Archive for March, 2009

AIG redefines “greed”

Posted in Uncategorized with tags , , on 23 March, 2009 by salutiferous

In addition to the financial meltdown, the bottomless pit of taxpayer money that AIG is mining, the executive bonus scandal and the fact that AIG’s counterparties like Goldman and B of A are being bailed out of AIG’s contracts on top of AIG’s own bailout, comes this story of AIG suing the US government for back taxes. AIG is asking for $306 milllion over the $62 million that they overpaid (no typo there) through their offshore tax shelters.

So let’s get this straight. AIG was using offshore tax shelters to defraud the IRS. It turns out that the offshore tax shelters should have protected $62 million dollars that AIG ended up paying. So that is why AIG wants $306 million as settlement.

Yeah, I think that pretty much redefines greed by several orders of magnitude.