AIG Contemplates Joining Stockholder Suit Against US Gov't 354
inode_buddha writes "After completing its bailout rescue and paying back the money with interest, AIG is considering suing the US Government for doing so. The reasons why? Among other things, the 14% interest rate paid to the government. 'The lawsuit does not argue that government help was not needed. It contends that the onerous nature of the rescue — the taking of what became a 92 percent stake in the company, the deal's high interest rates and the funneling of billions to the insurer's Wall Street clients — 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." The former CEO and current major shareholder said: "The government has been saying, 'We're your friend, we owned and controlled you and we let you go.' But A.I.G. doesn't owe loyalty to the government," a person close to Mr. Greenberg said. "It owes loyalty to its shareholders."' The lawyer representing him is none other than David Boies of SCO fame."
Re:For fucks sake (Score:5, Funny)
The problem isn't corporations, it's lawyers. You don't fix that by paying another bunch of lawyers. That just enriches twice as many lawyers. That's how they breed.
I recommend fire, and lots of it.
Re:For fucks sake (Score:5, Funny)
The Lawyer class comes with an immunity to fire - something about their origins being described in a novel by Dante.