Insurance,
Constitutional Law
Oct. 7, 2014
Was it a bailout, or a taking of property?
Former managers and shareholders of AIG are suing Uncle Sam in the U.S. Court of Federal Claims, claiming that the treatment the government meted out to AIG amounted to an uncompensated taking of AIG's property.
Former managers and shareholders of insurance giant American International Group Inc., commonly known as AIG, are suing Uncle Sam in the U.S. Court of Federal Claims, claiming that the treatment the government meted out to AIG, which almost went belly up in the Great Recession but was bailed out by Uncle Sam, was unfair, discriminatory and illegal - it amounted to an uncompensated taking of AIG's property. The government offered AIG some $182 billion to enable it to survive the 2008 cra...
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