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

aig promise

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

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

Behind the scenes, the restored insurance company is weighing whether to tell the government agencies that rescued it during the financial crisis: thanks, but you cheated our shareholders.

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.”

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2 Responses to “Rescued by a Bailout, A.I.G. May Sue Its Savior”
  1. bobbi swann says:

    It’s all about GREED. These shareholders are nutcakes. They would have lost everything if not for the bailout. Who would they blame if AIG were not bailed out, huh? It’s not even that there’s not honor amongst thieves, it’s just that stupidity is rampant. Like the old sayings goes ‘give em an inch and they’ll take a mile’.

  2. Oh well, this is a true example that there is no honor among thieves.

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