AIG Lobbied for India Nuke Deal (Really!)

[Joanne98]

Appeared in ProPublica, October 24, 2008

As AIG was on the brink of bankruptcy and facing a government takeover, the insurance giant made sure Congress knew where it stood—on U.S.-India nuclear relations, that is.

AIG deployed its lobbyists to Washington last month to influence a bill that allows U.S. companies to sell nuclear technology to India. Signed by President Bush earlier this month, the bill overturns a 30-year-old ban on such sales imposed after India first developed a nuclear bomb. (Critics complain that the U.S.-India deal undermines non-proliferation efforts.)

Why would AIG care about a U.S.-India nuclear pact at a time when its own existence was uncertain?

“We were looking at this to see if there’s a potential business aspect” for AIG, company spokesman Nick Ashooh said. “We do a lot of business in India.” Ashooh said he was “not sure” if that business included insuring contracts between U.S. military technology companies and their Indian counterparts.

Leading up to and following the government’s bailout of AIG last month, the company’s lobbyists kept busy. (AIG “suspended” its lobbying this week after coming under fire from senators.) Between July and September, the company spent more than $2 million to lobby Congress, the Treasury Department, the Federal Reserve and the White House, records show. (Between April and June, it spent more than $3 million). Apart from its own in-house lobbyists, AIG employed five lobbying firms and 20 lobbyists to influence 20 bills and several other policy matters.

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http://fsi.stanford.edu/news/aig_lobbied_for_india_nuke_deal_really_20081031/

This is a perfect example of what's wrong with this country. AIG an INSURANCE company lobbying for a nuke deal. WFT? What does that have to do with the insurance business? Maybe they bought Nuke Default Swaps betting that Pakistan an India will nuke each other? Raking in the big bucks as soon as the mushroom clouds appear. I know this sounds riduclous, but I wouldn't by surprised if it was true. AIG should be NATIONALIZED!

[Deja Q]

1. That'll rake in big profits for them. Do they really need the bailout now?

That or if someone launches a nuke, it'll cost a lot to deliver, but by then the planet would be a burnt cinder, so what the heck!

[Wilber_Stool]

2. AIG has close ties

to the CIA too.

[economicgeography]

3. Re:

I'm not a nuclear engineer but I would imagine that nuclear reactor parts are extremely expensive. Would you make such a huge investment without insuring it?

By that logic auto insurance should be nationalized because all they do is profit off car crashes.

[economicgeography]

4. re:

Besides, India has nukes anyways. It's not like changing the law would turn them into a nuclear state.

[mrreowwr_kittty]

5. No company in the world insures nuclear power. nt