Ex-Executive’s Lawsuit Alleges AIG Defrauded U.S. in Bailout

By Bob Van Voris | May 14, 2014

  • May 14, 2014 at 2:08 pm
    Agent says:
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    This conglomerate company has been a fraud for a very long time. They routinely bid rigged with Marsh, got caught at it and then got into the sub prime mess and it only cost the taxpayers $182 Billion. Has anyone gone to jail yet?

    • May 15, 2014 at 8:08 am
      Broker 2014 says:
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      Agent,

      You really seem to have an axe to grind against AIG and curious if they fired you in the past, declined to give you an appointment or what.

      You often have some very insightful comments on topics, but this company really seems to put you into Obammy region.

      If you never worked for them or sat on their Board of Directors on what basis do you call them Frauds and just throwing out the “bid rigging” topic no longer holds water since it was done by “individuals” within the companies and not a Corporate Mandate…

      • May 15, 2014 at 9:28 am
        Agent says:
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        Are you a wholesale broker quoting AIG markets? I have never worked for them, but I see their history and have bumped into their quotes from time to time. Perhaps you forget they just got fined for selling Life Insurance without a license. How about selling coverage to companies with Cuban connections while owned by the taxpayers. Cuba has had sanctions for years and it was illegal to do business with them. The rules don’t seem to apply to AIG and it is a culture, not just a few individuals doing these things.

        • May 15, 2014 at 11:33 am
          Broker 2014 says:
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          You certainly have the right to your opinion, I just do not agree with your comment that it is a “culture”, that seems as harsh as saying all white people are rascists and as respects pricing, the same can be said for any carrier, especially in this market I have seen some very silly pricing.

          And for all those who thumbs down my earlier comment, just asking a simple question and your opinions with well sourced facts are always welcome.

          • May 15, 2014 at 12:01 pm
            Libby says:
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            Having been in this business for 34 years, I’ll tell you why agents hate AIG. They are bullies. They know in many instances they are the only game in town and their attitude, pricing, and service reflects it.

            They routinely price-gouge, provide abhorrable service (if ANY service at all) and will find any and all ways to get out of paying a valid claim.

            I remember just months after 9/11, AIG came out with a product for terrorism coverage. You may say “How cutting edge of them! How entrepeneurial!” At that time, although we had a war exclusion, there was NO terrorism exclusion on ANY policy. I understood what they were doing. They were feeding off of people’s fears and making a profit on it. Despicable!

  • May 14, 2014 at 3:33 pm
    Dan says:
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    Do we get to tax the Gov for its $22B Profit?

    • May 14, 2014 at 5:42 pm
      Agent says:
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      Did it have a $22B profit when the taxpayers owned it? As I recall, they were about to go under when they were rescued.

      • May 15, 2014 at 6:35 am
        Phoenix says:
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        ^^^^STILL DOESN’T GET IT^^^^

        AIG had the VALUE to pay it’s obligations but not the CASH. The only thing the “bailout” accomplished was to get the banks that caused the financial meltdown their money as quckly as possible while AIG sold of units to pay for it. As much as you would have liked to see your competitor disappear, AIG was never “going under”.

        • May 15, 2014 at 12:03 pm
          Libby says:
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          AIG was NEVER my competitor.

          • May 15, 2014 at 12:34 pm
            phoenix says:
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            Guess what Libby! It’s not always about YOU.

          • May 15, 2014 at 12:45 pm
            Libby says:
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            Since there are mostly IA’s on here, I responded accordingly. My bad.

  • May 14, 2014 at 6:08 pm
    JC BoBo says:
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    If it wasn’t for Herr Dr. Spitzer (customer # 29 in the black sox) Hank would have been in control at the time and all that default swapping would never have happened.

    Still someone has always got to complain even though the tax payers and AIG saved a lot of jobs for a lot of working folks. They also paid some of the crooks big bonuses and paid the tax payers back with a profit.

    I guess if I were only a HR person and had to carry around a handle like Grabinoski, I’d have an axe to grind too.

    I don’t own AIG but should have bought in when it was hovering in the single digits not that long ago.

    That’s all for now.

    Uncle BoBo

    • May 15, 2014 at 12:04 pm
      Libby says:
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      So you think Hank would have stopped the swaps? LOL!!! It was probably his idea in the first place!

      • May 15, 2014 at 12:57 pm
        phoenix says:
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        I agree, Libby. The CDW business very well could have been originated by Greenberg. It was good business when accepted in moderation. When Sullivan took over for Greenberg, it was obvious that he did not have the capability to understand such complex financial transactions and the inmates in Financial ran the asylum. Greeberg would have kept it under control.

        • May 15, 2014 at 12:59 pm
          phoenix says:
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          CDS, not CDW. Sure wish I could figure out how to edit these posts.



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