I didn’t expect to have much fun covering two days of a trial relating to the government’s 2008 bailout of AIG, but I was mistaken.
It was fascinating to hear former Fed. chairman Bernanke describe the near financial collapse as more severe than the great depression of the 1930’s, and that there exists a “doomsday book”, a collection of emergency documents and memoranda outlining the central bank’s powers, that Timothy Geithner carried around in a 2-inch binder.
Even better was coming across the statue of Black Aggie in the courtyard of the building housing the Federal Circuit and Court of Federal Claims. Black Aggie used to reside at Druid Ridge cemetery in the Baltimore suburb of Pikesville. She sat over the tomb of Union Army general and publisher of the Baltimore American newspaper Felix Agnus until the mid 1960’s when the family gave the statue to the Smithsonian. For years Black Aggie was the subject of ghostly lore and attracted midnight visitors who trampled the gravesite to sit in her lap.
As forty-three year resident of Baltimore who loves his adopted city I can’t help feeling a little resentful at DC’s acquisition.
Back to the AIG trial, on the face of it this effort by Maurice “Hank” Greenberg to sue the government for saving AIG’s ass seems pretty preposterous. He doesn’t seem to acknowledge that the point of the bailout wasn’t to benefit AIG shareholders but to avoid the freezing of global insurance markets and financial meltdown. Greenberg’s legal team is led by super-lawyer David Boies, but I hope this is one time Boies loses.
Here are the rest of my sketches from my two days at the Court of Federal Claims. Note in the unfinished sketch the shelves full of binders on each side of the courtroom.