AIG Says Thanks America By Suing Them, and Warren Rips Them A New One

by
Abby Zimet

Even though the federal government generously - and, many say, irresponsibly - gave AIG (American International Group, or Arrogance, Ignorance and Greed) $182 billion in bailouts to save their ass from massive dubious investments that almost crashed the economy, the famously inept insurance giant is now considering joining a lawsuit against the feds because they weren't generous enough, "trampled on shareholder rights," and deprived them of even more tens of billions of dollars that they really, really would have liked to get, thanks - a move that many are criticizing and even the New York Times politely notes “would almost certainly be widely seen as an audacious display of ingratitude." Firebrand Sen. Elizabeth Warren isn't happy about that, or our ongoing "stealth bailouts" of AIG, either.

“Beginning in 2008, the federal government poured billions of dollars into AIG to save it from bankruptcy. AIG’s reckless bets nearly crashed our entire economy. Taxpayers across this country saved AIG from ruin, and it would be outrageous for this company to turn around and sue the federal government because they think the deal wasn’t generous enough. Even today, the government provides an ongoing, stealth bailout, propping up AIG with special tax breaks — tax breaks that Congress should stop. AIG should thank American taxpayers for their help, not bite the hand that fed them for helping them out in a crisis."

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