Their work has been cut down for them pretty significantly but no matter. The gov has no idea what it's doing and needs their help!
At least two high-profile plaintiffs attorneys are considering filing lawsuits over the recent controversies surrounding $165 million in retention bonuses that American International Group Inc. paid to its executives.
In a March 19 letter to Treasury Secretary Timothy F. Geithner, Darren Robbins, name partner at San Diego's Coughlin Stoia Geller Rudman & Robbins, said several of the firm's pension fund clients have directed him to "advise the Treasury Department of our mandate to take appropriate steps on behalf of AIG against the members of AIG's board of directors."
So far, AIG has received $170 billion in bailout funds from the U.S. government, which owns 80 percent of the insurance firm. On Friday, legislators in Congress voted to impose a 90 percent tax on the bonuses. Similar legislation has been introduced in the Senate.
In his letter, Robbins noted that President Obama, expressing his "outrage" over the developments at AIG, directed Geithner to "pursue every legal avenue" to block the bonuses. "Although limitations may exist with respect to available legislative and regulatory remedies, the Treasury Department has legal recourse as AIG's largest stakeholder," the letter states. "These rights should be exercised."
Robbins told The National Law Journal that he wrote the letter to offer his services to file a lawsuit on behalf of the U.S. government.
"They seem to be somewhat flummoxed by the inability of the various constituencies in the government to obtain redress for the misappropriation of what is a significant amount of money," he said.