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Author Topic: Wow, AIG. Just wow.  (Read 2834 times)

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Offline dpareja

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Wow, AIG. Just wow.
« on: January 08, 2013, 02:52:25 pm »
http://www.cbc.ca/news/business/story/2013/01/08/business-aig-lawsuit.html

Quote
The New York Times reported Tuesday the firm, which received federal aid worth more than $182 billion US in the years following the financial crisis, is considering joining a lawsuit launched by shareholders who argue the terms of the bailout were too harsh and deprived them of tens of billions of dollars worth of subsequent stock gains.
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Offline Canadian Mojo

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Re: Wow, AIG. Just wow.
« Reply #1 on: January 08, 2013, 09:15:30 pm »
That takes a remarkably large set of balls to even contemplate doing.
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Offline ThunderWulf

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Re: Wow, AIG. Just wow.
« Reply #2 on: January 08, 2013, 09:38:20 pm »
Quote from: Canadian Mojo on January 08, 2013, 09:15:30 pm
That takes a remarkably large set of balls to even contemplate doing.

Big balls and half a brain cell.
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Offline Sylvana

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Re: Wow, AIG. Just wow.
« Reply #3 on: January 09, 2013, 07:14:30 am »
Wait, let me get this straight.

They are arguing that the money given to them to prevent them tanking and going broke, and the conditions attached to it, reduced their profits and they are suing the government, the people who gave the money because of that profit loss?

Talk about biting the hand that drags you out of the quicksand.
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Offline Moltar

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Re: Wow, AIG. Just wow.
« Reply #4 on: January 09, 2013, 09:07:26 am »
I'm not surprised, typical business practice. 
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Offline Julian

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Re: Wow, AIG. Just wow.
« Reply #5 on: January 09, 2013, 11:05:33 am »
Well, to be fair, it wasn't AIG who launched it, and hopefully they're not seriously considering it... But yeah, pretty dick move by the shareholders. We want insane returns on investment, but no risk. Rent-seeking is most of the reason there's this many entrenched problems in the economy in the first place. Ironically, if it hadn't been too big to fail, and had tanked and they'd lost 90+c in the dollar, they'd have no-one to sue...

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Offline dpareja

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Re: Wow, AIG. Just wow.
« Reply #6 on: January 10, 2013, 08:57:30 am »
I guess they have some decency.

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The AIG board has determined to refuse Starr's demand in its entirety, and will neither pursue these claims itself nor permit Starr to pursue them in AIG's name.

AIG expects to file with the courts a formal statement detailing the Board's determination and the reasons underlying it in the coming weeks.
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Quote from: Jordan Duram
It doesn't concern you, Sister, that kind of absolutist view of the universe? Right and wrong determined solely by a single all-knowing, all powerful being whose judgment cannot be questioned and in whose name the most horrendous acts can be sanctioned without appeal?

Quote from: Supreme Court of Canada
Being required by someone else’s religious beliefs to behave contrary to one’s sexual identity is degrading and disrespectful.

Offline Lt. Fred

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Re: Wow, AIG. Just wow.
« Reply #7 on: January 11, 2013, 01:38:33 am »
This is some bullshit, whoever thought of it.
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Offline Askold

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Re: Wow, AIG. Just wow.
« Reply #8 on: January 11, 2013, 01:43:13 am »
Quote from: dpareja on January 10, 2013, 08:57:30 am
I guess they have some decency.
ects to file with the courts a formal statement detailing the Board's determination and the reasons underlying it in the coming weeks.

Or common sense. It would cause a PR nightmare and even in the unlikely case that they would get some money from the lawsuit it would not be worth the trouble.

EDIT:
http://www.theonion.com/articles/aig-nearly-blows-all-the-goodwill-built-up-by-wall,30845/

Quote
Many Americans echoed Woodward’s disapproval, saying it would have been “terribly unfortunate” if the company had gone ahead with its plan to sue the government just a few years after receiving a $182 billion bailout package, considering all the work Wall Street had done to rebuild its good name by granting top-ranking officials obscene bonuses, systematically lying to investors, and failing to reform its practices.

“Thankfully, AIG has avoided any action that might have sullied the public’s view of the financial industry as a whole,” said Sam Kerr, a father of three in Boise, ID. “Their decision today showed a tremendous amount of respect for the American taxpayer.”

“Honestly, they deserve a round of applause for this,” he added.

Hmmm... I know that this is from the Onion but it does seem like an accurate description of how things went.
« Last Edit: January 11, 2013, 05:24:23 am by askold »
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Offline MaybeNever

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Re: Wow, AIG. Just wow.
« Reply #9 on: January 15, 2013, 12:47:53 am »
I keep reading AIG as Answers In Genesis.
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Offline Stormwarden

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Re: Wow, AIG. Just wow.
« Reply #10 on: January 16, 2013, 02:52:52 am »
Don't feel bad, MaybeNever, I do the same thing. Good on AIG for not going along with that kind of derpfest.
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