When the financial crisis hit the markets mid last year, a medium-sized
ponzi scheme unravelled and Bernie Madoff was sentenced to 150 years prison for
his $50 billion scam.
At the same time a significantly larger
ponzi scheme at AIG unravelled as well -- to the tune of around $5 trillion, or
100 Madoffs -- with the result that the CEO got a harsh talking to and a severe
reprimand. Any more, he was told, and
his job would be on the line.
Well damn, if you add up ALL the criminals
that have ever been arrested and charged for robbery, the total that they've
stolen won't come close to $5 trillion -- that much physical cash doesn't
actually exist.
Still, after ripping off investors, ripping
off clients, and conniving with the US government to then rip off tax payers,
it's only fair that AIG gets targeted by a few lawyers who are too old to chase
ambulances any more.
So, here's what's happening in the Land of
the Free, the Bastion of Liberty, and the Traincrash of Litigation.
Lawyers representing Robert Horowitz filed
case against AIG for not paying up for losses resulting from the Madoff
scandal.
Hmm… Let's read the text of the insurance
cover:
This contract for home and contents insurance
between Robert Horowitz and American International Group is…
It's home and contents insurance for
Chrissake!
And their lawyers reckon it covers losses
on the trust fund that they invested with Bernie Madoff!
Usually, I'd just laugh at cases like this
and say, "Only in the USA."
But on this occasion, I really do hope these guys win the law
suits. AIG committed suicide, was
resuscitated, killed, and resuscitated again… with the same idiotic
management.
Hopefully
(though I'm not all that hopeful), the government will learn that either you
let the company go, take the management out the back and shoot them all, or
give the whole mess to some other insurance company to run. Preferably as an insurance company rather
than a hedge fund.
Good luck the scammers -- all of 'em!
