A.I.G. Sues U.S. for Return of $306 Million in Taxes

A.I.G. Sues U.S. for Return of $306 Million in Taxes

www.nytimes.com

While A.I.G. comes under fire from Congress over executive bonuses, it is quietly fighting the federal government for the return of $306 million in tax payments, some related to deals that were conducted through offshore tax havens.

A.I.G. sued the government last month in a bid to force it to return the payments, which stemmed in large part from its use of aggressive tax deals, some involving entities controlled by the company's financial products unit in the Cayman Islands, Ireland, ...

(visit the link for the full news article)



[edit: clipped quoted content to 500 char. limit]

[edit on 20-3-2009 by 12m8keall2c]

If I were the judge in this case I would shoot those lawyers the finger and tell them to shove it.

Wait until this makes the major news cycles today... if you think the bonus outrage is something... ya ain't seen nothing yet.

It is perhaps this inability to see the obvious... like you are now effectively owned by the government to the tune of $170 billion or if you write more insurance on bad loans than you can afford to pay... then you are going to fail... that got them into the mess they are in now.

www.nytimes.com
(visit the link for the full news article)

Thats absolutely ridiculous. They have been given billions of tax payers money and they are suing for more...AIG is the symbol of whats wrong with America and they are going to go down in flames.

No A.I.G. is a symbol of the failed policies of deregulation. The law against default swaps was put into place after the roll they played in the 1907 panic... the banking and insurance ban was put into place after the crash of 1929 as was the laws requiring them to have enough assets on hand to cover their accounts etc. All and many more were repealed by the no nothing no taxes no regulations at any cost crowd.

This is just getting stupid.

The Govt. is so screwed up it would be laughable if things where good.

In effect they are sueing themselves.

I think AIG is also committing PR suicide.

If they even do recover, who is gonna wanna do business with them?

So am I right that they are trying to sue for taxes that they think they shouldn't of paid because the accounts were overseas?

reply to post by j2000


Yeah, that's the stupid part of it, alright. The federal government now owns what, 80% of AIG? We're basically suing ourselves. But the good news? At least the lawyers on both sides will get rich.

And people wonder why some of us want a drastic reduction in the size of that government. These idiots couldn't manage a lemonade stand.

Ya know... I don't fault AIG here. If they are owed wrongfully collected tax dollars then they should receive them back.

On a more serious note. What REALLY needs to happen is that all of the politicians and all of the corporate execs responsible for all of this need to be thrown in prison!!!

This is more smokescreen. I think AIG is being directed to keep pulling increasingly outrageous stunts to keep public outrage focused on them. AIG will eventually be sacrificed to placate the masses, while the rest of the highway robbery is quietly taking place across town. Ignore AIG- they are pigs, everyone knows that already. We need to focus on Congress and the Fed.

Originally posted by grover
No A.I.G. is a symbol of the failed policies of deregulation. The law against default swaps was put into place after the roll they played in the 1907 panic... the banking and insurance ban was put into place after the crash of 1929 as was the laws requiring them to have enough assets on hand to cover their accounts etc. All and many more were repealed by the no nothing no taxes no regulations at any cost crowd.

You said it!


You take your hands off the wheel and the car goes in the ditch... are we Americans so uneducated that we can't understand that?

reply to post by kozmo


I have to agree.

If that money is legally theirs and it was taken from them without cause, then they get that money back.

I don't like them, but we still can't allow the government to collect from people without warrant jsut because we don't like them.

reply to post by jd140


I don't understand your point.

The money was not taken without cause... they spent tax payers bailout money on bonuses, which was meant to cover the bad policies.

Then they took it and spent a HUGE chunk on bonuses to people who screwed the pooch to begin with!

You do realize this don't you? Or would you rather your taxes go to pay bonuses to a deadbeat?

[edit on 20-3-2009 by HunkaHunka]

Originally posted by kozmo
Ya know... I don't fault AIG here. If they are owed wrongfully collected tax dollars then they should receive them back.

On a more serious note. What REALLY needs to happen is that all of the politicians and all of the corporate execs responsible for all of this need to be thrown in prison!!!

Really? They stole from the entire country and helped to cause the downfall of our current economy.

I would rather see the CEO's of these companies (including AIG) thrown in jail and all their assets and companies money siezed and returned to tax payers.

I'm so fed up by these crooks, everything they've done is criminal, and at this point I don't care if the government took too much tax money from them.

I really can't believe AIG is seriously trying this... it's just a little too stupifying for words to express.

Evidently, a fourth grader could run one of these firms with the same or better results.

I would like a 7 figure stimulus check myself. But since I didn't run a company into insolvency, I guess I don't meet the requirements.

Anyone hiring? I'll work for a dollar a year if you guarantee a 7 figure bonus no matter what...

Come to think of it...

Maybe the H.R. 1388 would place some youths in Congress as a Community Service.

Then those seated now could watch and learn...

[edit on 20-3-2009 by imd12c4funn]

reply to post by HunkaHunka


I think they are pieces of crap. But if those taxes should never had been collected, then that money is theirs. Now if the government thinks that said money should go towards their debt then the two of them can work out a deal.

I don't think we should just say, okay you owe us money, we are going to take this much from you and be back for the rest later.

Originally posted by vor78
reply to post by j2000

 

Yeah, that's the stupid part of it, alright. The federal government now owns what, 80% of AIG? We're basically suing ourselves. But the good news? At least the lawyers on both sides will get rich.

And people wonder why some of us want a drastic reduction in the size of that government. These idiots couldn't manage a lemonade stand.

You said it in words I couldn't find....

Originally posted by jd140
reply to post by HunkaHunka

 

I think they are pieces of crap. But if those taxes should never had been collected, then that money is theirs. Now if the government thinks that said money should go towards their debt then the two of them can work out a deal.

I don't think we should just say, okay you owe us money, we are going to take this much from you and be back for the rest later.

So when they MISUSED the money, you don't believe WE have a right to get OUR money back from the MALFEASANCE of those trusted to use it properly?

Spineless.

It's called Biting the hand that feed's you.

Here in the south we shoot the dog's that do us that way.

But in obama's defense he owe's them for there 100+k contribution in his campaign.
And what publicity they gave and other favor's.

Let's continue to bicker about this crap while the fed wastes trillions of dollars.

Let's continue to trample over the Constitution.

When did million become more than trillion?

Fine. Let's just settle out of court and give them the $306 million. Then let's take back the bailout and let them fail. Also let all of the insureds take the losses they should have to begin with.

RESET BUTTON.... this is just plain outright STUPIDITY!