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bailing out crooks: A.I.G. to Pay $1.6 Billion to Settle Charges

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posted on Sep, 25 2008 @ 07:59 PM
we're bailing out crooks
(who story at

US: A.I.G. to Pay $1.6 Billion to Settle Charges
by Vikas Bajaj, The New York Times
February 9th, 2006

The American International Group, the insurance giant, agreed today to pay more than $1.6 billion to settle
New York State and federal charges that the company engaged in fraud, bid-rigging and improper accounting.

posted on Sep, 25 2008 @ 08:22 PM
This is deplorable. I wonder where the money is coming from?

Half of the money will go to investors, $375 million will be repaid to policy holders and the rest, $344 million, will go to states harmed by the company's actions. New York State will also collect a separate $100 million penalty and the federal government will receive $25 million.

This is where I started laughing a disgusted laugh. So, the government is spending nearly a trillion dollars to bail them out, then they sue them for 100 million. The states whose citizens pay the taxes get 344 million.
So basically, the government is loaning them money that will be used to pay the government.

Um, ok, I am officially confused.

posted on Sep, 25 2008 @ 08:34 PM
that AIG article was written in 2006


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