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AIG may join bailout lawsuit
against U.S. government

Reuters, by Ben Berkowitz & Karen Freifeld*

Original Article

Posted By:LittleHoodedMonk, 1/8/2013 11:44:08 PM

New York/Washington - American International Group Inc, the insurer rescued by the U.S. government in 2008, said on Tuesday it is considering joining a lawsuit that claims the bailout terms were unfair, drawing angry condemnation from lawmakers. A leading congressional Democrat called criticism of the deal´s terms "utterly ridiculous," and former New York Attorney General Eliot Spitzer - who probed AIG when he was in office - called the prospect of a lawsuit "insulting to the public." The White House declined to comment on the potential for a lawsuit but defended the $182 billion bailout.

Comments:
*w/ [Jonathan Spicer in New York and Emily Stephenson and Matt Spetalnick in Washington].

What AIG may be rightfully complaining about is a 14.5% interest on the money the Federal government forced them to take rather than face bankruptcy. The dRATS don´t like being called a "loan shark," even when they may have acted like one. AIG paid them back and now want a "fairer rate" [I´m laughing because this means giving money back at a time when the the "rich" have more than Uncle Sam it seems].

      


Post Reply  

Reply 1 - Posted by: oh-heck, 1/9/2013 12:07:30 AM     (No. 9106216)

A vice president of AIG came up with the bright idea of selling default derivatives. There were no reserves created for actual defaults because these were derivatives not insurance. When the crash came, the amount of the defaults were approximately 10 times the value of AIG. By bailing out AIG, the federal government set the terms by which the money went to clients of the derivatives. The clients were paid at 100% of the value of the derivatives. In normal bankruptcies, a creditor would be doing well to get 50 cents on the dollar. So the net effect of the feds was to actually bail out all the people who bought the derivatives. Instead of all of the CEOs being fired, they all got bailed out through AIG. And the vice president of AIG didn´t go to jail. But the shareholders of AIG and American taxpayer got the shaft.

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Reply 2 - Posted by: Trigger2, 1/9/2013 2:50:39 AM     (No. 9106315)

If demonrats and Spitzer are against it, then it means there´s a lot of corruption smoldering under that iceberg.

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Reply 3 - Posted by: 4Justice, 1/9/2013 3:47:55 AM     (No. 9106344)

There is always corruption under anything Demonrats do...

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Reply 4 - Posted by: civilservant, 1/9/2013 8:18:18 AM     (No. 9106555)

#1,
Ahem......."A VP of AIG came up with a way to spread the risk of the Government MANDATED lousy loans, and seeing as how the Full Faith and Credit of the USA was backing these garbage liar loans, they knew that the risk was someone else´s."
Not like they had a choice. CRA MANDATED the loans, and seeing as how AIG has a FIDUCIARY RESPONSIBILITY to their clients, they HAD to spread the risk.

democrats/CRA/community organizers/communists(but I repeat myself) are TOTALLY responsible for this, not the banks.

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