Tag Archives: AIG

AIG Says “No”


AIG wisely said no to the offer by former CEO and AIG shareholder, Maurice R. “Hank” Greenberg to sue the federal government for damages at $25 billion. He claims that the AIG bailout deal in 2008 was a raw deal for AIG and unconstitutional. Are you kidding? AIG would not have survived had it not been for the American taxpayer. AIG’s is currently running a media campaign thanking the American people for that bailout, so I’m sure that the Insurer does not want to squander the credibility it has regained after repaying taxpayers in full plus a profit of $22.7 billion. We the People bailed out AIG to the tune of $182 billion because AIG was considered, as they say, “too big to fail”. In fact the federal government considered it would have been “catastrophic” if AIG had failed resulting in a devastating domino effect throughout the financial markets. Needless to say, the AIG Board decision not to join this lawsuit was a smart one.