The Sunshine State News

January 9, 2013

Vern Buchanan Outraged AIG May Sue Over Terms of Bailout

U.S. Rep. Vern Buchanan, R-Sarasota, expressed outrage Wednesday as the directors of insurance giant AIG consider suing over the terms of its federal bailout.

“Outrageous! That’s the only word to describe the shameful discussion taking place inside the boardroom today of the New York-based insurance giant AIG,” Buchanan blasted out in an email. 

“This is the same failed conglomerate that American taxpayers bailed out to the tune of $182 billion back in 2008. And now this company is considering a lawsuit against the United States government because it didn’t like the terms of the bailout.”

Buchanan added that he has sent a letter to AIG Chairman Robert Miller “to express my disgust at the company’s lack of gratitude.”

“AIG’s reckless bets and fiscal mismanagement became the poster child of Wall Street excess,” Buchanan stated. “And for this company to even consider suing is a direct slap in the face of every American taxpayer. It’s even more insulting given the fact AIG just started a public relations campaign “thanking” America for saving it from ruin.”

The Christian Science Monitor reported that while AIG has managed to pay off the bailout funds, “company directors are also charged with looking out for shareholder interests.”