Slashdot Mirror
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 $200 billion into the insurer in a bid to avert its collapse and avoid troubling the global financial markets. The company is in effect asking for even more money, in the form of tax refunds. The suit also suggests that AIG. is spending taxpayer money to pursue its case, something it is legally entitled to do. Its initial claim was denied by the Internal Revenue Service last year."
So I've been around long enough (insert UID bragging here) to know that Slashdot has a fairly wide definition of "tech news", which is fine. Tech influences lots of things, and vice versa. Plenty of political news is relevant to a tech-news site, from DMCA-related things, to voting machines, to internet-speech restrictions (or just speech restrictions that touch online speech). Discussing that here seems fine.
But really, how does this fit in even if you squint? A tax dispute between AIG and the US government, tangled up with a financial bailout package. A mess, sure, but not an even-slightly-tech-related one.
10 PRINT CHR$(205.5+RND(1)); : GOTO 10
Yeah, I second that one. $165 million is chump change compared to what AIG has taken from the government. They should have been allowed to fail, claim chapter 11 or chapter 7 if it came to that.
But again, Paulson was looking out for his buddies.
Welcome to the Fascist States of America
You're right, obviously. Democrats aren't happy with mere bailouts. Now they'll create outrage how the present management used the bailouts, to create even more control of the government.
Then we'll only have fannie and freddie banks left, with the government in control.
But even that is only half the way Obama and the democrats want to take america. After all mere government control of companies is fascism. That's only half of it. They want full blown communism.
Welcome to the Fascist States of America
You say that like we're just arriving there...
Likewise, if a bank has a mortgage on a house and the house price drop, they need to report a loss. Even if they're continuing to collect mortgage payments on time (and only 10% or so of mortgages are delinquent).
If they're too big to fail, they're too big. Period.
Yes, and the sky is blue, and water is wet. Congratulations, Mr. Obvious!