Since the government bailout of American International Group Inc., last September, American taxpayers have owned 80 percent of a company engaged in many lines of business, most too complex for human comprehension.
There are many simple truths buried amid that corporate complexity-bonuses are still too big for the public’s taste, and loan payback time is a long way off. But for lawyers, the starkest truth is this one: For the first time, the U.S. government is the controlling shareholder in a company that routinely carries a gigantic litigation docket; in its last quarterly filing, American International Group Inc. devoted 10 pages to disclosures about pending litigation. But now when AIG makes a major decision involving a big case, AIG’s trustees, the Federal Reserve and the U.S. Department of the Treasury are in the loop.
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