More on former AIG CEO suing government, claiming bailout not generous enough

In any sane legal system this suit would be tossed immediately and the plaintif's lawyers disbarred for wasting the court's time. AIG is the insurer that the US government spent $182 billion bailing out because there was absolutely no way that it could possibly meet its obligations.

Bloomberg:

Greenberg’s Starr International Co. sued the government Nov. 21, calling the public assumption of 80 percent of stock in the insurer in 2008 an unconstitutional “taking” of property that requires $25 billion in compensation.

The correct amount of compensation for AIG shareholders was zero. Allowing them to keep 20% of a bankrupt company after the government bailed it out with $182 billion was a farce.

Greenberg's firm is represented by David Boies, a lawyer who has made a career out of losing high profile cases with tenuous legal arguments. He lost Napster, SCO and the Florida recount. He did get a district court to declare Microsoft a monopoly, but only after the judge had shown such a remarkable degree of incompetence and bias that the decision was thrown out by the Appeals court.

Note from John: I'd be remiss not to mention that Boies has done an amazing job fighting the Prop 8 case in court, including this delicious destruction of the head of the hate group Famiky Research Council, Tony Perkins, on Face the Nation a while back.