Follow us on

Tuesday, June 18, 2013 | 10:34 p.m.

Web Search by YAHOO!

Posted: 3:13 p.m. Wednesday, Jan. 9, 2013

AIG considers suing US over bailout

Related

Should suing us even be an option available to AIG's board?

Yes

0%

No

0%

Don't know

0%
AIG considers suing government (that’s us) over bailout we gave it photo
People pass the AIG building, in New York, Tuesday, Jan. 8, 2013. American International Group Inc. said Tuesday its board of directors will weigh whether to take part in a shareholder lawsuit against the U.S. over the government’s $182 billion bailout of the insurer. (AP Photo/Richard Drew)
AIG considers suing government (that’s us) over bailout we gave it photo
Ronald Schupp, center, joins hundreds of workers protesting outside the Bank of America before marching towards AIG offices Thursday, March 19, 2009, in Chicago. The group said they were protesting the actions of major banks and investment businesses whose behavior before and since the government bailout has weakened the economy with CEO and corporate excess at the expense of broader prosperity. (AP Photo/M. Spencer Green)

By Amelia Robinson

This may be a case of biting the hand that gave you $182 billion.

The American International Group (AIG) board plans to meet today to decide if it will join in a $25 billion shareholder lawsuit against the government (that’s you) over the terms of its 2008 bailout, the New York Times reported.

Sounds crazy, we know.

According to the Times: “The lawsuit 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.’”

According to the Hill, Sen. Elizabeth Warren (D-Mass.) and Rep. Elijah Cummings (D-Md.) are among the politicians disturbed by the potential suit.

“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,” Warren said, according to The Hill’s “On the Money” blog.

The ‘suing us’ talk comes just weeks after AIG released its commercial thanking us for all that awesome help in using $182 billion to save it from collapse.

What do you think?

Should suing us even be an option for AIG?

Contact this blogger at arobinson@DaytonDailyNews.com or Twitter.com/DDNSmartMouth

More News

 

Hot topics

 

© 2013 Cox Media Group. By using this website, you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad ChoicesAdChoices.