AIG: Thanks for the Cash, America, but We May Sue You
American International Group, the insurer that received one of the biggest rescue packages to come out of the financial crisis that ultimately amounted to a whopping $182 billion might join a lawsuit against the government. The company’s board of directors will hear arguments on both sides of the question of whether to join the $25 billion lawsuit, reports the Wall Street Journal. The 2011 suit, filed on behalf of a company led by AIG’s former chief executive, Maurice “Hank” Greenberg, claims the government deprived shareholders of profit and charged exorbitant interest rates. The government eventually took a 92 percent stake in the company. And when the U.S. Treasury completed its final sale of the insurer’s stock last month, it said the bailout ended with a “positive return of $22.7 billion,” notes Reuters.
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