Rep. Ed Markey (D-Mass.) today attacked the financial giant AIG for their reported consideration of a lawsuit against the federal government over the terms of the $182 taxpayer-funded bailout the firm received during the height of the financial crisis.
Among other laws to police Wall Street, Rep. Markey authored the Insider Trading Enforcement Act, and the Securities Enforcement Remedies and Penny Stock Reform Act, statutes which responded to the 1987 stock market crash and the criminal actions of Dennis Levine, Ivan Boesky, and other insider traders. Those laws gave the SEC the power to impose civil fines and penalties on companies for securities law violations, and increased fines and penalties for insider trading. Markey also fought throughout the 1990s to regulate derivatives dealers affiliated with insurance companies such as AIG and securities firms like Bear Stearns.
Below is the statement of Rep. Markey:
"AIG used to stand for American International Group, but today it stands for All Integrity Gone. It is unconscionable that the same big derivatives dealer that helped turn Wall Street into a casino is now looking to sue the federal government that had to bail the company out in order to prevent a potentially devastating collapse in the global financial markets. The possibility of an AIG lawsuit over the bailout adds corporate insult to taxpayer injury."