UPDATE: Someone just informed that AIG has the nerve to be wasting money on TV ads at the moment “thanking America” for bailout it tout to the tune of nearly $200bn. How is AIG thanking America? With a possible lawsuit.
As if we needed another example of how poorly executed the bailout was. AIG reportedly recognizes that they needed the $182 billion taxpayer bailout, but they’re now complaining that the terms of the bailout were too harsh for shareholders. To thank the American taxpayer for their sacrifice, AIG’s board is reviewing the possibility of filing a lawsuit for $25 billion against the US government, aka against YOU, the taxpayers, who got no bailout at all, but paid for theirs.
Somehow the Wall Street players that destroyed the economy still don’t get why Americans hate them so much. I wonder what the impact would have been for shareholders if the US taxpayers let AIG completely fold?
First, here’s the latest outrage from AIG, then let’s talk a walk through recent history to get the full flavor of just how awful this company really is.
Fresh from paying back a $182 billion bailout, the American International Group has been running a nationwide advertising campaign with the tagline “Thank you America.”
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.”
Or the time, AFTER we already bailed AIG out to the tune of nearly $200 billion dollars, AIG paid $450M in bonuses to retain 400 people who lost $34 billion?
And then AIG’s spoiled rotten employees got all snippy and threatened to leave the company if we kept complaining about their obscene bonuses. As if anyone would want to hire the guys who sunk AIG in the first place. Good luck with that.
Or the other time a former AIG head sued the government because he didn’t like the way the bailout went – the one that saved his company’s behind?