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Michael Capuano

There's More to Greenberg's AIG-Government Lawsuit

American International Group's (NYSE:AIG) board will meet today to consider a request filed on September 21, 2012 by Starr International, former AIG chief Maurice "Hank" Greenberg's company, that AIG either "take over" or let Starr pursue a lawsuit Starr filed against the government contesting the constitutionality of the U.S. rescue of AIG in September 2008, the insurer says in a statement.Starr International's suit says AIG's $182.3 billion rescue violates the Fifth Amendment, improper government use of private sector assets. The suit says the government's receipt of a 79.9% equity stake in AIG constituted a wrongful "taking" without just compensation. It also says the government charged punitive 14% interest rates on rescue loans to the company. Greenberg has also said the government rescue turned into a "backdoor bailout" of other Wall Street companies, including Goldman Sachs (NYSE:GS), Deutsche Bank (NYSE:DB) and Societe Generale. Starr International owns a large stake in AIG. Th...

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