“Tomorrow insurance company AIG’s board will consider whether or not it should sue the U.S. government for bailing out the company during the country’s financial meltdown.
In 2008 AIG almost went bankrupt as it was responsible for insuring billions of dollars worth of the mortgage bonds that failed during the housing crisis. The Federal government was forced to step in and AIG finally paid back their loan at the end of last year.
AIG’s former CEO Hank Greenberg has been trying to sue the government — both the Feds in D.C. and the Federal Reserve Bank of New York (FRBNY) — over this bailout since 2011. To do that he filed two cases, one in New York City and one in Washington.”
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