Posted inEconomics / Financial crisis

Former AIG Chief Wins “Stunning” Case over Taxpayer Bailout

The former head of insurance giant AIG has won a legal victory against the U.S. government over its 2008 taxpayer bailout. Hank Greenberg claimed the bailout shortchanged investors and violated their Fifth Amendment Rights. In what The New York Times called a “stunning” ruling, a federal judge sided with Greenberg but did not grant him any financial damages. He had sought $40 billion. Greenberg has been criticized for running AIG when it helped create many of the complex financial instruments which caused the economic collapse.

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