Message to Morgan Stanley. Be careful doing business with these people. This is how they treat their business partners. They no longer know how to make money the old fashioned way so resort to suing everybody in sight. Including Maurice suing the Federal government (us taxpayers) for having the gall to bail them out. These people make me sick. They certainly had no problems making tons of money and paying themselves huge bonuses on these incredibly risky bets they made. And had no problem taking the $182 billion in bailout money. So why not sue somebody if the bets don’t work out?
How is this any different than when the federal government started suing the major banks for loans it had purchased via Fannie and Freddie? All of these parties are large institutional investors that saw dollar signs from the promised “high” returns. Put yourself in AIG’s shoes: two weeks ago the government, i.e. Attorney General Holder and the FHFA, reaped a $13Bn punishment by suing JP Morgan for broad misrepresentations tied to RMBS. If AIG bought the similar securities from Morgan Stanley then why should AIG not be able to win the same award?
Also, let’s not forget that the majority of AIG’s bailout money went directly into these bank’s pockets because they refused to accept less than 100 cents on the dollar. It’s only fitting that AIG finally fights back.
And finally, do you need to be reminded that AIG paid the government back, and the government earned more than 10% interest? When was the last time you made an invest that earned 10%?
Message to Morgan Stanley. Be careful doing business with these people. This is how they treat their business partners. They no longer know how to make money the old fashioned way so resort to suing everybody in sight. Including Maurice suing the Federal government (us taxpayers) for having the gall to bail them out. These people make me sick. They certainly had no problems making tons of money and paying themselves huge bonuses on these incredibly risky bets they made. And had no problem taking the $182 billion in bailout money. So why not sue somebody if the bets don’t work out?
Dave,
How is this any different than when the federal government started suing the major banks for loans it had purchased via Fannie and Freddie? All of these parties are large institutional investors that saw dollar signs from the promised “high” returns. Put yourself in AIG’s shoes: two weeks ago the government, i.e. Attorney General Holder and the FHFA, reaped a $13Bn punishment by suing JP Morgan for broad misrepresentations tied to RMBS. If AIG bought the similar securities from Morgan Stanley then why should AIG not be able to win the same award?
Also, let’s not forget that the majority of AIG’s bailout money went directly into these bank’s pockets because they refused to accept less than 100 cents on the dollar. It’s only fitting that AIG finally fights back.
And finally, do you need to be reminded that AIG paid the government back, and the government earned more than 10% interest? When was the last time you made an invest that earned 10%?