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FBN's Liz MacDonald on Hank Greenberg and David Boies asking the court to sue the government on behalf of AIG.
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Was the bailout of AIG it unconstitutional.
That's the question heading to the court.
So Elizabeth MacDonald is here with breaking news on this story loses is a -- -- is won't -- yeah Hank Greenberg and -- -- -- -- -- -- unconstitutional here's some breaking news latest development.
They've doubled more than doubled the amount that they want damages from the US government to 55 and a half billion that's way up from 25 billion -- essentially saying that look.
AIG was harmed in the rescue the investors are harmed by this rescue.
They're saying that they want 32 and -- billion dollars back in the collateral that was paid out to settle trades on 100% on a dollar.
With companies like Goldman Sachs -- on at Societe Generale.
Here's David -- attorney for Starr international is bringing the suit of behalf Hank Greenberg big investor Nancy particular -- -- voice says.
But the government did in the takeover of AIG.
What's -- take private assets and use it for public purposes without compensating the owners.
So what he's saying if that violates the constitution's.
Takings clause the other side of the argument is.
Then don't do that bailout go bankrupt he didn't have access a rifle Lexus for the Fed discount window you -- to banks so.
This is a big slug -- the fact that they more than double the dollar amount is a big deal and now also on top of that.
David -- and Hank Greenberg -- taken the fight right today AIG board which rejected the move to join the lawsuit.
He's putting the pressure on AIG's board saying to the court that we want AIG's board named we want to do it on behalf of the company this lawsuit.
And that they AIG ports still doesn't join the train ride.
Victim that if they win this suit they can -- -- looked bored you didn't do the right thing by your investors to get a piece of this -- 55 and a half billion dollar lawsuit if they win.
So that exposes the board to shareholder fighting.
A possible sits in the shareholders missing is getting ugly David voices is basically be like a street fighter with a suit you can imagine it's going to be more amended complaints coming down.
When when when you heard these companies AIG and American Express call themselves banks he knew there was going to be fall back on -- everybody hung at a single saying thank turns the penthouse right.
-- you know has you're breaking its from -- McDonald's stuff well what.
