This week, we have witnessed one of the odder lawsuits in recent memory: that of Maurice “Hank” Greenberg, the former CEO and one of the largest shareholders of the American International Group, against the U.S. government.....
The case undoubtedly has entertainment value. ....Look who's skating on the thin ice now (according to Insurance Journal);
Greenberg is likely to lose his case, and for good reason.
That's the headline that precedes the fact that those documents support Greenberg's contentions.
Documents At End of AIG Bailout Testimony Could Aid Greenberg
The Federal Reserve Bank of New York’s legal advisers sought to devise ways to avoid accountability to shareholders in the 2008 bailout of American International Group Inc., according to evidence introduced at the end of trial testimony over terms of the rescue.
“We succeeded in finding a structure that allows the trust to gain control of the company without shareholder votes,” John Brandow, an outside lawyer for the Federal Reserve Bank of New York, wrote in one of the documents summarized in the trial of ex-AIG chairman Maurice Greenberg’s lawsuit against the U.S.We won't know for some time yet how the judge will eventually rule--lawyers for both sides have 75 days to summarize their conclusions of what the evidence shows, before closing arguments--but, the joke appears to be on the wise guys at Slate.