A.I.G. is preparing several suits against banks, like Bank of America and Goldman Sachs, that created the $40 billion in mortgage bonds, according to the person with knowledge of the litigation, who was not authorized to talk about it publicly. The company says it believes the banks issued misleading statements about the quality of the mortgages within those bonds, the person said.
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They can’t even play nice together anymore…
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A.I.G. to Sue 2 Firms to Recover Some Losses
By LOUISE STORY
Published: April 27, 2011
The American International Group, the giant insurer rescued by the federal government during the financial crisis, on Thursday will file the first of what could be a series of lawsuits against Wall Street firms, contending that it was the victim of fraud.
The initial suit, against ICP Asset Management and Moore Capital, will claim that A.I.G. suffered losses insuring mortgage securities created by ICP. The suit says ICP manipulated those securities in a way that benefited itself and Moore Capital, which is not accused of fraud, but harmed A.I.G.
Though the insurer received a hefty bailout, much of that money ultimately flowed to banks. Now, A.I.G. is trying to “recoup potentially billions of dollars from the fraudulent conduct of these defendants and other parties,” according to a copy of the suit obtained by The New York Times.
You can check out the rest of the report here…
The initial lawsuit against ICP is below…
Look forward to the suits against Bank of America and Goldman Sachs…
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4closureFraud.org
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AIG Financial Products Corp v ICP Asset Management, LLC
Ron Paul says he can change it. I say give him a chance to try. Can”t be worse than what we have got.
I’d be happy for every dime the Banksters have to fork out to ANYBODY, but since we already bailed out AIG, will they just take any lawsuit proceeds to make more stupid “insurance” investments? Will the taxpayers get the AIG bailout loans repaid?
The cannibalism will continue….
AIG got a fortune in bailout money!
we should have been as lucky!
Sure, when AIG got fixed up with the bailout, then the banksters did not need to give loan mods with the bailout money instead they gave themselves record bonuses. They knew they could collect on both sides of the scam, Granted it was not like the party they all had in 1999 when the made 60 trillion off of mortgage derivatives fraud alone as CNBC reported. It was just simply more fraud to cover up for all of the other fraud A/K/A THE PONZI SCHEME HEIST. This was all done right in the faces and off of the backs of the American people who they robbed.
It probably is to keep the heat off themselves. The whole stinking mess is imploding. Watch, Congress will find a way to bail out the lot of them, leaving the housing market in the toilet because helping the homeowner would be a “moral hazard.”
Good, now the fraudsters are threatening to steal from each other. All of the homes they planned to steal from the people have no value, just like their fake mortgages they floated and their phony fake MBS’s, the pigs and crap that they sold to investors.. This is the direct result of their own fraud. The proof is here that Wall Street is a big fraud and a sham and that the word SPECULATION is just another word for WORTHLESS. The words BUYER BEWARE and TRUST BUT VERIFY have never been more relevant . .
HONOR AMUNGST THEIVES.
They prob have lunch together.
“Look, I will launch this silly suit but no worries mate”
I just want to puke!
“Fight The Good Fight”
The electronic wealth scam works great for the elite sheisters and they know it will be the death of all of us. Time for the people to wake up and cut up those credit cards. They have no skin in any of it. Loans are CREATED OUT OF THIN AIR to create DEBT ENSLAVEMENT for the people. Debit cards are another electronic wealth ruse for them to put our wealth on their books and make money off of. Like the direct deposit scam. It is all about Government control. Take your money out of the FOREIGN OWNED AND CONTROLLED MULTINATIONAL BANKS. They are a sham and a fraud. A country in debt is not free.
These lawsuits kind of remind me of the thief that is so nervous he is going to get caught that he rats out the gang to the police before they begin to suspect him… kinda like “guilty dogs bark first.”
God forbid I ever get picked as a juror because they would have to go a long way for me to get over the fact that the antitrust aspect of securitization didn’t give them every advantage of knowledge to know what the hell was going on – not to mention the numerous warnings of risks in the Prospectus… this, however, opens up an even deeper point leading to the fact that borrowers were also duped.