Thursday, March 19, 2009

A.I.G. Sues U.S. for Return of $306 Million in Tax Payments, Some Involving Tax Deals in Offshore Havens - Uses Taxpayer Money to Pursue the Lawsuit

As the New York Times notes:

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, the Dutch Antilles and other offshore havens....

A.I.G. is effectively suing its majority owner, the government, which has an 80 percent stake .... 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....

The lawsuit ... details, among other things, certain tax-related dealings of the financial products unit, the once high-flying division that has been singled out for its role in A.I.G.’s financial crisis last fall.

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3 comments:

  1. Jr Deputy AccountantMarch 19, 2009 at 11:22 PM

    JUST when you thought this could not get any weirder.

    ReplyDelete
  2. AnonymousMarch 20, 2009 at 5:01 AM

    Hey since we are the largest stock holder lets close this loser company down! It is just more of our money into a black hole.

    ReplyDelete
  3. MogwaiHunterMarch 20, 2009 at 6:07 PM

    Is this reality or is Kurt Vonnegut writing a story and we are living it?

    Its like a bunch of black holes simultaneously feeding on and getting eaten by each other... infinity.

    ReplyDelete

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