Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following former AIG CEO Hank Greenberg’s decision to appeal the outcome of Starr International Co. v. U.S.:
“Former AIG CEO Hank Greenberg’s appeal statement explicitly admits he is going after ‘billions of dollars’ more of U.S. ‘citizens’ money.’ He states he is appealing so that he can move U.S. ‘citizen’s money’ into the pockets of AIG’s shareholders who were saved and bailed out by those very ‘citizens,’ proving the old adage no good deed goes unpunished.
AIG shareholders wouldn’t exist today and wouldn’t own almost $90 billion in stock today but for the generosity of those very ‘citizens.’ Hopefully, the federal appeal court will correctly determine that there would be no justice if U.S. citizens were required to give those shareholders another undeserved windfall.”
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.