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Letter to AIG: Don't Even Think About it

Letter

Date: Jan. 8, 2013
Location: Washington, DC
Issues: Finance and Banking

News that American International Group (AIG) is considering suing the U.S. government over the taxpayer-funded rescue of the company in 2008 is drawing a clear response from Rep. Peter Welch (D-Vt.): "Don't even think about it."

In a letter to AIG Chairman Robert S. Miller, Welch says: "AIG became the poster company for Wall Street greed, fiscal mismanagement, and executive bonuses -- the taxpayer and economy be damned. Now, AIG apparently seeks to become the poster company for corporate ingratitude and chutzpah."

"Taxpayers are still furious that they rescued a company whose own conduct brought it down. Don't rub salt in the wounds with yet another reckless decision that is on par with the reckless decisions that led to the bailout in the first place."

News reports indicate that AIG is actively considering suing the U.S. government over the $182 billion dollar rescue of the bank at the height of the financial crisis, arguing that the bailout deprived shareholders of tens of billions of dollars in profits.

Welch's full letter is copied below. Also signing the letter is Rep. Michael Capuano (D-Mass.).

Mr. Robert S. Miller

Board Chairman

American International Group, Inc.

180 Maiden Lane
New York, NY 10038

Dear Mr. Miller:

According to The New York Times, AIG is actively considering suing the U.S. government for monetary damages after American taxpayers rescued your company from its reckless conduct with a $182 billion bailout.

Don't do it.

Don't even think about it.

AIG became the poster company for Wall Street greed, fiscal mismanagement, and executive bonuses -- the taxpayer and economy be damned.

Now, AIG apparently seeks to become the poster company for corporate ingratitude and chutzpah.

Taxpayers are still furious that they rescued a company whose own conduct brought it down. Don't rub salt in the wounds with yet another reckless decision that is on par with the reckless decisions that led to the bailout in the first place.

Sincerely,

PETER WELCH

Member of Congress

MICHAEL CAPUANO

Member of Congress


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