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May 9, 2017

AIG Court Decision a Big Win for U.S. Taxpayers, Loss for Ungrateful Billionaire

FOR IMMEDIATE RELEASE
Tuesday, May 9, 2017
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Following a ruling by U.S. Court of Appeals for the Federal Circuit in favor of the government and against former CEO Hank Greenberg, Dennis Kelleher, president and CEO of Better Markets, released the following statement:

“The Court of Appeals for the Federal Circuit today agreed with Better Markets that AIG’s former executives and shareholders don’t deserve another nickel from taxpayers.  AIG would not exist today but for a $182 billion government bailout and U.S. taxpayers assuming the unlimited risk of AIG’s massive derivatives book, which was a key catalyst for the 2008 financial crash. AIG’s shares would have been worth zero without that taxpayer bailout.

“Nevertheless, AIG’s former CEO sued for tens of billions of dollars more, shamelessly complaining that the government should have given AIG an even bigger bailout.  While today’s decision was on procedural standing grounds and not the merits, it nonetheless prevents taxpayers from being victimized yet again by AIG.  

“If there were damages for brazen ingratitude, the Court would have ordered AIG’s former CEO to pay the government the entire value of his AIG’s stockholdings because that is the windfall he has received as a direct result of the government bailout.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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