Elizabeth Warren gears up (Rips AIG a new one) - Greg Sargent
Last edited Tue Jan 8, 2013, 03:31 PM - Edit history (1)
http://www.washingtonpost.com/blogs/plum-line/wp/2013/01/08/elizabeth-warren-gears-up/As you may have heard, AIG is in the process of deciding whether to join a $25 billion shareholder lawsuit against the federal government, despite the governments role in bailing out the company, to the tune of $182 billion. The New York Times explains that the lawsuit charges that the government rescue deprived shareholders of tens of billions of dollars and violated the Fifth Amendment, which prohibits the taking of private property for public use, without just compensation.
This comes even as AIG is running ads thanking the American people for that initial bailout. As the Times account archly notes, joining the lawsuit would almost certainly be widely seen as an audacious display of ingratitude. The action would also threaten to inflame tensions in Washington, where the company has become a byword for excessive risk-taking on Wall Street.
In response to the news, Elizabeth Warren released a sharply worded statement thats worth quoting in full:
Beginning in 2008, the federal government poured billions of dollars into AIG to save it from bankruptcy. AIGs reckless bets nearly crashed our entire economy. Taxpayers across this country saved AIG from ruin, and it would be outrageous for this company to turn around and sue the federal government because they think the deal wasnt generous enough. Even today, the government provides an ongoing, stealth bailout, propping up AIG with special tax breaks tax breaks that Congress should stop. AIG should thank American taxpayers for their help, not bite the hand that fed them for helping them out in a crisis.
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Autumn
(45,120 posts)Our politicians just can't have that, it might make them sad.
K/R she and Bernie are the only hope we have.
ellenfl
(8,660 posts)Autumn
(45,120 posts)Pachamama
(16,887 posts)I hope she does what she is doing and keeps on doing it....
This story makes my blood boil....when I think how much money went to the banks and to AIG and how they have profited and gained from the taxpayer, whom without they would have been destroyed, dead like Lehman Bros. How dare they.....I hope that Senator Warren leads the way and makes these disgusting thiefs regret they ever said anything other than "Thank you Taxpayer, I'm not deserving...."
Jefferson23
(30,099 posts)Spitfire of ATJ
(32,723 posts)Myrina
(12,296 posts)... with the enemy ...
Brigid
(17,621 posts)I can't picture Elizabeth Warren being browbeaten into anything.
Spitfire of ATJ
(32,723 posts)leftyohiolib
(5,917 posts)Jeevus
(61 posts)If AIG goes forward with it America will respond. This kind of abhorrent behavior would fan the flames of hatred against Wall Street and give more strength to the Occupy movement and/or lead to the development of more anti-corporate-greed movements.
SemperEadem
(8,053 posts)I really wish AIG would... it's time for pitchforks and torches..
allan01
(1,950 posts)next time , when we have a populist election i want to see an iceland style revolt by the voters , and then arrest these arrogent so and sos !
dothemath
(345 posts)That Warren girl. Stating the truth and making sense. Just who does she think she is?
Republicans aren't going to like this. How do I know? Limbaugh, Hannity, Laura Ing...something, Mr. Coulter, Dooooocy, Faux Nooz, et al, will tell them they don't and they will run with it.
DinahMoeHum
(21,809 posts). . .it's gonna be a fun 2+ years (at least).
beachgirl2365
(111 posts)I know I cheer whenever I see news reports like these! Go Elizabeth & Alan!!!!
sellitman
(11,607 posts)He may not have. D after his name but there is no one better.
Plucketeer
(12,882 posts)Sweet to have someone on OUR side for a change. And not someone just saying crap without ever backing it up. Go gitum, Liz! Tear 'em a new one!
busterbrown
(8,515 posts)cer7711
(502 posts)Nothing less will solve the problemever.
SoapBox
(18,791 posts)Tell it like it is girl!!!!
santamargarita
(3,170 posts)Spitfire of ATJ
(32,723 posts)Actually,....make them ALL prisoners...
Cha
(297,692 posts)Seems like future help to AIG should be Stopped because of Insufficient Gratitude. Thank you, Elizabeth Warren!
scott brown would have been worthless in the Senate.
cbrer
(1,831 posts)Canoe52
(2,949 posts)BlancheSplanchnik
(20,219 posts)It is disgusting!!!!!! I want my money back--they sure don't deserve it!
I love seeing Elizabeth say it straight to the point. Kick their sorry asses!!!!!!!
1StrongBlackMan
(31,849 posts)I wonder if these "Masters of the Universe" actually think of the possible outcomes of their actions?
BlancheSplanchnik
(20,219 posts)Perhaps they do in terms of their own portfolios, and probably in terms of their own families....
But ramifications for those outside their small circle of people they can identifywith (and nb: corporations are people too. My friends.) don't matter to them. Strange, since what happens to everyone else will eventually affect them, too.
But basically, to them, Everyone and Everything else is just scenery. imho
freshwest
(53,661 posts)albear
(33 posts)(AIG) are supposed to make a profit! How dare the US taxpayer do so?
RoccoR5955
(12,471 posts)Tell them to shove it! Let the bass turds fail!
sheshe2
(83,925 posts)She is going to be a powerful Senator!
Just watch her go!
RVN VET
(492 posts)I bet the morning trio (Doocy, the bottle blonde, and the other guy), Hannity, and O'Reilly already have AIG in their sites and will begin the attack on it's ingratitude in 10. . . 9. . . 8 . . . .
OK, I'm kidding I'm kidding!
grantcart
(53,061 posts)They did a funny parody of their "Thanks America" commercial.
They did have an expert on who said that because it dealt with possible shareholder issues that the board had to listen to the presentation in order to avoid a useless lawsuit.
He said that the government would also have attorneys present and thought that it would be dispatched with very quickly.
Let's see how completely out of touch these folks are.
He said that on the merits that the lawsuit was completely baseless because it could be proven that without the intervention that AIG would be faced with immediate bankruptcy and the shareholders would have no shares.
ReRe
(10,597 posts)Go, Baby, go!
KurtNYC
(14,549 posts)Heathen57
(573 posts)better off if they would have let Sen. Warren on the commission. She would have only power to recommend things.
Now she has the power to push real legislative changes. Their short-sighted victory has turned around to really bite them in the arse.
Beacool
(30,253 posts)how about first finding out the result of that Board meeting? The AIG Board of Directors agreed to hear Hank Greenberg. Let's wait and see what happens before everybody gets out their pitchforks and torches.
Lone_Star_Dem
(28,158 posts)So far, it looks like a good investment.
Bill USA
(6,436 posts)recommended.