AIG Mulling Lawsuit Alleging Unfair Bailout Terms By U.S. Government

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AIG Mulling Lawsuit Alleging Unfair Bailout Terms By U.S. Government

AIG Mulling Lawsuit Alleging Unfair Bailout Terms By U.S. Government

HuffPO-

* Board to meet Wednesday to decide

* NYTimes first reported plans to join suit

* Ex-CEO Greenberg called Fed ‘loan shark’

Jan 8 (Reuters) – American International Group Inc, the insurer rescued by the U.S. government in 2008 with a bailout that ultimately totaled $182 billion, may now join a lawsuit against the government alleging the terms of the deal were unfair.

The news prompted a swift reaction from one of AIG’s rescuers, with the Federal Reserve Bank of New York saying the insurer could have just as well chosen bankruptcy four years ago and wiped shareholders out entirely.

The move would be something of a shock development given that AIG just launched a high-profile television ad campaign called “Thank you, America,” in which it offers the public its gratitude for the bailout.

[HUFFINGTON POST]

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