By George Miller
Today, Main Street finally scored a victory over Wall Street.
After reports circulated that American International Group Inc. (AIG) was deliberating whether to join a lawsuit against the U.S. government over its taxpayer financed $182 billion dollar rescue at the height of the financial crisis, my colleagues and I strongly urged the company's President and CEO to not participate.
Unbelievably, advocates of the lawsuit claim that the government financed bailout deprived shareholders of tens of billions of dollars in profits, even though, by financing the loan, American taxpayers are solely responsible for AIG's existence today.
Today I signed a letter to remind the President of the Company and its Board of Directors of that fact and to urge the company to instead continue to work to earn the trust and confidence of the American people.
It's outrageous that AIG would even consider suing the federal government for its actions in rescuing AIG. AIG should be thanking taxpayers for cleaning up the mess that AIG itself created, not asking for another taxpayer handout. That's why I'm fighting to stop this outrage and working to instead get more accountability for the wrongs committed by Wall Street that greatly damaged our economy.
I'm glad to see that AIG decided against participating in this lawsuit, and hope they instead continue to work on repairing their relationship with the American people.