They say you better listen to the voice of reason
But they don’t give you any choice
‘cause they think that it’s treason.
So you had better do as you are told.
You better listen to the radio.
I wanna bite the hand that feeds me.
I wanna bite that hand so badly.
I want to make them wish they’d never seen me.
-Elvis Costello, Radio Radio
As American International Group Inc. weighs whether to join a lawsuit against the government that spent $182 billion to save it from collapse, U.S. lawmakers have a message for the insurance behemoth: “Don’t even think about it.”
In a letter to AIG Chairman Robert Miller, U.S. Reps. Peter Welch, D-Vt., and Michael Capuano, D-Mass., characterized the insurer as the “poster child” for Wall Street greed, fiscal mismanagement and executive bonuses.
“Now, AIG apparently seeks to become the poster company for corporate ingratitude and chutzpah,” the letter read. “Taxpayers are still furious that they rescued a company whose own conduct brought it down. Don’t rub salt in the wounds with yet another reckless decision that is on par with the reckless decision that led to the bailout in the first place.”
In widely reported comments, former inspector general for the financial industry bailout Neil Barofsky said AIG joining the suit would be a “giant middle finger” to the American taxpayer.
AIG 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 of 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.
Congresswoman Maxine Waters, D-Calif., said it was “simply outrageous” that AIG officials would even consider such a lawsuit.
I admit to being a bit confused here. Ordinarily, my response to such amounts of gall would include copious quantities of large caliber artillery fire, but if whack-a-doodle-do Maxine thinks it’s wrong then I have to step back and give it some thought. The shareholders got screwed royally here, so they are suing. If AIG joins the suit on their side, then it’s a CYA effort that will keep them from being named on the other side of the lawsuit. Better to be the plaintiff than the defendant
when death is on the line when billions are involved, so this might be a smart move for them.
Pretty obvious though how the Dems and the Media (oops,but
I repeat myself) are going to handle this. Will it make a dent in my checkbook,No. Will it affect any of my finances,No. What else we got on the slate Drew?
I saw that headline in my local paper and almost spewed my coffee. Un-friggin’-believable.
What nerve! What balls! What sheer chutzpah!
Bonus points for the Elvis Costello lyrics.