Tuesday's open line | Arkansas Blog

Tuesday, June 16, 2015

Tuesday's open line

Posted By on Tue, Jun 16, 2015 at 5:00 PM

Rep. Justin Harris' announcement that he's not seeking re-election came just a bit too late to fit into today's video. But in other news...

*BITING THE HAND: I'm not aware of a direct Arkansas angle here, but I suggest reading Andrew Ross Sorkin's take on the NYT's Dealbook blog about the outrageous ruling handed down yesterday by a judge who partially agreed with insurer AIG that it was harmed by the conditions under which it was bailed out back in the 2008 financial crisis. In short, AIG argued successfully that when taxpayers saved the company from collapse, the government imposed unfairly harsh conditions on the terms of its salvation. Wow.

Noted: The judge at least did not award any portion of the $40 billion (that's "billion" with a "B") that unthinkably brazen former CEO Maurice Greenberg had sought. But still, the decision has ramifications for future case law. Sorkin writes, "Legal experts say that the ruling, coupled with certain provisions of the Dodd-Frank financial overhaul law enacted after the crisis, makes it unlikely the government would ever rescue a failing institution, even if an intervention was warranted. Should that happen, and the government decides it is handcuffed by the law from any intervention, taxpayers can thank Maurice Greenberg..."

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