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AIG May Join Bailout Suit Against U.S. Government
01-08-2013, 10:05 AM
Post: #1
AIG May Join Bailout Suit Against U.S. Government
Those sons-of-bitches...

We need to nationalize AIG, fire it's executives, then break it up into smaller companies.

Quote:Tue Jan 8, 2013 9:43am EST
(Reuters) - American International Group Inc, the insurer rescued by the U.S. government in 2008 with a bailout that ultimately totaled $182 billion, may now join a lawsuit against the government alleging the terms of the deal were unfair.

The news prompted a swift reaction from one of AIG's rescuers, with the Federal Reserve Bank of New York saying the insurer could have just as well chosen bankruptcy four years ago and wiped shareholders out entirely.

The move would be something of a shock development given that AIG just launched a high-profile television ad campaign called "Thank you, America," in which it offers the public its gratitude for the bailout.

At the same time, Chief Executive Bob Benmosche has complained that the company and its management have not gotten enough credit for avoiding a collapse, turning the business around and returning to profitability.

More:

http://www.reuters.com/article/2013/01/0...GR20130108

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01-08-2013, 10:43 AM
Post: #2
RE: AIG May Join Bailout Suit Against U.S. Government
I heard that this morning and almost dropped my coffee.. they almost bankrupted the world.. the US goverment saves their hash and those of all the other banks (after all this was their insurer) and now they have the unmitigated gall to even try such a stunt.. steam coming out of my ears..you bet

Thoughtful responses are the first victims of partisan passions.
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01-08-2013, 12:57 PM
Post: #3
I am surprised there is even a lawsuit to join
I hear that suit that AIG would be joining was brought forth by the insurer's former chief executive, Maurice "Hank" Greenberg. If that name sounds familiar it's because he has been using high priced lawyers to fight charges of fraud and other criminal activity. What shocks me is our legal system is so screwed up, that this suit (a similar suit was already tossed, thankfully) is still going through the courts.

“Any fool can criticize, condemn and complain and most fools do.”

Benjamin Franklin
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01-08-2013, 01:06 PM
Post: #4
RE: AIG May Join Bailout Suit Against U.S. Government
OMG - check this out. They're accusing the US govenment "of being a "loan shark" by charging exorbitant interest of 14.5 percent on the initial loan."

Are you kidding me? What was it when mortgage companies jacked up interest rates to that level? What is it when credit card companies charge 25%?

These people need to be sentenced to ten years of budget management for working people.
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01-08-2013, 03:36 PM
Post: #5
RE: AIG May Join Bailout Suit Against U.S. Government
As Bill Clinton might say, it takes some brass to even consider doing that!

"Understand that the more deeply you hold your ideals,
the more you are morally obligated to be pragmatic...Idealism without pragmatism
is just a way to flatter your ego." -Barney Frank
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01-08-2013, 07:08 PM
Post: #6
RE: AIG May Join Bailout Suit Against U.S. Government
No good deed goes unpunished. Wow

I was born a Truman, but you can call me Pat. Wave

"They want to give people like me a two hundred thousand dollar tax cut that’s paid for by asking thirty three seniors to each pay six thousand dollars more in health costs? That’s not right, and it’s not going to happen as long as I’m President." Barack Obama
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01-08-2013, 08:41 PM
Post: #7
RE: AIG May Join Bailout Suit Against U.S. Government
These ingrates are begging to be tarred and feathered.
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01-08-2013, 09:30 PM
Post: #8
RE: AIG May Join Bailout Suit Against U.S. Government
Doesn't the gov't own 80% of AIG?
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01-09-2013, 05:53 AM
Post: #9
RE: AIG May Join Bailout Suit Against U.S. Government
(01-08-2013 09:30 PM)Fire1 Wrote:  Doesn't the gov't own 80% of AIG?

Not anymore.

From UPI

Quote: Published: March. 22, 2012 at 6:02 PM

WASHINGTON, March 22 (UPI) -- American International Group, given $182 billion in bailout funds, has repaid in full the U.S. Treasury's preferred equity investment, the department said.

With a payment of $1.5 billion made Thursday, AIG has reached that repayment goal a year of ahead of schedule, the department said in a statement.

That leaves the Treasury -- or, one could say, U.S. taxpayers -- with $45 billion invested in the firm, "which represents more than 75 percent reduction from that original commitment," the department said.

The Treasury Department currently holds 1.248 billion shares of AIG common stock, 70 percent of the firm's outstanding common stock, which is valued at $35.7 billion.

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01-09-2013, 06:54 AM
Post: #10
RE: AIG May Join Bailout Suit Against U.S. Government
Have they no shame? Rolleyes
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01-09-2013, 06:14 PM
Post: #11
RE: AIG May Join Bailout Suit Against U.S. Government
Just heard that the board at AIG voted to NOT join the suit.

Silence is consent.
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01-09-2013, 07:37 PM
Post: #12
RE: AIG May Join Bailout Suit Against U.S. Government
(01-09-2013 06:14 PM)SeattleGirl Wrote:  Just heard that the board at AIG voted to NOT join the suit.

Yeah, I read that too. Think the public outrage had anything to do with it? roflmao

Actually, I think this was leaked as an idea to see what the reaction would be.

Confirmed, Fox "news" makes you stupid

The ones you are noticing are more terrified than anything else. They are lashing out because they are comfortable; and to acknowledge what is happening is a threat to that comfort. Ignore them, for they are not the voices that will rise in the coming days, months and years. They are not the voices of our collected humanity. They are the old voices of fear and impotence. - Anonymous
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01-10-2013, 10:44 AM
Post: #14
RE: AIG May Join Bailout Suit Against U.S. Government
(01-09-2013 06:14 PM)SeattleGirl Wrote:  Just heard that the board at AIG voted to NOT join the suit.

...and another trial balloon goes SSSSssss.ssss...

"I'm not a member of any organized party. I'm a Democrat." -Will Rogers
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01-09-2013, 09:28 PM
Post: #13
RE: AIG May Join Bailout Suit Against U.S. Government
I'd heard from a lawyer-type that the Board largely chose to consider this dumb idea in order to provide themselves legal cover, shareholder-wise. Glad they collectively didn't lose their damn minds and that they voted it down.
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