AIG sues BofA for $10 billion alleging "massive fraud"

redrumloa

redrumloa

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AIG sues BofA for $10 billion alleging "massive fraud"

The insurer AIG is suing Bank of America Corp to recover more than $10 billion of losses from a "massive fraud" on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank.
American International Group Inc, still largely owned by taxpayers after $182.3 billion of government bailouts, is the latest of a growing number of investors filing lawsuits to hold banks responsible for losses on soured mortgages that contributed to the financial crisis.
The AIG complaint accuses Bank of America and its Countrywide and Merrill Lynch units of misrepresenting the quality of mortgages placed in securities and sold to investors. AIG said it suffered its losses on $28 billion of investments.
"Defendants were engaged in a massive scheme to manipulate and deceive investors, like AIG, who had no alternative but to rely on the lies and omissions made," said the complaint, being filed in the New York State Supreme Court in Manhattan.
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anything that makes those bastards in BofA squirm like the snakes they are is a good thing
 
Karlos said:
Change the range to 3 years. Looks like they had much sharper falls at the end of 2008.
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Patience young grasshopper;)

The difference this time? The political climate will NOT allow another bailout.
 
redrumloa said:
Patience young grasshopper;)

The difference this time? The political climate will NOT allow another bailout.
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Totally, I'm just curious as to how quickly it will degenerate, or whether or not it will just drop to some lower equilibrium for a bit.
 
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