AIG or the Ultimate Greed

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AIG or the Ultimate Greed

Post by Henrik on Wed Jan 09 2013, 17:56

In the news today it appears the Board of Directors of insurance company AIG is considering suing the US Government over their bailout in 2008. This is a pretty extraordinary show of arrogance and greed from a company that was about to sink through its own reckless investments, and was saved by the US government injecting $ 186 billion.

So what’s up? Well, the former CEO of AIG Maurice Greenberg, with the backing of the shareholders, is suing as they feel that they did not receive enough compensation as the US government bought 80% of the failing company’s stock. Their claim is for something like $ 25 billion, which I suppose should not come as a surprise since the US ended up making something like $ 22 billion when they sold their holdings last year. Now the current Board of AIG is considering joining the lawsuit.

I suppose that they forget that had the government not stepped in, AIG would have gone under and not only would they have lost all of their investment in AIG, but the negative impact this bankruptcy would have had on the global economy would probably have led to considerably more losses in other investments.

Seriously Maurice, talk about biting the hand that feeds you! When you thought the public’s opinion of Wall Street greed could not get worse, something like this happens. I suppose if they do win, they could always place their money in a Swiss bank account, although I would probably set up a company structure in Delaware for such funds as it would be much safer and more interesting from a tax perspective…

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Re: AIG or the Ultimate Greed

Post by Gelert on Wed Jan 09 2013, 20:29

I hope they sue...
...lose...
...and get what's coming to them.

Greed personified.

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Re: AIG or the Ultimate Greed

Post by da silva on Wed Jan 09 2013, 21:40

Gelert wrote:I hope they sue...
...lose...
...and get what's coming to them.

Greed personified.

Except that the Lawyers are the only real winners in that scenario.
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Re: AIG or the Ultimate Greed

Post by glendo on Wed Jan 09 2013, 21:59

these people seem to believe they shit gold bars.
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Re: AIG or the Ultimate Greed

Post by TopContender on Thu Jan 10 2013, 01:49

da silva wrote:
Gelert wrote:I hope they sue...
...lose...
...and get what's coming to them.

Greed personified.

Except that the Lawyers are the only real winners in that scenario.

I hope they get hammered. These guys walked away with 300million dollar bonuses as they leveraged themselves into oblivion.
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