Meet the most ungrateful financial institution in America...

3 posts / 0 new


As the New York Times reports – the insurance giant would have brought down the entire financial system in 2008 -- had it not been for a generous 182 billion bailout courtesy of “we the taxpayers” -- is now looking to sue “we the taxpayers” for offering up a bailout in the first place. Leading up the financial crisis in 2007 and 2008, AIG made enormous profits insuring junk mortgages for other banks and financial institutions. And when those junk mortgages finally exploded – and everyone came to A.I.G. to collect on their insurance claims – A.I.G. didn’t have the money – and had to be bailed out.

Now – A.I.G. is arguing that the conditions of the bailout were too onerous – and deprived company shareholders tens of billions of dollars. According to A.I.G. – that’s a violation of the 5th Amendment, which bans the confiscation of private property without just compensation. So here we have a business that would have failed had it not received a bailout – now suing the government saying the bailout was too burdensome.

You can’t make this stuff up, folks. And it shows just how entitled Wall Street feels nowadays to our money.

Thom Hartmann Administrator's picture
Thom Hartmann A...
Dec. 29, 2009 9:59 am


1/9/13 -

AIG Lawsuit: Insurance Giant Won't Join Ex-CEO's Suit Against The U.S.

Facing Backlash, AIG Won’t Join Lawsuit Against US

1/10/13 -

Jon Stewart Rips Former AIG CEO’s Lawsuit Against Government

AIG's New Ad For America - CONAN on TBS

Jul. 7, 2011 11:13 am

1/10/13 -

Warren to AIG: You're on Notice

Jul. 7, 2011 11:13 am

Latest Headlines

Obama to veto legislation on refugee screening

President Barack Obama would veto a Republican bill introduced in the wake of the Paris attacks to toughen the screening process for Syrian refugees

New York officials: No credible ISIS threat against city

There is no credible threat to New York City at this time, officials said

China denies torturing political prisoners

A Chinese delegation denied mistreatement of prisoners held in police stations and deaths in custody

How Stupid Has the Democratic Party Become?

Republicans haven’t taken over red states; Democrats have lost them by not running as real Democrats.

That’s my big takeaway from Alec MacGillis’ fascinating look into the biggest political mystery of our time: why poor white people in red states are not bothering to turn out to vote, leaving the field to Republicans elected by more affluent whites in those states.

Powered by Drupal, an open source content management system