Thank you, America: We won't sue you for bailing us out.
That's the decision made by insurance giant AIG's board Wednesday after getting slammed by critics for considering whether to join a lawsuit claiming the government bailout of the company treated shareholders unfairly.
The American International Group Inc. was in a rather difficult position. It was forced to choose whether to participate in the $25 billion suit filed by the company's former CEO Maurice "Hank" Greenberg. The suit takes issue with the terms of the $182 billion bailout received by company at the height of the country's recent financial crisis. It claims the government charged too high of an interest rate. AIG has since paid all the money back and the government made a profit of $22.7 billion, the Washington Post reports.
To make things even more awkward for AIG on the public relations front, the company had just started running television ads saying, "Thank you, America," to show its appreciation to taxpayers for helping it survive.
Via the Washington Post