According to Dealbreaker’s Matt Levine: Is AIG going to sue
the government for bailing it out? Hahaha no of course not, come on, that would
be nuts. So what is this?
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.”
I say unto you that this meeting is not for “consider[ing]
joining” that lawsuit, which is one part of former AIG CEO Hank Greenberg’s
so-far-not-particularly-successful campaign to get his $25 billion back from
the government. (This part, in the Court of Federal Claims, is still going,
unlike the part in a New York federal court that was dismissed.) Rather, it is
for humoring Hank Greenberg,…
Read all about it at http://dealbreaker.com/
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