Running an advertising campaign that boldly states Thank you, America for the $182 billion bailout that saved the company from bankruptcy, the American International Group now is thinking about suing the U.S. government since the bailout cheated its shareholders out of tens of billions of dollars. Best thank-you ever.
The board of A.I.G. will meet on Wednesday to consider joining a $25 billion shareholder lawsuit against the government, court records show. The lawsuit does not argue that government help was not needed. It contends that the onerous nature of the rescue the taking of what became a 92 percent stake in the company, the deals high interest rates and the funneling of billions to the insurers Wall Street clients deprived shareholders of tens of billions of dollars and violated the Fifth Amendment, which prohibits the taking of private property for public use, without just compensation.
[ ] The choice is not a simple one for the insurer. Its board members, most of whom joined after the bailout, owe a duty to shareholders to consider the lawsuit. If the board does not give careful consideration to the case, Mr. Greenberg could challenge its decision to abstain.
Should Mr. Greenberg snare a major settlement without A.I.G., the company could face additional lawsuits from other shareholders. Suing the government would not only placate the 87-year-old former chief, but would put A.I.G. in line for a potential payout.
|The American Dream is Dead|
|Apple Bans Apps that Use Dropbox's Integration|
|"The banks are going to discover—the hard way—that getting into bed with Apple was a bad idea."|
|Lawsuit Filed Against Warner to Prove Happy Birthday Is In The Public Domain|
|Music publishers: iTunes not paying fair share|
|3D Printed $10,000 House|
|“Facebook played a 'determining role' in stirring up hatred against Rohingya Muslims.”|
|Future Horizon's Plasma Lightsabers|
|“The Pentagon’s relatively quiet tip-toe into converting the U.S. Armed Forces to a machine-majority force.”|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|“New green policies so hard-hitting and extensive they can be felt across the world.”|
|CaptchaTweet: Write Tweets in Captcha Form|
|“Amazon Paid No Federal Taxes In 2017.”|
|“Clearly, no one is going to build weapons that have sufficient general intelligence to, for example, decide and execute a plan to take over the world.”|
|“Traditional path to economic growth may close to all but a handful of developing countries.”|
|“Contains all the same components as cow’s milk, [...] but doesn’t use any animals in its production process.”|
|The (Very Scary) People of Public Transit|