Rescued by a Bailout, A.I.G. May Sue Its Savior

More of the same, no shame.

Fresh from paying back a $182 billion bailout, the American International Group Inc. has been running a nationwide advertising campaign with the tagline “Thank you America.”

Behind the scenes, the restored insurance company is weighing whether to tell the government agencies that rescued it during the financial crisis: thanks, but you cheated our shareholders.

The board of A.I.G. will meet on Wednesday to consider joining a $25 billion shareholder lawsuit against the government, court records show.

Source

What a joke, the shareholders would have fared far worse going through bankruptcy. The stock was basically worthless. This is simple ugly corporate greed at it's finest.

AIG CEO Robert H. Benmosche accompanied the ads with a letter to the New York Times, in which he wrote, “It is a result of our employees’ determination to repay America that A.I.G. not only supports our customers and employees but also contributes directly to the financial stability of the United States. Thank you, America.”

Comments on the ad are disabled and seems to be gaining more dislikes than likes, guess the propaganda campaign is failing.

Best way to deal with them is If you bank with them change banks, close your accounts and send your business elsewhere.

And who are the top shareholders of AIG.
I bet they are banks. Or other big businesses.

God damn it must be nice for a business to make money off another business doing its business.

businessception.

Watch the movie "Inside job" (its on netflix, no, its not about 9/11, yes, it does have a nice piece on iceland in it, and yes it is about the 2008 crash, why, how, and who of it as well)

reply to post by boymonkey74


I use a a local credit union for my banking needs ...

It's equal to having a spoiled child that is ungrateful for what they have been given.

If they follow through on this lawsuit, it will only ensure they never get bailed-out again.........don't bite the hand that feeds you!

reply to post by AzureSky


I couldn't find any information on the top shareholders, I actually researched it before posting this article. I, like you, was believing it to be a big bank but if it is they are staying behind the scenes.

I like how they brag in the commercial about paying back the loan with 22 billion profit for the American people but the suit is for 25 billion, they are even trying to make a profit off the profit they are claiming to have paid to the America people. Yea, I bet Big Banks are the top shareholders, sounds like something they would do. Somewhere, in some high rise tower they were sitting around smoking cigars, sipping scotch and laughing their asses off with that one.

I read an article about this earlier today, mad me sick. I just don't understand why they think they have the right to do this? I might be a little more understanding and willing to hear them out if they were still paying off the loan, and were having trouble doing so because the terms were to harsh and the interest was killing them. But thats not what happened not only have they already paid it back, but they paid it back with interest. IMHO what's done is done, you shouldn't be able to sue someone over a loan you've already paid off.

I also think it's very convenient that this story breaks not long after they start their "thank you America" campaign. If they think Americans are going to thank them for this they have lost there minds. Not that they give two s*%$# about the American people. Now we just get to pay for all the legal fees, court fees and the judges wasted time.

Whoever still banks with AIG is a traitor to the American taxpayers.

Same goes with those who bank with JPM, GS, Citi or BoA.

* wrong duplicate thread

reply to post by RN311


Only thing I can figure is they are hoping people fall for the "Thank You America" commercial and do not notice they are suing for more than the interest they paid on the loan ...

So can we (as citizens) now sue the banks and credit card companies for undue duress due to exorbitant interest rates?

Something about Black Kettles and Pots?

What an ungrateful bunch of SOBs. I hope the company burns.

There are few times that I am speechless, but this is one of them.

I have no words to describe the callousness, audacity, pig headed *&^%$#@!@#@#!$%^(*&%)*&%%^****%$##$%^^$$$%^^^&&!!!!!!

reply to post by nixie_nox


easy, there, Nix ... else you'll blow a shoulder and be right back in physical therapy all over again.

"The news prompted a swift reaction from one of AIG's rescuers, with the Federal Reserve Bank of New York saying the insurer could have just as well chosen bankruptcy four years ago and wiped shareholders out entirely."

yah and? why didnt you, bunch of scum bags. oh i know why cause then after you screwed all the shareholders you wouldnt um have any customers in the future? R O F L

hey i know ill buy into the company that screwed its shareholders lol sign me up fast!!!

1 the stock was #$%^ and continuing to drop lol

2 would have opened up areas for new lenders to take the spot

3 like id give $%^&* if the shareholders lost anyways. i say good, they shoulda sold the $%%^& before it started to sink.

i say go a head sue. then when you win and the american people set all your houses on fire have a fun time then.

reply to post by RN311


Actually they don't, see AIG after taking the biggest bailout from the government (Tax payers) paid themselves million dollar bonuses before the Uncle Sam (Tax payer) took 92% ownership, but rather than paying back themselves as they are the government owned, so since September this year Federal Reserve have sold to 4 Franchisers more than 59% percent of the company.

So I wonder who are the ones now suing the government (Tax payers) because the government can not sue itself, the private owners now wants to sue? so they don't have to fulfill the agreement of the remaining bailout?

Or is that as usual corporate America got AIG at a very good price from the government with not benefits to the tax payer and now wants to screw the tax payer more.

I wish I understood the whole money/ finance/ banking world better than I do. But, did someone put a gun to their head and make them take the loan? I mean really people. You run your company into the ground and are on the verge of filing bankruptcy, which would probably mean your share holders would lose everything, and then contemplate suing the one who was generous enough to lend to you in the first place. All I got to say is, WOW.

On another note, they are not "Too Big to Fail." In a capitalist society it is survival of the fittest. Nobody is too big, or important to fail. They should have let them go out of business or restructure with a more efficient business model. I'll shut up now because this really gets me all hot and bothered.

reply to post by chrome413


No, once the government bailed out AIG and the crocks paid themselves, the government took 95% ownership so actually it was us the tax payer that owned AIG until last September when the Fed started to sell AIG to private franchisers so now the government only owns about 30% so I wonder if its the private owners now the ones that are doing all this, but why and in which bases.

Well is actually the former CEO and founder, but because AIG wasn't in his ownership anymore I guess he is suing because the government has sold the rest of the company to different private investors.

Originally posted by marg6043
reply to post by RN311

 

Actually they don't, see AIG after taking the biggest bailout from the government (Tax payers) paid themselves million dollar bonuses before the Uncle Sam (Tax payer) took 92% ownership, but rather than paying back themselves as they are the government owned, so since September this year Federal Reserve have sold to 4 Franchisers more than 59% percent of the company.

So I wonder who are the ones now suing the government (Tax payers) because the government can not sue itself, the private owners now wants to sue? so they don't have to fulfill the agreement of the remaining bailout?

Or is that as usual corporate America got AIG at a very good price from the government with not benefits to the tax payer and now wants to screw the tax payer more.

edit on 8-1-2013 by marg6043 because: (no reason given)

Ok I'm not very good at understanding most of this finance crap so i have a few questions to ask if you would be so kind to explain somethings for me.

Are you saying that the govt. (me the tax payer) still owns more then half of this company? I still don't understand how they even came up with this idea? What do they hope to gain is it just about the money or do they want control of the company back??

Also I read in one of the above posts that someone (think it was the OP not sure) tried to find out exactly who owns the majority percentage of AIG but couldn't. Could this whole thing be a way for the treasury dept. (federal reserve) (I'm sure there different just not quite sure what that difference is?? :puz To play some kind of "shell game" with about 25 billion dollars?? I mean if this whole thing goes through and the govt "loses" and pays out 25billion dollars to AIG when in fact they were just using that as a front then that gives TPTB an extra 25billion to spend on whatever the want without us ever knowing or wondering where that money went..


**all that being said I don't know any specific numbers. Just quoting some I read earlier**