Today the judge presiding over Greenberg's AIG lawsuit will hear final arguments, and if previous rulings and a final list of questions posed to both sides are any measure, he may be leaning toward Greenberg.
Maurice Hank Greenbergs Starr International and the U.S. filed a second set of post-trial papers in a lawsuit over the terms of the governments bailout of AIG, setting the stage for next months closing arguments.
The U.S. government has grounds to demand that AIG pay any significant damages should Maurice Hank Greenberg win his $25 billion claim that federal officials shortchanged investors in the 2008 bailout of the insurer.
Deal was voluntarily accepted by AIG's board, former CEO Robert Willumstad says,because the insurer didn't have a handle on its cash requirements and underestimated the amount of money it needed.
Former Federal Reserve Chairman Ben Bernanke is set to retake the witness stand in a lawsuit accusing the government of imposing illegally harsh terms in the bailout of American International Group Inc., capping a week of testimony from the architects of the insurers 2008 rescue.
The failure in 2008 of AIG would have caused mass panic on a global scale, testified Timothy Geithner, the head of the Federal Reserve Bank of New York at the time.
The Federal Reserve Bank of New York poured billions of dollars into rescuing AIG in Sept. 2008 without drawing up documents that would cement the governments control of the giant insurer, the banks lawyer testified.
The Federal Reserve Board of Governors didnt want to bail out AIG with an $85 billion loan, preferring that the insurer find a savior in the private marketplace, the Feds top lawyer told a judge.
In Maurice Hank Greenbergs telling, the $182 billion taxpayer bailout that saved AIG and perhaps all of Wall Street during the 2008 financial collapse was a government rip-off.
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