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AIG Sues for Return of $300M in Taxes
As AIG faces the loss of its bonuses, itís quietly filed a lawsuit to recoup more than $300 million in what it says are overpaid taxes. The company says it overpaid the government in charges for using offshore tax havens. The suit effectively means AIG is using US taxpayer money to sue its majority owner, the US taxpayer. The government owns an 80 percent stake in AIG following its $170 billion bailout.
A.I.G. is effectively suing its majority owner, the government, which has an 80 percent stake and has poured nearly $200 billion into the insurer in a bid to avert its collapse and avoid troubling the global financial markets. The company is in effect asking for even more money, in the form of tax refunds. The suit also suggests that A.I.G. is spending taxpayer money to pursue its case, something it is legally entitled to do. Its initial claim was denied by the Internal Revenue Service last year.
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What do people expect to happen when our government effectively says sorry what contract and rips it in two in front of them? I know Obama thinks he can wave his hand and effectively do what ever he wants while i'm sure within a couple years that will be the case, but for now last time i checked this is not Russia, China or Venezuela yet!
The sad part is by the time this is all said and done it will have cost both AIG and our government tax payer more money then this entire lot of bonuses!
It is a good thing, when Teleprompter Barry, Windbag Biden and Auntie Pelosi get through f---ing the country up the democrats won't see the power they have now or the White House for another fifty years, we also had better pray that Allah doesn't "Backpack Nuke Us" while these democrats are all going insane with their new found power.
DOESN'T OUR PRESIDENT HAVE A BEAUTIFUL SMILE
Harry Boy (Genius)
In The Absence Of Law And Order Society Will Surely Destroy Itself
What do people expect to happen when our government effectively says sorry what contract and rips it in two in front of them? The sad part is by the time this is all said and done it will have cost both AIG and our government tax payer more money then this entire lot of bonuses!
Exactly, and they're in effect saying Hey, wanna play? We can play too,just watch. As much as it pains me to say this I hope AIG wins this one for a couple of reasons: first off, the concept of the business contract is something that should be protected, and the thoughts of what kind of precedent would be set when a govt is allowed to mess with that contractual bond is a Bad Omen imho.
This whole dog and pony show has to end sometime and I agree, it'll end by costing US just that much more. But truth be told I'd consider this to be money well-spent if it means getting the govt/Congress to get off of people's contracts,ESPECIALLY when they'd gone ahead and allowed those contracts through in the first place.
Brilliant strategical move by AIG tho- while Congress is busy planning an unconstitutional taxation move,AIG slips a lawsuit in, right under their noses
It'll be interesting to see how this all shakes out. Meanwhile Citi's spending 10mil to redo their offices. No peep so far from Congress on that one.
Greenberg has sued AIG, saying the company that he led for 38 years misled investors about its exposure to subprime mortgages and ruined his fortune by lying about its financial health NO, tell me it ain't so, a major corporation lying it just can't be.