“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx
Mar 5, 2012
Remember A.I.G.? The giant insurance company that lost its rear playing in the subprime mortgage casino in 2008? Remember the giant bailout of 182 BILLION DOLLARS of taxpayer money given to A.I.G. by the U.S. Treasury, to cover A.I.G.’s losses?
Along with that bailout was a second unreported bailout! The Treasury also gave A.I.G. an exemption from tax laws that apply to bankrupted and bailed-out companies.
This exemption means that A.I.G. can, for tax purposes, pretend the bailout never happened. A.I.G. can claim net losses of more than 25 billion dollars, and can use those losses as tax credits for years and years into the future.
Taxpayers will lose another 25 billion dollars or more, while A.I.G. executives and shareholders make out like bandits. Which, of course, is what they are, with the U.S. Treasury as their inside man.