that’s easy: white collar workers vs. blue collar.
Let’s also remember that when AIG was taken over they still had to make good on their debt. When GM was taken over they declared bankruptcy and screwed all of their bondholders except the UAW…much easier to come out ahead when you wash your hands of all your obligations.
AIG does not owe one single dime to the government since paying the Federal Reserve Bank of New York $27 billion from the proceeds from the IPO of AIA and the sale of ALICO to Metlife.
Are shares of stock in AIG the government owns worth what was paid for them or more? Only time will tell, just as with any other investment.
The board of directors of aig sold out the shareholders of the company in order to try and protect their own posteriors. the proper forum for the creditor claims against aig to be geard, litigated and resolved was the us bankruptcy court. the us government made every effort to force the board to avoid that route because of fear that the creditors would be harmed by the time an orderly bankruptcy filing and associated hearings would take. the shareholders were railroaded as their rights to a fair hearing were stolen by the combined actions of the board and the government.
Who says you can’t fight city hall!?
..and the difference between the AIG bailout and GM and Chrysler is…?
that’s easy: white collar workers vs. blue collar.
Let’s also remember that when AIG was taken over they still had to make good on their debt. When GM was taken over they declared bankruptcy and screwed all of their bondholders except the UAW…much easier to come out ahead when you wash your hands of all your obligations.
There is no difference and we taxpayers will never get the money we “invested” back from any of them.
AIG does not owe one single dime to the government since paying the Federal Reserve Bank of New York $27 billion from the proceeds from the IPO of AIA and the sale of ALICO to Metlife.
Are shares of stock in AIG the government owns worth what was paid for them or more? Only time will tell, just as with any other investment.
The board of directors of aig sold out the shareholders of the company in order to try and protect their own posteriors. the proper forum for the creditor claims against aig to be geard, litigated and resolved was the us bankruptcy court. the us government made every effort to force the board to avoid that route because of fear that the creditors would be harmed by the time an orderly bankruptcy filing and associated hearings would take. the shareholders were railroaded as their rights to a fair hearing were stolen by the combined actions of the board and the government.