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

[dbackjon]

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.

The lawsuit, filed on Feb. 27 in Federal District Court in Manhattan, 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. Other deals involved A.I.G. offshore entities whose function centers on executive compensation and include C. V. Starr & Company, a closely held concern controlled by Maurice R. Greenberg, A.I.G.’s former chairman, and the Starr International Company, a privately held enterprise incorporated in Panama, and commonly known as SICO.

[wideright82]

As they should. Fucking congress has some balls allowing this, and then getting outraged when it happened. Admit you fucked up, and move on to prevent it from happening again douchebags. When a mom tells a kid he can do something, and then teh neighbors get mad at the kid, the mom sure as shit better not punish the kid.

[dgreco]

As they should. f**k[*] congress has some balls allowing this, and then getting outraged when it happened. Admit you f**k[*] up, and move on to prevent it from happening again douchebags. When a mom tells a kid he can do something, and then teh neighbors get mad at the kid, the mom sure as shit better not punish the kid.

I agree 100%. They should not have bonuses for sucking, but it was in the contract and they have the right to sue. Hopefully the elected officials will learn from this and actually read legislation before they pass it next time.

[bobbythekidd]

Umm guys. The lawsuit was filed Feb 27th. Weeks before all the taxing of bonuses was ever mentioned.

[wideright82]

Umm guys. The lawsuit was filed Feb 27th. Weeks before all the taxing of bonuses was ever mentioned.

As you can see I didn't read it.


My point still stands though