Business
The Five Questions AIG Bailout Judge Wants Answered
Former AIG head Hank Greenberg testifies on Capitol Hill in Washington, Thursday, April 2, 2009, before the House Oversight Committee. (AP Photo/Gerald Herbert)
(Bloomberg) – Former American International Group Inc. Chairman Maurice “Hank” Greenberg claims the U.S. bailout of the insurer cheated shareholders out of at least $25 billion.
On Wednesday, the judge presiding over his lawsuit heard final arguments in the long-running case. If previous rulings and questions posed to both sides are any measure, he may be leaning toward Greenberg.
U.S. Court of Federal Claims Judge Thomas Wheeler sided with the 89-year-old executive several times during the trial. Now, he asked lawyers for both sides to address five questions, including how to measure possible harm to shareholders.
That suggests Wheeler may be “leaning toward a finding of liability,” said Elliott Stein, a legal analyst for Bloomberg Intelligence. While phrased evenhandedly, the judge’s questions are “consistent with rulings before and during the trial that seem to favor shareholders.”
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