Moe “Show me da Money” Greenberg

A company run by former American International Group Chief Executive Maurice “Hank” Greenberg Monday filed a $25 billion lawsuit against the United States, claiming that the government takeover of the insurer was unconstitutional. In its complaint, Greenberg’s Starr International said that in bailing out AIG [AIG 21.01 — UNCH ] and taking a nearly 80 percent stake, the government failed to compensate existing shareholders. It said this violated the Fifth Amendment, which bars the taking of private property for public use without just compensation.

“The government’s actions were ostensibly designed to protect the United States economy and rescue the country’s financial system,” Starr said. “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.”

The United States, it went on, “is not empowered to trample shareholder and property rights even in the midst of a financial emergency.”

Monday’s lawsuit was filed with the U.S. Court of Federal Claims in Washington, D.C., which handles lawsuits seeking money from the government. Once the world’s largest insurer by market value, AIG accepted $182.3 billion of federal bailouts beginning on Sept. 16, 2008, amid a liquidity crisis spurred by its exposure to risky debt through credit default swaps.

Unbelievable. The guillotine is way too good for this crook.

  1. So what says:

    Pay the share holders their fair share. Pay them the value of the stock had AIG not been saved by the bailout.

    • Jay says:

      I agree! If the Govt hadn’t of stepped in, it would be worth nothing! Give him fark all! 🙂

  2. Publius says:

    I am pretty sure AIG’s officers already got more than enough of the US taxpayers money.


  3. orchidcup says:

    Well, you folks have got to admit the dude has a lot of chutzpah.


Bad Behavior has blocked 13517 access attempts in the last 7 days.