Friday, April 29, 2011

AIG; "Only in America" !

Remember AIG..? The derivatives market? Financial collaspe? Near bankruptcy? $182 billion taxpayer bailout? Yup, that's the one.
Well, to AIG's credit they have paid back all or nearly all the bailout money. I might add, not "an insignificant sum"! In case you didn't know, when AIG took the bailout $ they gave up their rights to sue the banks over the mortgage securities crisis . But, guess what? They did not give up their rights to sue the managers of those deals nor did they give up their rights to sue over the $40 billion in mortgage bonds that they had purchased directly from the banks.
So now AIG is going on the offensive. They are suing ICP Asset Management and Moore Capital for "billions of dollars". More suits to follow of course !
We have a yiddish word for that...Chutzpah ! Yes, the same company whose ass was saved from the fire by U.S. taxpayers, can now sue and potentially collect(and keep)billions. Only in America! Don't look now, but the stock market is creeping up on 13,000.

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