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Taxpayers Fund AIG Lawsuit Against US
AIG, now infamous for their executive bonuses, has decided that the $200 billion they received from the government is not nearly enough and is suing the government for the return of $306 million in tax payments. "AIG 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 AIG. 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."
Yes, and that bill has HUGE constitutional consequences. It effectively does things ex post facto which is illegal under the constitution. It is similar to the Government suddenly blocking Bit Torrent today and then showing up at your house arresting you for using Bit Torrent last week when it was still legal. Secondly, this just shows how giving taxpayer money to *any business* no matter how large, is a bad idea, not only that it undermines capitalism and catapults us to socialism and communism, but the businesses who need the money obviously don't have the leadership to manage it.
Taxation is legalized theft, no more, no less.