Congresswoman Maxine Waters’ Statement on Potential AIG lawsuit
Congresswoman Maxine Waters (CA-43), Ranking Member of the Financial Services Committee, released the following statement today in response to reports that the American International Group Inc. (AIG) is considering joining a lawsuit against the U.S. government claiming that the terms of the bailout were unfair:
"It is simply outrageous that the board of the American International Group, Inc. (AIG) would even consider suing the federal government after America's taxpayers stepped up and bailed them out over their bad bets on mortgage-backed securities. This is even more troubling given that it comes on the heels of a public relations campaign, the purpose of which is supposed to ‘thank' the American taxpayer for saving the firm. I would urge the board to drop its consideration of the lawsuit, thank the American public for the $182 billion rescue package that prevented the company's collapse, and support the reforms in the Dodd–Frank Wall Street Reform and Consumer Protection Act that ensure that systemically important financial institutions can no longer hold our economy hostage."