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Same idea. New lawsuit.
The NY Fed bought the securities. Therefore, claims of harm due to fraud in the issuance of the securities are transferred to the new owner.
If AIG believed that the price paid plus the estimated value of the litigation was less than fair value, it should not have sold. Cash flow problem? We all have those. When we cannot solve them in any possible way, we are forced into bankruptcy.
Nobody else is permitted to sell assets and then claim that the assets were undervalued because of actions of a third party, leading to reconsideration of the sales price with the third party providing the additional consideration. We all know those securities were underwater at the time of the sale. But some folks figured they could grab the lifeline and then eat their cake later in the process.
AIG has a difficult time making money in their chosen field of business. Better to sue others and do what ever possible to avoid paying claims.
Dave, you don’t sound like you believe their ads thanking America and processing claims for Sandy. Their ad is very nauseating.
Agent, I’m pretty sure they are processing claims well for Sandy as it’s a good PR ploy. But you’ve heard the old line about AIG and paying claims similar to that wine company never selling wine before it’s time?
Dave, I don’t know if you saw the story on Property Casualty 360 news site, but there is the story about National Union Fire/Chartis being fined $6 million in California for violating fair business practices. Among the violations cited were delays and errors in processing claims, product limitations not explained clearly, failure to use properly licensed professionals to sell insurance products and failure to fulfill and administer policies after sale. What does that tell us about their business practices? I don’t think much has changed with this organization.
How many of you winers are driving Buick, Cadillac, Chevrolet and GMC cars or were mortgaged with Countrywide – did you take back your cars or default on your loan in protest?
STFU and get back to work, your car manufacture and loan company are depending on you in order to repay yourselves.
Oh and by the way, where is the line to get repaid by the companies that still havent paid back TARP funds, cause I cant find it and I needs my money back.
Idiots!
I Don’t own a Buick, Cadillac, Chevy or GMC. I did not take a car loan or mortgage from Countrywide, but paid cash. I never got myself into debt I could not afford, I paid off my mortgage early with another bank and have never invested in anything I could not afford to take a bath on and my portfolio is well balanced. I wished the above companies you mentioned would have done likewise, made rational business decisions. GM agreed to labor agreements including pensions they could not afford. Banks made loans they should not have made. Both deserved to deal with the consequences they foisted upon themselves as did AIG making those terrible credit default bets and running a bad P&C operation.
I don’t understand your rant. Are you referring to AIG or those reading this article? Additionally, what do you really mean?