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Thread: Rescued by a Bailout, A.I.G. May Sue Its Savior

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    Rescued by a Bailout, A.I.G. May Sue Its Savior

    BY BEN PROTESS AND MICHAEL J. DE LA MERCED
    JANUARY 7, 2013, 10:30 PM


    I had to look twice i thought this was an Onion article. Sadly it wasn't.

    <Fresh from paying back a $182 billion bailout, the American International Group has been running a nationwide advertising campaign with the tagline “Thank you America.”>

    <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.”>

    Rescued by a Bailout, A.I.G. May Sue Its Savior - NYTimes.com
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Rescued by a Bailout, A.I.G. May Sue Its Savior

    They really are making me want the government to seize their company and auction off any useful parts of it to better businesses. I know it is illegal and I don't want to give our government the power to do such things. I just want a big old stick to hit the dumbasses with.

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    Re: Rescued by a Bailout, A.I.G. May Sue Its Savior

    Quote Originally Posted by Whipsnade View Post
    BY BEN PROTESS AND MICHAEL J. DE LA MERCED
    JANUARY 7, 2013, 10:30 PM


    I had to look twice i thought this was an Onion article. Sadly it wasn't.

    <Fresh from paying back a $182 billion bailout, the American International Group has been running a nationwide advertising campaign with the tagline “Thank you America.”>

    <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.”>

    Rescued by a Bailout, A.I.G. May Sue Its Savior - NYTimes.com
    Another reason AIG should have just been let alone to go belly up.

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    Re: Rescued by a Bailout, A.I.G. May Sue Its Savior

    Quote Originally Posted by tererun View Post
    They really are making me want the government to seize their company and auction off any useful parts of it to better businesses. I know it is illegal and I don't want to give our government the power to do such things. I just want a big old stick to hit the dumbasses with.
    Laws can be changed. Honestly, I think that the government should have only given the banks money on one condition; they would gain assets equal to their investment; or nationalize them outright, I'm not sure the banks were even worth the amount the government invested in them. The way things are going, the government will be forced to sell its assets to the banks and those the banks are generous with instead -.-

    There's a good mainstream documentary regarding what the banks have done, here's the preview:


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