NY Times: A.I.G. Sues U.S. for Return of $306 Million in Tax Payments

By LYNNLEY BROWNING

Published: March 19, 2009

While the American International Group 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, the Dutch Antilles and other offshore havens.

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.

Source: NY Times

Full Article Click here:

http://www.nytimes.com/2009/03/20/business/20aig.html

Those guys have bigger balls than most. I'll give them that. They might be thinking with their balls, but they have big balls.

There will be violence. I have no doubt now.

There will be violence. I have no doubt now.

Not sure if you are speaking hyperbolically (is that a word?), but Im starting to have this gnawing lump of dread in my gut about whats going to happen next and what straw will finally break the proverbial back of the US. And then what happens?

Not sure if you are speaking hyperbolically (is that a word?), but Im starting to have this gnawing lump of dread in my gut about whats going to happen next and what straw will finally break the proverbial back of the US. And then what happens?

There will be violence. I have no doubt now.

Viva la Revolucion!

I thought this was going to be some kind of joke. WTF are these guys thinkin? I'll come out and say it nationalize. Keep them from dragging down the rest of the world and then sell their ****.

Sweet! New desktop background photo for the PC today!

I thought this was going to be some kind of joke. WTF are these guys thinkin? I'll come out and say it nationalize. Keep them from dragging down the rest of the world and then sell their ****.

Nationalize??...we already own 80% of AIG,will 20 more matter?

Nationalize??...we already own 80% of AIG,will 20 more matter?

Sure. Then they won't be able to sue.

Nationalize??...we already own 80% of AIG,will 20 more matter?

I was listening to good ole GOP radio today and a caller called in and made an interesting point.

If we owe 80% of the company, perhaps it's time to start thinking about government pay scales for this. No one should make more then the President, so no one at AIG should make more then 20% more then the President.

Also, the government is looking to hire an executive compensation analyst. That's scary.

Time to call Jack Bauer and let him have some fun.

There will be violence. I have no doubt now.

you getting that itch too?

Sure. Then they won't be able to sue.

Then they will not owe any taxes either:D

There will be violence. I have no doubt now.

Its the only way...

Then they will not owe any taxes either:D

How I wish government emomployees were exempt from taxes. Sadly, that's not the case as I see every two weeks.

Not the employees KAO, the corporation.

You either allow legal standing to sue or they owe nothing.

You do pick up any real property though,which of course exempts it from taxes as well.

Hmmm, how much taxes do bankrupt corporations typically pay? I know bankruptcy doesn't exempt individuals but not so sure on the corporate side. If they don't then it's a wash.

There will be violence. I have no doubt now.

I'm afraid you're right...It's only a matter of time...and life here will never be the same.

They are not bankrupt are they?...Officially;):saber:

Bankruptcy does not discharge tax owed either.

Why do you think the Fed needs banks?

It's a good point then. I come here to learn!

There will be violence. I have no doubt now.

Not sure if you are speaking hyperbolically (is that a word?), but Im starting to have this gnawing lump of dread in my gut about whats going to happen next and what straw will finally break the proverbial back of the US. And then what happens?

you getting that itch too?

Its the only way...

I'm afraid you're right...It's only a matter of time...and life here will never be the same.

You guys go ahead. Let us know how it works out.

You guys go ahead. Let us know how it works out.

Not saying I am advocating it...it's just starting to look like it's going to happen. The people are angry and have seen enough...I was watching CNN this morning and there were a lot of protests going on...sooner or later it's going to get uglier.

Much like Kilmer17 I am starting to get a gnawing lump of dread im my gut.