Meet the most ungrateful financial institution in America...

3 posts / 0 new

A.I.G.

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...
Joined:
Dec. 29, 2009 10:59 am

Comments

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

miksilvr
Joined:
Jul. 7, 2011 12:13 pm

1/10/13 -

Warren to AIG: You're on Notice

miksilvr
Joined:
Jul. 7, 2011 12:13 pm

Latest Headlines

Obama calls Merkel to discuss recent violence in Ukraine

Obama said Ukraine had made progress in implementing its obligations under the Minsk agreements, and reiterated that Russia must do the same

WDBJ7 General Manager: 'Our Hearts Are Broken' for Alison Parker and Adam Ward

The two journalists fatally shot while covering a feature story in Virginia early Wednesday morning

5 reasons Biden would have hard time catching Clinton

Biden, who is said to be seriously weighing a bid for the Democratic nomination, would start with some significant advantages

Currently Chatting

"Unequal Protection: How Corporations Became People."

Thom Hartmann Here with an excerpt from my book “Unequal Protection: How corporations became “people” - and how you can fight back.”
-----

Powered by Drupal, an open source content management system