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Filed Under: WTF?! - AIG Considers Suing The US Goverment Over AIG Bailout
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Filed Under: WTF?! - AIG Considers Suing The US Goverment Over AIG Bailout - January 8, 2013, 08:50 AM

Delusional. They truly do live in an altered state of reality. No only are they considering a suit, they are upset the Government never thanked them for doing the right things AFTER they received the bailout money.



AIG Considers Suing U.S. Government -- Daily Intelligencer



Free from its $182 billion millstone — and damn proud of it — American International Group must now decide whether to chew off the giant hand that kept it fed by joining a $25 billion shareholder lawsuit against the government. According to former CEO Maurice "Hank" Greenberg and his complaint, "The government is not empowered to trample shareholder and property rights even in the midst of a financial emergency." Because of the bailout's "punitive" interest rate, the suit claims the U.S. violated the Fifth Amendment, which protects private property from "public use, without just compensation." On Wednesday, AIG's board will meet to hear both sides and decide if it really wants to be an even bigger bad guy once again.

The New York Times' DealBook has a rundown of the considerations:
The choice is not a simple one for the insurer. Its board members, most of whom joined after the bailout, owe a duty to shareholders to consider the lawsuit. If the board does not give careful consideration to the case, Mr. Greenberg could challenge its decision to abstain.
Should Mr. Greenberg snare a major settlement without A.I.G., the company could face additional lawsuits from other shareholders. Suing the government would not only placate the 87-year-old former chief, but would put A.I.G. in line for a potential payout.
Yet such a move 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.

"The fact is we now have succeeded in getting the Fed back all of their money, and we're just close to getting the Treasury paid back," the company's current CEO Bob Benmosche told New York's Jessica Pressler just before the bailout ended entirely. "And do you know, neither of them have ever said 'Thank you'? We have done all the right things. Somebody should say, 'By golly, those AIG people made a promise and they are living up to a promise!' We're left with a major part of the economy in America; they're going to make a profit on top of everything else they've got."





Now his predecessor Greenberg, who remains an investor, wants his thanks as well, in the form of billions. "The government has been saying, 'We're your friend, we owned and controlled you and we let you go.' But A.I.G. doesn't owe loyalty to the government," someone close to Greenberg told the Times. "It owes loyalty to its shareholders."



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

- Nicolo Machiavelli 1469-1527

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January 8, 2013, 08:58 AM

Should've had those fuckers file Chapter 7 back in 2008


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January 8, 2013, 09:03 AM

Never underestimate the mind-numbing effects of avarice.


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January 8, 2013, 09:11 AM

I'll be damned if Elizabeth Warren wasn't telling the truth at last years' DNC, and now I challenge anyone to call her a liar:

“Wall Street C.E.O.’s — the same ones who wrecked our economy and destroyed millions of jobs — still strut around Congress, no shame, demanding favors and acting like we should thank them,”



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

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January 8, 2013, 11:13 AM

Fortune favors the bold. Fuck the world. Get it AIG!


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January 8, 2013, 11:14 AM

This is one of many, many, many reasons we should let irresponsible companies full of fucktards FAIL.


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January 8, 2013, 11:14 AM

Quote:
Originally Posted by Heist View Post
I'll be damned if Elizabeth Warren wasn't telling the truth at last years' DNC, and now I challenge anyone to call her a liar:

“Wall Street C.E.O.’s — the same ones who wrecked our economy and destroyed millions of jobs — still strut around Congress, no shame, demanding favors and acting like we should thank them,”
Stopped clock, etc.


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January 8, 2013, 11:40 AM

Oh yeah, the shareholders would have been in a much better place if the government let them go bankrupt, and now they are suing? Honestly, I'm not so much disappointed in AIG but more so in the facking shareholders. We should find out who they are and boycott their shit.


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January 8, 2013, 12:59 PM

Quote:
Originally Posted by Naked_Biker View Post
Fortune favors the bold. Fuck the world. Get it AIG!



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

- Nicolo Machiavelli 1469-1527


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January 8, 2013, 03:37 PM

Quote:
Originally Posted by turkishexpress View Post
Oh yeah, the shareholders would have been in a much better place if the government let them go bankrupt, and now they are suing? Honestly, I'm not so much disappointed in AIG but more so in the facking shareholders. We should find out who they are and boycott their shit.


Shareholders Major AIG American International Group Inc including Fund and Institutional

If you have any investments in any of the funds listed (401K, MMA, personal investment fund etc) or associations with any of the institutions then I say you start with yourself.

We all have interest in AIG, that's why it got bailed out. Truely the American institution...too big to fail, now I see why they can be such assholes


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January 8, 2013, 05:39 PM

^Dayum I don't know any of those but I have some 401K from my old company in Wells Fargo. Time to move it!


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January 8, 2013, 07:54 PM

Quote:
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^Dayum I don't know any of those but I have some 401K from my old company in Wells Fargo. Time to move it!
What you need to do is buy some property in Turkey, nice remote up a hill somewhere, build high walls and stock a small armory. Save some cash; ramp 401K contributions (remember AIG is looking out for your interest so cash in on that shit), sell drugs, sell yourself to the old rich men whatever gets you hard , because when the shit hits the fan and this nonsense comes crashing down you wanna be as far as possible.


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January 8, 2013, 09:33 PM

Quote:
Originally Posted by Naked_Biker View Post
What you need to do is buy some property in Turkey, nice remote up a hill somewhere, build high walls and stock a small armory. Save some cash; ramp 401K contributions (remember AIG is looking out for your interest so cash in on that shit), sell drugs, sell yourself to the old rich men whatever gets you hard , because when the shit hits the fan and this nonsense comes crashing down you wanna be as far as possible.
I like the way you think you sinner you...


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January 9, 2013, 09:38 AM

To be fair, AIG is not the one that initiated the suit, Star investments (former AIG CEO's company) did now AIG has 3 options:

1. Join suit with Star, win, make a ton of money but look like the biggest assholes in the world
2. Try and stop Star, lose money and look like saints.
3. Ignore the situation and don't side with star and spend dough on PR informing the public they didn't have anything to do with this

We'll find out today I think what route the board is going to take. Let's see who really has the biggest ballz in the world


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January 9, 2013, 09:49 AM

Anyone else hear that noise in the distance? I hope you have a plan before it get close enough to understand the notes that the horn plays.


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