Wednesday, September 17, 2008

Dear whingers:


Yes, by all means, tell me all about the evils of welfare. And throw in some smug, sanctimonious posturing about accountability, personal responsibility and fiscal conservatism while you're at it.

Really, I can hardly wait.

YOU'RE GOING TO LOVE THIS: Only six days ago (emphasis tail-waggingly added):

Settlement reached in AIG shareholder lawsuit

WILMINGTON, Del. (AP) - Attorneys for a Louisiana pension fund reached a $115 million settlement Thursday in a shareholder lawsuit against former executives of insurance giant American International Group Inc.

No, not that part ... this part:

Attorneys for the plaintiffs said the settlement includes a $29.5 million payment from Greenberg and three other individual defendants, with the remaining $85.5 million covered by liability insurance.

But Lee Wolosky, an attorney representing Greenberg and Starr, said Greenberg himself will not make any payments in connection with the settlement. Wolosky said Starr expects to contribute between $20 million and $30 million, which he noted is a small fraction of the $1 billion to $2 billion in damages sought by the plaintiffs.

"The compensation and agency arrangements Mr. Greenberg presided over while at AIG were not only proper, but contributed to AIG's growth into the largest and most successful insurance company in the world," Wolosky said.

I know it shouldn't be funny. But it is.

1 comment:

NBDUDE said...

"In a complaint filed in 2002, attorneys representing the Teachers Retirement System of Louisiana alleged that that New York-based AIG could have done the work for which it paid Starr, and that the commissions were simply a mechanism for Greenberg and other Starr directors to line their pockets."

Good old boys looking after each other, and then the good old boys looking after the peasants interests stepping in to bail out their buddies.