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Wall St. Bankrolls Ex-Executive as He Sues Over A.I.G. Bailout

Posted on September 24th, 2014 at 19:37 by John Sinteur in category: Robber Barons

[Quote]:

One might call it “chutzpah,” as several irate lawmakers did, or “rubbing salt in the wounds” of the American taxpayer. But to a few Wall Street financiers, a lawsuit that accuses the government of shortchanging the American International Group in its 2008 bailout is something else: a promising investment in a cause they support.

Maurice R. Greenberg, 89, the former A.I.G. chief executive who still holds a large stake in the insurance company, filed the lawsuit on behalf of fellow shareholders. He has now raised several million dollars from three Wall Street companions to help cover the cost of the case. The investors, who are entitled to a cut of any damages Mr. Greenberg collects from the government, contributed about 15 percent of the tens of millions of dollars in legal costs, according to people with knowledge of the arrangement.

[..]

The lawsuit, which seeks more than $40 billion from the government, does not dispute that A.I.G. needed a $182 billion lifeline to survive the financial crisis. It instead challenges the onerous nature of the rescue. The government took what became a 92 percent stake in the company — a step it did not pursue with other bailed-out Wall Street giants — imposed a steep interest rate and steered billions of dollars to the insurer’s trading partners. Those decisions, the suit says, cheated A.I.G. shareholders and violated the Fifth Amendment, which prohibits the taking of private property for “public use, without just compensation.”

Well, let’s get established that a “just compensation” for those who caused the crisis in 2008 is a bullet in the head. That should end the lawsuit pretty damn quick.


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Comments:

  1. “Well, let’s get established that a “just compensation” for those who caused the crisis in 2008 is a bullet in the head. That should end the lawsuit pretty damn quick.”

    To sort of quote Jon Stewart, “Do you know how I know we live in the greatest country in the world? Because in any other country, these people would have been lined up and shot!”

    The Lord still helps those best who take a big helping for themselves.

Cartoons

Posted on September 24th, 2014 at 19:29 by John Sinteur in category: Cartoon


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Graffiti Removal Guy Comes Back to Discover Image of Himself in the Same Spot

Posted on September 24th, 2014 at 14:35 by John Sinteur in category: awesome, Great Picture

graffiti-removal-man-2

[Quote]:

Street artist DS recently added a couple of paste-ups to a wall in London. It didn’t take too long before a graffiti removal guy removed the paste-ups. Shortly after that, DS was back with a paste up of the graffiti removal guy removing the graffiti. Gold!


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iPhone hoax: No, you can’t recharge it in the microwave, LAPD warns

Posted on September 24th, 2014 at 14:29 by John Sinteur in category: Apple

[Quote]:

No, the latest iPhone software does not allow for the device to be quickly charged by heating it up in the microwave, despite some convincing, but very fake online ads.

Microwaving the phone will not only ruin the device, it could cause a fire or explosion, authorities said.

But a hoax floating around the Internet seemed so legitimate to some that even police are spreading the warning, as noted by the Los Angeles Police Department communications unit on Twitter.

So clearly, as if there was any doubt, iPhone users are not smarter than average.


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Comments:

  1. Apparently the fix for a bent iPhone 6+ is to put it in the microwave for 3 seconds.

  2. Wood grain finish? ZOMG, did I miss a trend or something?