AIG no longer owes us the $182 billion which kept them from collapse but now they might join a $25 billion shareholder lawsuit against the government. We bailed them out and they might sue us, thank you very much.
The CEO Hank Greenberg said,
“The government is not empowered to trample shareholder and property rights even in the midst of a financial emergency.” Because of the bailout’s “punitive” interest rate, the suit claims the U.S. violated the Fifth Amendment, which protects private property from “public use, without just compensation.” On Wednesday, AIG’s board will meet to hear both sides and decide if it really wants to be an even bigger bad guy once again.
Read more at NY Mag
When will GM sue us? Maybe all the banks should come after us too. Ingrates!
Actually, this is good. Maybe we will stop bailing these private enterprises out.