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Reason # 2,457 that the federal government should have let AIG fail. Can you believe the gall of Greenberg and the stupidity of the judge? Who’s going to pay to defend the government? Us taxpayers? After our tax dollars went to bail out this POS company? Now to have our noses rubbed in it? I think the cost of defense should come out of the pockets of every government official involved with this bailout. Including Geithner and Obama.
Paulson and Bush.
They never should have bailed out AIG, but Greenberg has every right to sue since that move by our government cost him personally so much money.
And how much would have Greenburg’s investment been worth had the government not bailed him out, and AIG imploded? ZERO!
How much would he have lost had Uncle Sam allowed them to fail (as they should have)? All of it?
The bailout money was simply money passed through AIG to those companies that the Administration wanted to bail out. While AIG shareholders took a skinning on the stock, companies like Goldman Sacks, and other financial intitutions got 100% of their money back that they invested in CDO’s CMO’s and the like. Like GM, stockholders took a bath, bond holders got screwed all to keep the unions going.In this case AIG was the scapegoat to keep the banks going. There was no thought of AIG shareholders when this theft came down as with GM et al.DO you know that our “green” president allowed GM to get out of 1oo years of environmental liabilities as well as pension liabilities, all to be payed for in the future by you and me.
AIG took on extreme risk which paid a great rate of return as long as things didn’t blow up to help support their money losing P&C operations. I really don’t care if they were forced to pay 100% on the dollar, that’s what insurance companies do unless they go bankrupt (as AIG should have been left to do). The fact that they were a conduit to pay off banks does not mean they would not have gone under absent the ill-advised bailout. And if Hank didn’t like the terms of the bailout, they should have let AIG fail where instead of losing 98%, Hank would have lost 100%.