Jump to content





Photo
- - - - -

AIG to Weigh Suing US Government For 25 Billion


This topic has been archived. This means that you cannot reply to this topic.
18 replies to this topic

#13 Montsta

Montsta

    Rest In Peace

  • Joined: 08-December 08
  • posts: 8,243
  • Reputation: 7,143
Moderators

Posted 14 January 2013 - 07:24 PM

because some companies ARE more important than others in terms of economic stability.


this is capitalism, you may not think it's fair or some stupid shiat... but it's necessary. Trust me, I hate it more than you... but do you honsetly believe that this country would be in better shape if we'd let the largest insurer, the largest auto manufacturer and the largest bank in this country go under?

Remember Katrina? Those were ALL AIG policies. Shall we just abandon the gulf because of AIG? Should we allow AIG to default on all those policies? Shall we abandon all practical interference and let the market devour itself while smugly patting ourselves on the back for our adherence to our ideals? Rigidity is death.


So we get to topple a huge conglomerate and screw over saints fans at the same time?

I'm going to have to sleep on it before I provide an answer.

#14 Kral

Kral

    Internet Legend

  • Joined: 28-February 09
  • PipPipPipPipPipPipPipPipPip
  • posts: 6,942
  • Reputation: 274
HUDDLER

Posted 14 January 2013 - 07:30 PM

Luckily the government has the power to just say "no you can't sue us." If this doesn't happen we better start looking into why.

#15 Doc Holiday

Doc Holiday

    NON FACETE NOBIS CALCITRARE VESTRVM PERINAEVM

  • Joined: 24-November 08
  • PipPipPipPipPipPipPipPipPip
  • posts: 4,303
  • Reputation: 923
HUDDLER

Posted 14 January 2013 - 09:08 PM

Freddie and fannie is just as bad.

Also. Why was the debt relief act created in 2007 if nobody in congress knew the financial mess was coming?

I remember reading some stuff saying that Bush knew something was up back in 2005 but decided for the most part to do nothing.


btw paper trail of fault

Jimmy Carter made the laws that made this possible but they didn't have any teeth to enforce them, Bill Clinton gave it teeth, and George Bush while realizing what was going to happen Decided to do nothing about it because the economy was roaring along at the time even though the reason the economy was roaring along was for fictitious reasons.

Obama can honestly say he had nothing to do with the housing market collapse that started all of this, but at the same time to say it's all Bush's fault is far from the truth.

#16 pstall

pstall

    Gazebo Effect

  • Joined: 24-November 08
  • PipPipPipPipPipPipPipPipPip
  • posts: 23,831
  • Reputation: 3,112
HUDDLER

Posted 14 January 2013 - 11:30 PM

2001 and 2003 the regulators went to a then Dem controlled Congress to reign F&F. But did nothing.

#17 Delhommey

Delhommey

    Moderator

  • Joined: 24-November 08
  • posts: 12,797
  • Reputation: 2,493
Moderators

Posted 15 January 2013 - 12:04 AM

Hey, come on! The Congress shell game is Meat's trick.

#18 Davidson Deac II

Davidson Deac II

    Senior Member

  • Joined: 24-November 08
  • PipPipPipPipPipPipPipPipPip
  • posts: 18,133
  • Reputation: 1,529
HUDDLER

Posted 16 January 2013 - 04:46 PM

Luckily the government has the power to just say "no you can't sue us." If this doesn't happen we better start looking into why.



Actually they don't in this case. In fact, the feds tried to get a federal judge to dismiss the case, but he wouldn't. In failing to dismiss the suit, Judge Wheeler said that if the government is demanding something it has no right to demand, then it would have been an illegal exaction, even if the leaders of AIG decided to go along.

AIG decided (correctly) not to join the suit, but it will be interesting to see how all this plays out. Did the government have a right to force the deal without the approval of the owners, ie shareholders. And did the government seize private property without paying the proper value for it?

#19 Kral

Kral

    Internet Legend

  • Joined: 28-February 09
  • PipPipPipPipPipPipPipPipPip
  • posts: 6,942
  • Reputation: 274
HUDDLER

Posted 16 January 2013 - 06:57 PM

Thanks DDII I am now inspired to actually look into this.