wealthwire.com / By Brianna Panzica / January 9th, 2013
Despite its “Thank You, America” ad campaign, the American International Group (AIG) is less than grateful.
AIG is filing a $25 billion lawsuit against the U.S. government for depriving shareholders of money during the 2008 bailout.
At the height of the financial crisis, a taxpayer bailout for AIG was more than necessary. The company was struggling, and without the $182 billion that saved it, it would have easily gone under.
Since then, it’s paid off all it owed plus $22 billion in interest, as it makes clear in its “Thank You, America” ads. The representatives in the ads take turns thanking the American people for the bailout that gave the company the opportunity to “turn it around.”
But the ads take on a whole new meaning where the lawsuit comes into play. The “thank you” becomes more of a “thanks, but…”
The suit was started back in 2011 by former AIG CEO Maurice “Hank” Greenberg, still the company’s largest shareholder, Yahoo Finance reports.