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Hank Greenberg’s Attorney David Boies on the lawsuit against the government over the bailout of AIG.
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Exactly so no one wants to rain on that -- So they're not part of Europe.
But but what do you think of that because the way it's played in the media is that look at these ungrateful less of news.
The government rescue them Hank is alive and able to make this suit today.
Because of what the government today what do you say that well remember first wrong.
Government knew at the time.
AIG had many more assets and liabilities for the short term liquidity problems they've admitted that in court.
They did what everyone had the same short term problem that would endanger meltdown exactly and they didn't penalize anybody else told them I was AIG -- well.
I think that it was that a combination of circumstances they obviously weren't the government's -- company.
I think that they got into the situation in which the government.
Just grabbed the money you they needed a vehicle to do these backdoor bailouts and energy and besides that it was the way to -- that -- Was right there and remember remember the shareholders here the reason -- -- this -- of the -- -- brought this lawsuit.
Is shareholder after shareholder after shareholder wrote and -- can't you do something about.
Including himself and putting himself but remember if we just did himself we would have sought class action certification.
What is class section mean now that -- part of a class all of the old shareholders.
All of the shareholders who were shareholders in 2008.
And the irony is that because and AIG.
Won't join in this lawsuit.
AIG's current shareholders may not be able to share in the recovery to me.
So what -- but AIG has done is why I do agree with -- I understand why they did you know given role governments played and putting them in that position.
But -- what's the consequence of that is that the current shareholders are not going to be able to share in the recovery unless we can convince the court.
To allow us to represent.
AIG.
All right that's a big uphill fight that's right back and new your -- suing the government yes.
Not a very successful track record -- part of anyway -- -- but it could be unprecedented and and case history to do.
But don't think most people again the EQ part of the statement saying enough already.
We had to rescue -- been spur illicit might have been questionable it might have been.
-- in stupid things under fire but it's done it was done it was done don't go back to the folks who provided the money to try to stabilize.
Remember they've already gotten paid back all their money plus a big profit -- on the government got around David say you're suing taxpayers.
But what we're all all they're asking for his return of the equity.
That they illegally talk.
He didn't need the equity it was fully secured without it -- a lot of people don't understand what really went on here a lot of people don't understand.
You and I do a lot of people don't understand that the government took AIG and used it as a funnel.
To shift money to a lot of other private would alienate other judges other courts are going to look at this and say.
You know truth be told there's a lot to with Davidson is a lot to what Hank consent.
But the meltdown of the long time ago in -- galaxy far away and it's very important that we not allow the government.
Simply to trample on individual -- -- but -- sort of thing if you just indulge me.
The -- go on and say we we do this or we blink on this than every other institution we were rescuing.
Going back to other industries over the years we took over.
You go back to -- -- back in the -- right and they would start saying well we're we're gonna read.
Rethink all of that and we've opened up -- -- work although this is the only time.
They confiscated.
A majority of the stock of -- solvent company.
This -- this was an unusual event but it was looking like it was gonna get insolvent quick.
I think liquidity not solvency in other words they had a liquidity problem but and the government and in the middle of -- -- do you distinguish.
Well I I think they did they did they did a study and they said at the very at the time they did it internally this is fully secured we're not gonna lose any money.
Because they had these very valuable insurance assets that they were able to secure the loans for what is -- Treasury Secretary Hank Paulson applicable to us.
Well you know we're gonna ask him because would take his deposition.
And commitment find out -- he was supposedly the guy orchestrate their lives and and -- here is the one the one on television.
Few days after they took it -- Tim Geithner former treasury secretary of former New York fed president when this is going down and so -- as well we -- -- So -- -- a bipartisan manner it's certain it's sort of like journalism with a subpoena.
-- you feel about that you might be offending a lot of your democratic yeah well I think the truth has to come.
I think that I I think Democrats Republicans everybody's got a stake in having the government operate properly.
Everybody's got a stake and not having the government override property rights.
Not override individual rights and particularly to do that any congressional authorization or any congressional knowledge -- they kept those backdoor bailouts.
Secret.
Updated June those when was question going back to the case you've really been at war and the recount Al -- -- think -- and now he's being sued on.
Selling turn to two of the zero and he.
He's just seems despite its obvious well like -- increasingly -- it.
Figure well I think it is certainly been subjected to a lot of criticism of that sale but it isn't difficult position in the company wasn't making money.
It wasn't really a -- sail boats in the weirdest people in I think there -- people.
Would you -- done and I don't like.
-- used to friends yes.
So would you admitted to present I -- I do I do still think in many depressed and I I do think things would have been better if you've been elected to its.
David Lewis thank you very very much what's his case very closely on the left or right to what figure you'll agree on -- You want David was under his authority while.
