Cognitive Dissonance

"Democracy! Bah! When I hear that I reach for my feather boa!" - Allen Ginsberg

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Former AIG CEO Sues Claiming Taxpayers Need To Pony Up $25 Billion More

Brass ones. And not in a good way:

For many years, insurance behemoth AIG was so poorly managed that the American taxpayer eventually had to invest nearly $70 billion in the incompetently run company to prevent its collapse from taking the entire U.S. economy along with it. Former AIG CEO Maurice Greenberg, however, thinks that the American people haven’t done enough to protect his massive fortune, so his company filed a lawsuit demanding even more taxpayer money.

For reals. He’s suing on the basis that when the government seizes or takes over property (aside from property used in illegal activity, i.e. RICO seizures) the government must provide ‘just compensation’ - typically, fair market value. ThinkProgress points out that when we bailed out AIG, the fair market value was nearly nil.

See?

Now, let’s say AIG’s assets were involved in illegal activity. Just kidding! Quite a bit of what companies like AIG did was legal - or borderline legal. Deregulation doesn’t make tanking the market illegal - it makes it a near certainty.

Filed under AIG Maurice Greenberg Wall Street Economy politics fraud Financial markets economic crisis financial crisis the 1%

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    This is happening.
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    What an ass.
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