Stephen Foley: AIG makes a return to the legal fray
Saturday 30 April 2011
US Outlook: US taxpayers may yet get a little bit of the revenge they seek on Goldman Sachs, Bank of America and the other financial institutions that had to be bailed out when their brand of casino capitalism went haywire in 2008.
AIG, which is still 90 per cent owned by the US government, is drawing up lawsuits against these banks and others who created about $40bn in disastrous mortgage securities which AIG insured against losses.
With so much fraud in the mortgage system, and too few checks by the financial institutions that packaged them up for sale around the world, AIG thinks it has a good case that it was misled about what it was being asked to insure.
Pretty much everybody involved in the mortgage market in the run-up to the bust is now suing pretty much everybody else. AIG gave up many of its rights to launch lawsuits when it was bailed out inSeptember 2008, but it is good to see it has found a path back on to the field. Taxpayers will be cheering from the sidelines.
- 1 JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Video shows what happens when lava is poured onto ice
- 5 Cate Blanchett loses temper during interview: 'That's your f**king question?'
Andreas Lubitz: Who is Germanwings co-pilot who 'locked out captain and crashed flight 9525'?
Germanwings crash: The poignant final photograph taken by Iranian journalist on doomed flight after watching Barcelona play Real Madrid
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Cate Blanchett loses temper during interview: 'That's your f**king question?'
Jeremy Clarkson calls on trolls to leave producer Oisin Tymon alone: 'None of this is his fault'
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Vote Ukip, says far-right group Britain First
iJobs Money & Business
£16000 - £18000 per annum: Recruitment Genius: A position has arisen within th...
£50000 - £63000 per annum + excellent benefits : Ashdown Group: IT Manager / D...
£16500 per annum: Recruitment Genius: Applicants must hold a valid SIA Door Su...
£50000 per annum: Ashdown Group: Business Analyst - Financial Services - The C...