Lawsuit Against AIG

[TJ_98370]

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Hey kids! This is where the action is! If you can't get rich by gaming some bubble, sue somebody. It's the American way!
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A lawsuit filed on behalf of shareholders of American International Group Inc. is demanding company executives return millions of dollars in bonuses, dividends and other perks.
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The lawsuit, which seeks class-action status, also seeks unspecified damages as well as the removal of AIG's top brass. It claims shareholders have lost $200 billion because of AIG's gross mismanagement and corporate waste over the past 8 1/2 years.
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Freedom Watch, a nonprofit organization that advocates for ethics in government, filed the lawsuit Thursday in U.S. District Court in Los Angeles.
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Among the defendants named in the suit are former Chief Executive Officers Maurice Greenberg, Martin Sullivan and Robert Willumstad, as well as current CEO Edward Liddy. The suit also targets 10 AIG board members, including Liddy...........
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[SeattleMoose]

Wait, why is this even an issue? Last I heard AIG porkers were gonna be forced to give back their bonuses or have them taxed away. Didn't that happen? Even Obama and Helicopter Ben expressed their "concern". You mean it was all "just talk"?

Funny how the whole AIG "outrage" was a "hot" item in the news and then faded away. And all the talk about porky execs returning their misbegotten bonuses, and "outrage" by congress, the president, and the FED.....meant nothing.

Don't these folks work for those who they "represent"?

Well (ahem) yes they do. They actually DO work for those they "represent". They just don't represent....us.

You must understand that execs returning bonuses sets a bad precedent. Can you imagine?, execs having to actually earn their millions in bonuses based on the same sort of criteria as us little people....performance.

Well, that is....oink.....outrageous!!!

Take the money, wait the furor to die down, and then make off with the loot.

God Bless America!!! OINK!!!

[WestSideBilly]

Wait, shareholders are suing to return dividends? WTF!

[ira s]

Nah, the shareholders of AIG aren't suing to return dividends THEY got. They're suing to have AIG executives return dividends they got. More than likely, the execs were given bonuses in stock, and that stock paid dividends