Public interest law firm, Freedom Watch USA, has filed a $200 Billion class action lawsuit on behalf of the AIG shareholders. The lawsuit names, among others, current Treasury Secretary Tim Geithner, former Treasury Secretary Henry Paulson, and former SEC (not the athletic conference) Chairman Christopher Cox as defendants. The lawsuit has been quoted as being the beginning to a second American Revolution formed by the citizens of America themselves, not the ruling elite who have run our country's economic system into the ground.
The lawsuit alleges the defendents have seriously undermined and damaged AIG's financial health and reputation through the high risk credit default swap derivative contracts and collaterizing debt obligations that have dropped the company's value from approximately $217 billion in 1990 to today's estimated $3.5 billion. After posting a record breaking $62 billion loss in the 4th quarter of 2008, AIG's executives received multi-million dollar bonuses awarded by the defendants of the lawsuit.
Thomas Jefferson once said, "The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants..." Assuming that this lawsuit is a success, the American people can finally believe in the judicial system once again, even if only a little bit.
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