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Hank Greenberg Estimates If The Government Had Minded Its Own Damn Business Back In ’08, AIG Would’ve Been At Least $25 Billion Ahead Right Now

Remember September 2008? Remember how American International Group was doing in September 2008? Kind of not so hot? Maybe needed the government to front it some cash to the tune of $85 billion? Maybe needed even more money after that, even though they swore they just needed that one hit, just to get them by? Maybe would’ve been- how to say this?- fucked, if not thrown a bone? Well Hank Greenberg’s been thinking about September 2008, for a while now, and what he’s concluded is that as an AIG shareholder, he was screwed, big time. And, the window of opportunity for apologies being long closed, he figures the only way he can be made to feel better about the situation is for the US to cough up $25 billion. At least.

Three years after the federal takeover of American International Group Inc., longtime former Chief Executive Maurice R. “Hank” Greenberg is launching a broad legal assault that paints the government’s move as unconstitutional. Starr International Co., a firm headed by Mr. Greenberg that was AIG’s largest shareholder at the time of the 2008 government rescue, filed a lawsuit Monday in the U.S. Court of Federal Claims. The action accuses the U.S. government of using the giant insurer as a vehicle to ship cash to AIG’s trading partners. The court has jurisdiction in cases involving claims against the federal government.

The suit alleges that by getting a nearly 80% stake in AIG in exchange for providing tens of billions of dollars in aid, the government took valuable property from Starr and other AIG shareholders in violation of the Fifth Amendment, which says that private property can’t be taken for “public use, without just compensation.” Starr seeks damages for itself and other shareholders of at least $25 billion. AIG is listed as a “nominal defendant” in the suit, which also seeks damages for the company…”The Government’s actions were ostensibly designed to protect the United States economy and rescue the country’s financial system,” the suit says. “Although this might be a laudable goal, as a matter of basic law, the ends could not and did not justify the unlawful means employed by the Government to achieve that goal.”

Anyway, chop-chop. Snowflake wants to do Christmas in Gstaad, and the presidential suite don’t come cheap.

U.S. Sued for $25 Billion Over AIG Takeover [WSJ]

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76 Responses to “Hank Greenberg Estimates If The Government Had Minded Its Own Damn Business Back In ’08, AIG Would’ve Been At Least $25 Billion Ahead Right Now”

  1. Dr_Zaius says:

    "dammit Hank! people were just starting to forget about me, you dick!"

    – Joe Cassano

    • hankey pankey says:

      i need to feed my precious dog, fluffy. she requires meals that are embedded with diamonds and gold.

  2. Texashedge says:

    I've got a watch that tells time in Gstaad, but in Philadelphia, it's only worth fifty bucks.

  3. Turd says:

    Just die already.

  4. Poll says:

    If you had to:

    Snowflake or Wilbur?

  5. uɐɟ ʇʇɐɯ ɐ ʇou says:

    clearly Hank is off his meds

  6. HungryIntern says:

    Suing the government because they did not properly compensate you for a company that you destroyed and sent into BK is the NKI.

  7. Guest says:

    #1percentproblems

  8. leveriched finance says:

    Yea! Sue the government for screwing taxpayers over! 99% strong!
    – OWS protestor that clearly understands whats going on

    • Poll says:

      Your comment would be a lot funnier if it wasn't left on a story about which the OWS people could actually have legitimate beef, i.e. a deluded member of the 1% whose actions nearly took down the global financial system who is now demanding more. Keep winning it, though.

    • guest says:

      You're a moron.

      – financial services employee who feels the need to point out when both the protesters and people he works alongside are demonstrating stupidity

  9. HighFrequencyHater says:

    We've consulted with AIG-FP quant team to determine the current stock price is the best way to value the plaintiff claims at $25BN

    ~AIG Legal

  10. Guest says:

    Cocaine is one hell of a drug!

  11. Lloyd says:

    That's assuming we paid off the CDS, which you and I both know we wouldn't have done.

  12. IgnorantBastards says:

    Is he represented by Richard Fish, John Cage and Ally Mcbeal?

  13. Ace Ventura says:

    Nice cat.

  14. cut to bone says:

    I'd eat the dog first

  15. the stern bear says:

    Hanky Panky is just so cute when he's in a huff.

  16. Guest says:

    THanks for nothing…

  17. AIG Quant says:

    I like his chances of winning.

  18. Ladd Mann says:

    Hank, Hope they don't remember that you are a thief ! You looted AIG and exited very rich.

  19. Maria says:

    Only problem with your case, Hank, is that you asked for the bailout-
    http://www.insurancejournal.com/news/national/200

  20. Guest26 says:

    Eminent Domain is a motherfucker, isn't it Hank?

    -Susette Kelo

  21. Danker_Banker says:

    Soiling your Depends in a room full of expensive lawyers is the NKI

  22. Myopia says:

    In the UK there was a documentary shown a couple of days ago about the rise and fall of Eliot Spitzer. This guy featured heavily in his downfall. At one point Gangrene said the whole 2008 crash was Spitzers fault.. if he hadnt investigated AIG none of this would have happened.
    Hes not completely wrong, if you dont look for financial fraud you wont find any. Eventually when he popped his cloggs and all the flunkies started to do thier jobs they would have found the unusual structures and the bailout would have been much worse.

    This guys is nuts, and not the dogs..

  23. kendrawolf says:

    The Wall Street Journal says that a former Wall Street CEO is suing the federal government. Greenberg and his current business Starr International has filed a $25 billion discrimination case in Washington, D.C., that asserts that the government did not have the right to take over the failing company, but should have floated bailout funds instead. Read more here: https://personalmoneynetwork.com/moneyblog/2011/1

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