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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSenator Elizabeth Warren gears up (hits AIG on news it plans to sue U.S. Gov't)
Senator Elizabeth Warren gears up
Posted by Greg Sargent
As you may have heard, AIG is in the process of deciding whether to join a $25 billion shareholder lawsuit against the federal government, despite the governments role in bailing out the company, to the tune of $182 billion. The New York Times explains that the lawsuit charges that the government rescue 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.
This comes even as AIG is running ads thanking the American people for that initial bailout. As the Times account archly notes, joining the lawsuit would almost certainly be widely seen as an audacious display of ingratitude. The action would also threaten to inflame tensions in Washington, where the company has become a byword for excessive risk-taking on Wall Street.
In response to the news, Senator Elizabeth Warren released a sharply worded statement thats worth quoting in full:
This is very interesting, and heres why. Warren didnt merely castigate the company for ingratitude. She put it in a crucial larger context, specifically noting that Wall Street recklessness was what caused the countrys economic meltdown in the first place. She also used this as an occasion to indict the continued tax breaks that the company continues to enjoy calling them a stealth bailout.
- more -
http://www.washingtonpost.com/blogs/plum-line/wp/2013/01/08/elizabeth-warren-gears-up/
Posted by Greg Sargent
As you may have heard, AIG is in the process of deciding whether to join a $25 billion shareholder lawsuit against the federal government, despite the governments role in bailing out the company, to the tune of $182 billion. The New York Times explains that the lawsuit charges that the government rescue 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.
This comes even as AIG is running ads thanking the American people for that initial bailout. As the Times account archly notes, joining the lawsuit would almost certainly be widely seen as an audacious display of ingratitude. The action would also threaten to inflame tensions in Washington, where the company has become a byword for excessive risk-taking on Wall Street.
In response to the news, Senator Elizabeth Warren released a sharply worded statement thats worth quoting in full:
Beginning in 2008, the federal government poured billions of dollars into AIG to save it from bankruptcy. AIGs reckless bets nearly crashed our entire economy. Taxpayers across this country saved AIG from ruin, and it would be outrageous for this company to turn around and sue the federal government because they think the deal wasnt generous enough. Even today, the government provides an ongoing, stealth bailout, propping up AIG with special tax breaks tax breaks that Congress should stop. AIG should thank American taxpayers for their help, not bite the hand that fed them for helping them out in a crisis.
This is very interesting, and heres why. Warren didnt merely castigate the company for ingratitude. She put it in a crucial larger context, specifically noting that Wall Street recklessness was what caused the countrys economic meltdown in the first place. She also used this as an occasion to indict the continued tax breaks that the company continues to enjoy calling them a stealth bailout.
- more -
http://www.washingtonpost.com/blogs/plum-line/wp/2013/01/08/elizabeth-warren-gears-up/
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Senator Elizabeth Warren gears up (hits AIG on news it plans to sue U.S. Gov't) (Original Post)
ProSense
Jan 2013
OP
Do they really want to fuck with Senator Warren? She knows where bodies are buried and
bluestate10
Jan 2013
#5
I am sure the rat Greenberg is behind the lawsuit. That pig scum needs to be buried alive. nt
bluestate10
Jan 2013
#4
TwilightGardener
(46,416 posts)1. Off to a good start, Sen. Warren.
bluestate10
(10,942 posts)5. Do they really want to fuck with Senator Warren? She knows where bodies are buried and
how to find the ones that she doesn't know about. Better yet, she won't hesitate to go after their asses.
TwilightGardener
(46,416 posts)6. I am guessing they don't. They're going to be sorry that
they didn't let her become a watchdog-agency bureaucrat--they might have been able to ignore or avoid her. There is no ignoring her now as Senator.
AnotherMcIntosh
(11,064 posts)2. Good for her.
Little Star
(17,055 posts)3. Truth Teller!!!! Go Elizabeth!
bluestate10
(10,942 posts)4. I am sure the rat Greenberg is behind the lawsuit. That pig scum needs to be buried alive. nt
SugarShack
(1,635 posts)7. Yes!!!!
arthritisR_US
(7,291 posts)8. A senator with brains and brass balls, love her!
cilla4progress
(24,759 posts)9. "We've only just begun..."
Ahh...sweet justice!
cilla4progress
(24,759 posts)10. Hmmm....
I hear Dems are looking for a woman to run for the White House in '16.....
iandhr
(6,852 posts)11. I LOVE HER