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 9:59 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 11:13 am

1/10/13 -

Warren to AIG: You're on Notice

miksilvr
Joined:
Jul. 7, 2011 11:13 am

Currently Chatting

The world we're leaving for today's teens...

Without immediate global action on climate change, today's teenagers will be forced to live with the consequences of our inaction. The World Bank has issued their third report of climate change, and it says that global temperatures could rise by as much as 4 degrees Celsius by the time today's teens hit their 80th birthday.

Powered by Pressflow, an open source content management system