Starr International Company v. United States

Opinion concurring-in-part and concurring-in-the-result filed by Circuit Judge Wallach.

Prost, Chief Judge.

Around September 2008, in the midst of one of the worst financial crises of the last century, American International Group, Inc. (“AIG”) was on the brink of bankruptcy and sought emergency financing. The Federal Reserve Bank of New York (“FRBNY”) granted AIG an $85 billion loan, the largest such loan to date. Central to this case, the United States (“Government”) received a majority stake in AIG’s equity under the loan, which the Government eventually converted into common stock and sold.

O…