Tag: bailout

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Politics

AIG Considers Joining Lawsuit Against The Government Who Bailed Them Out

Sign on office building for American International Group in Los AngelesNEW YORK (AP) — American International Group Inc. said Tuesday its board of directors will weigh whether to take part in a shareholder lawsuit against the U.S. over the government’s $182 billion bailout of the insurer.

If AIG decides to join the complaint, which seeks $25 billion in damages, it would pit the company against the government that rescued it in 2008 from collapsing under the weight huge losses on mortgage-backed securities and other toxic assets

AIG said that its directors will take up the matter on Wednesday and expects they will have a decision by the end of the month.

Starr International Co. Inc., the investment firm of former AIG CEO Maurice Greenberg, filed the lawsuit in November 2011 on behalf of the firm and AIG shareholders.

The complaint, filed in the U.S. Court of Federal Claims and the U.S. District Court for the Southern District of New York, asserts that the government didn’t provide shareholders fair compensation when it took a nearly 80 percent stake in the insurer as part of its bailout. As a result, the government violated the Constitution, Starr claims.

AIG said that, by law, its board must consider three options: take over the lawsuit and pursue the claims on its own; attempt to prevent the claims from being pursued by Starr; or, allow Starr to continue to pursue the complaint on AIG’s behalf.

r/t AP

Categories
Politics

President Obama Explains Why He Saved The Auto Industry – Video

The President:

“Every year around this time, American car companies start rolling out their newest, shiniest models, hoping to entice you into buying one. It’s Detroit’s chance to show you what they’ve been working on – the latest and greatest. And this year is no exception. They’ve got some pretty good-looking cars coming out.

But something is different this time around – and it starts with the auto companies themselves.

Just a few years ago, the auto industry wasn’t just struggling – it was flatlining. GM and Chrysler were on the verge of collapse. Suppliers and distributors were at risk of going under. More than a million jobs across the country were on the line – and not just auto jobs, but the jobs of teachers, small business owners, and everyone in communities that depend on this great American industry.

But we refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way.”

Video:

Categories
NFL Politics superbowl

My Pick For The Best Superbowl Ad – Starring Clint Eastwood

Paying respects to Detroit, and the comeback of the American Auto Industry.

It’s halftime in America. The teams – Democrats and Republicans –  are in their respective locker rooms and like the Superbowl, one team will win, the other team will lose. And it’s all based on their decisions and the things they do to help or hurt America.

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