their own portfolios, and probably in terms of their own families....

But ramifications for those outside their small circle of people they can identifywith (and nb: corporations are people too. My friends.) don't matter to them. Strange, since what happens to everyone else will eventually affect them, too.

But basically, to them, Everyone and Everything else is just scenery. imho

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Response to swag (Original post)

Tue Jan 8, 2013, 07:01 PM

26. Ow! That's gonna leave a mark!

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Response to swag (Original post)

Tue Jan 8, 2013, 07:20 PM

28. By Dog! This is an outrage. Only thieves like this...

 

(AIG) are supposed to make a profit! How dare the US taxpayer do so?

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Response to swag (Original post)

Tue Jan 8, 2013, 08:25 PM

29. Next time they ask for more corporate welfare

Tell them to shove it! Let the bass turds fail!

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Response to swag (Original post)

Tue Jan 8, 2013, 10:03 PM

30. Senator Warren...

From my State of MA!!!!!

She is going to be a powerful Senator!

Just watch her go!

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Response to swag (Original post)

Tue Jan 8, 2013, 10:52 PM

31. I can hardly wait to see the outrage on FOX over this lawsuit

I bet the morning trio (Doocy, the bottle blonde, and the other guy), Hannity, and O'Reilly already have AIG in their sites and will begin the attack on it's ingratitude in 10. . . 9. . . 8 . . . .

OK, I'm kidding I'm kidding!

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Response to swag (Original post)

Wed Jan 9, 2013, 12:55 AM

32. Even NPR's business show was lambasting them on it.

They did a funny parody of their "Thanks America" commercial.

They did have an expert on who said that because it dealt with possible shareholder issues that the board had to listen to the presentation in order to avoid a useless lawsuit.

He said that the government would also have attorneys present and thought that it would be dispatched with very quickly.

Let's see how completely out of touch these folks are.

He said that on the merits that the lawsuit was completely baseless because it could be proven that without the intervention that AIG would be faced with immediate bankruptcy and the shareholders would have no shares.

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Response to swag (Original post)

Wed Jan 9, 2013, 02:49 AM

33. Elizabeth Warren gears up!

Go, Baby, go!

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Response to swag (Original post)

Wed Jan 9, 2013, 10:12 AM

35. AIG suing the bailout would be like Bloomberg suing Occupy for not stopping default swaps.

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Response to swag (Original post)

Wed Jan 9, 2013, 12:39 PM

37. The bankers would have been

better off if they would have let Sen. Warren on the commission. She would have only power to recommend things.

Now she has the power to push real legislative changes. Their short-sighted victory has turned around to really bite them in the arse.

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Response to swag (Original post)

Wed Jan 9, 2013, 01:20 PM

38. Before everyone gets on a soapbox and we rip anything on anyone,

how about first finding out the result of that Board meeting? The AIG Board of Directors agreed to hear Hank Greenberg. Let's wait and see what happens before everybody gets out their pitchforks and torches.

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Response to swag (Original post)

Wed Jan 9, 2013, 03:16 PM

40. This is what I donated to her campaign hoping for.

So far, it looks like a good investment.

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Response to swag (Original post)

Wed Jan 9, 2013, 03:38 PM

41. WE (the Government) should counter-sue for the $182 Billion.


recommended.

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