A.I.G. Weighs Suing the Government

[Mom49of4]

No more bailouts!

After paying back its $182 billion bailout, the American International Group is now considering whether to sue the government agencies that rescued it during the financial crisis. A.I.G.’s board is meeting on Wednesday to weigh joining a $25 billion lawsuit filed by Maurice R. Greenberg, the company’s former chief executive, claiming that the bailout cheated shareholders, DealBook’s Ben Protess and Michael J. de la Merced report.

The board members owe a duty to shareholders to consider the lawsuit, which could put the company in line for a potential payout. The lawsuit does not argue that the government’s help was not needed, but rather claims that the onerous nature of the 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,’” DealBook writes.

[ivanbalt]

It's always interesting to see what life is like when you worship money and have no soul.

[CajunRaven]

I think Maurice would be great on a new reality TV show titled "Taxpayers want just compensation", where a 1040 is randomly selected and the winner gets to torture the bastard for a given period of time before he's publicly executed.

[CajunRaven]

You have to love this part "The board members owe a duty to shareholders.

Wonder how many shares he owns.

[overtaxed]

It just proves the point that the bailout should never have happened. Then the shareholders could sue the board. The ones that actually were responsible for the mess.

[Mom49of4]

No reason why tax dollars should pay the bonuses but now if they go forward and win their suit...........

[can you hear me now!]

You have to love this part "The board members owe a duty to shareholders.

Wonder how many shares he owns.

it was the board members who got AIG in the situation where being bailed out was necessary....at that time the board was more interested in lining it's own pockets, shareholders be damned...

if I'm a shareholder I'm suing the clowns that nearly ruined the company...takes balls to break your toys and then get pissed when somebody else fixes them for you....

has anyone seen the new AIG commercials where the boast about the 22 billion dollars in profits from 2012?