A.I.G., post Capital Paradox, is feeling thankful, starting a new ad campaign thanking the U.S. for the billions in assistance it got at gunpoint to bail them out from the consequences of highly stupid financial decisions. You may have seen one of the commercials by now. Thankfully I haven’t.
Oh yeah, they’re also feeling pissed off, claiming they actually got screwed in the bailout, even considering suing the federal government for even more billions — to be extracted from us, of course:
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 deal’s high interest rates and the funneling of billions to the insurer’s 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.”
Maurice R. Greenberg, A.I.G.’s former chief executive, who remains a major investor in the company, filed the lawsuit in 2011 on behalf of fellow shareholders. He has since urged A.I.G. to join the case, a move that could nudge the government into settlement talks.
“Onerous nature”…please. There was no obligation (that is, no legitimate one — the typical symbiotic relationship between high finance and the political elite doesn’t count) for any aid to even come, at all. That the rescue occurred is itself yet another crime against the public, even before getting into how it served as a go-between for funneling billions to Goldman Sachs. If the terms were so terrible, there was something AIG could’ve done about it at the time: walk away.
What’s that? They would’ve crashed if they did? So?!?
You think these jerks shed a tear when the average person dealing with conditions since the collapse faces having to risk losing their car to pay the damn electric bill? Or having to hit up a pawn shop to be able to fill up the tank of said car otherwise lose what little shitty job they’ve been able to hold on to? Would they even recognize you on the street?
Not even if you were their maid.
As for claiming the terms of the bailout amounted to takings for “public use”…oh boy, they are absolutely lucky that no one in charge asks people like me to draw up this crap. I’ll show you “public use” — try doing your high tech 3-Card Monty while having to fight squatters for access to the computers, assholes…
I didn’t ask to help pay for your damn lobster. If anyone is being robbed, it is us. Because that’s how it works. The rulers take care of their own, even if they’re too dumb to admit it. Times like this I wish I believed in Hell, so I could picture every single board member that signs onto this lawsuit burning in it.