Elizabeth Warren is no fan of Hank Greenberg, and on Friday, she took to Twitter to let the world know.
The U.S. Senator from Massachusetts had harsh words for Greenberg, reacting sternly to news that the former AIG CEO and chairman has donated $10 million to Right to Rise, the super PAC supporting the presidential campaign of former Florida Governor Jeb Bush. She attacked Greenberg's for running the insurance giant as it "recklessly gambled on mortgage-backed securities" and criticized him for using part of his AIG fortune "to try to save Jeb Bush's dying presidential campaign."
She concluded the Twitter rant with, "This is business as usual for Wall Street and Washington insiders, and it stinks."
Let's get this straight: CEO Hank Greenberg ran AIG as it recklessly gambled on mortgage-backed securities...— Elizabeth Warren (@elizabethforma) January 8, 2016
Hank Greenberg left his company just before AIG took a $182 billion bailout from the Bush Administration...— Elizabeth Warren (@elizabethforma) January 8, 2016
Once his GOP friends left office, Greenberg sued the Obama Administration because - get this - the bailout wasn't generous enough for him...— Elizabeth Warren (@elizabethforma) January 8, 2016
And now, Greenberg is giving $10 million of his AIG fortune to try to save Jeb Bush’s dying Presidential campaign. https://t.co/buFLQUBaYR— Elizabeth Warren (@elizabethforma) January 8, 2016
Not sure what’s more disgusting: That Jeb is pinning his 2016 hopes on his bro’s bailout $, or that bailed-out CEOs want to buy elections.
— Elizabeth Warren (@elizabethforma) January 8, 2016
This is business as usual for Wall Street and Washington insiders, and it stinks.— Elizabeth Warren (@elizabethforma) January 8, 2016
Senator Warren focused much of her offensive on Greenberg's role in AIG's liquidity crisis and government bailout in 2008. Though he stepped down from his position at the helm of the company in 2005 amid an accounting scandal, he maintained stewardship from afar and headed the firm that was AIG's largest shareholder when crisis hit. Moreover, decisions made during his more than 30-year tenure at the firm are often cited as part of the cause of its financial meltdown.
After the U.S. government's takeover of AIG and $182 billion bailout, Greenberg brought a class-action lawsuit against the government in 2011, accusing the Federal Reserve of overstepping and demanding as much as $40 billion in retribution. (Jon Stewart did a "Daily Show" segment the goings on in 2014.)
In June 2015, Thomas Wheeler, a judge in the U.S. Court of Federal Claims, admitted that the terms of the bailout were illegally harsh; however, he awarded no damages to Greenberg's firm, Starr International.
"Any time the Government saves a private enterprise from bankruptcy through an emergency loan, as here, it can essentially impose whatever terms it wishes without fear of reprisal," the decision reads.
Senator Warren referred to the bailout, Greenberg's role in it and his lawsuit in her Twitter attack.
She also attacked Bush, whose brother, George W. Bush, was president when the government made the decision to bail AIG out.
Bush's Wall Street ties have gotten him into trouble before. He served as an adviser to Lehman Brothers, the investment bank that collapsed during the financial crisis in 2008, receiving $1.3 million from the now-defunct firm, according to Bloomberg. He had a similar arrangement with Barclays, which paid him about $2 million a year through 2014.
Warren wasn't alone in her assault on Greenberg and Bush in the wake of the super PAC donation news.
GOP frontrunner Donald Trump called Greenberg's donation a "total waste of money" in a Tweet.
Hank Greenberg, formerly of AIG, gave $10 million to the @JebBush campaign 3 months ago. He is not happy, a total waste of money!— Donald J. Trump (@realDonaldTrump) January 8, 2016
U.S. Senator from Kentucky Rand Paul, like Warren, accused Bush of taking "his brother's bailout money to bail out his campaign."
Former head of AIG gives $10 million into Bush super Pac. Bush super Pac is using his brother's bailout money to bail out his campaign.— Dr. Rand Paul (@RandPaul) January 7, 2016