A civil suit could provide evidence of criminal wrongdoing.
Update: AIG decided on January 10th not to join lawsuit which some investors continue to pursue. A wise decision!
(Clinton, KY - January 9, 2013) - The Board of AIG is considering suing the US government for bailing them out.
These are the same people whose subsidiary of a subsidiary own a portion of our water company - lovely folks.
We REALLY hope they sue.
AIG, the insurance giant, with fingers in many pies, including our tiny Utilities Inc. water company which has twice raised water rates in the last five on the only two towns they "serve" in Kentucky Middlesboro and Clinton, wants what's coming to it.
Specifically, the company is aggrieved that when the government bailed it out that the stockholders didn't get full value for their investment. Instead they got solvency and avoided a messy expensive bankruptcy.
One headline in Politico described Washington's reaction to the move as "jaw dropping".
We agree. And we dearly hope that AIG brings suit.
If it does, all of its financial records, dealings, double, single and otherwise should be open to discovery by the government. There should be public disclosure of AIG's inner thoughts and desires before it went to its Uncle Sam for a handout.
We want to see what was going on inside the company heads' heads when they okayed insuring risky real estate ventures and paper transactions that weren't worth the paper they were written on.
Please. Please. Please.
Sue your Uncle for pulling you out of the gutter before you went circling down the drain in the dirty water of your own creation.
Your public just can't wait.