My Mental Dumping Ground

An outlet to share things that interest or amuse me….

About that AIG Thank you America Ad. (updated)

You’ve probably all seen this ad from AIG, “thanking” America for their bailout…

Before you get all warm and fuzzy over their apparent gratitude…

AIG: Thank You America, But We May Sue You

The ink has barely dried on the Treasury Department’s final sale of American International Group shares, and now it appears the insurer is considering joining former CEO Maurice (Hank) Greenberg’s shareholder suitagainst Uncle Sam.

The lawsuit, filed in 2011, alleges that the federal government used AIG to execute a “backdoor bailout” of Wall Street firms like Goldman Sachs Group,Merrill Lynch and others. A portion of the money used to rescue AIG was steered toward settling credit default swap contracts with those firms for 100 cents on the dollar. (See “Greenberg Suit Slams U.S. For Backdoor Bailout.”)

Looks like they’ve got newly minted senator Elizabeth Warrens attention too…

“Beginning in 2008, the federal government poured billions of dollars into AIG to save it from bankruptcy. AIG’s reckless bets nearly crashed our entire economy. Taxpayers across this country saved AIG from ruin, and it would be outrageous for this company to turn around and sue the federal government because they think the deal wasn’t generous enough,” said Warren in a statement. “Even today, the government provides an ongoing, stealth bailout, propping up AIG with special tax breaks — tax breaks that Congress should stop. AIG should thank American taxpayers for their help, not bite the hand that fed them for helping them out in a crisis.”

January 8, 2013 - Posted by | Politics | ,

1 Comment »

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