AIG Sues U.S. Government to Recover $306 Million in 1997 Taxes

[marketcrazy1]

OMFG!! speechless!!!!!!!!
AIG Sues U.S. Government to Recover $306 Million in 1997 Taxes
2009-02-27 21:22:57.859 GMT


By David Glovin
Feb. 27 (Bloomberg) -- American International Group Inc.,
the insurer in talks to restructure its federally funded
$150 billion bailout, sued the U.S. government to recover
$306 million in taxes.
In a 52-page complaint filed today in Manhattan federal
court, AIG said the U.S. government “erroneously and
illegally” assessed taxes, penalties and interest on the
company for several complex transactions in 1997.
The suit comes as the U.S. considers restructuring a
bailout to include a government backstop protecting AIG against
further losses on credit-default swaps and help it stave off
bankruptcy, a person familiar with the matter said yesterday.
The company is preparing to disclose a record fourth-quarter
loss of about $60 billion, the person said.
The case is AIG v. U.S., 09-cv-1871, U.S. District Court,
Southern District of New York (Manhattan).

For Related News and Information:
AIG capital structure: AIG US <Equity> CAST <GO>
AIG cost of capital: AIG US <Equity> WACC <GO>
Top legal stories: TLAW <GO>
Bloomberg legal resources: BLAW <GO>

--With reporting by Hugh Son in New York. Editor: Peter Blumberg

To contact the reporter on this story:
David Glovin in U.S. District Court in New York
at [e-mail].

[acmavm]

1. That should be the fucking straw that broke the camel's back. NO MORE

money for these people. NONE! EVER!

[robinlynne]

2. except the camel is a banker (Geithner...)

[Still Sensible]

3. This goes in the "That's Fucked Up" file for sure!

So if I've got this straight, we have recently given AIG (Adventures in Greed) something in the neighborhood of $150 billion (that's with a gawdamned "B") in bailout money and they have now filed suit against the generous taxpayers of this country to recover $306 million--with an "M"--from some taxes that were paid more than a decade ago?

Fuck 'em
Fuck 'em
Fuck 'em
Fuck 'em
& Fuck 'em Again!

And did I say Fuck them? The sheer gall of these leeches is breathtaking

[librechik]

4. wow--isn't there a statute of limitations for tax issues?

97 is a long time ago.

[valerief]

5. Their balls can weigh down a solar system! nt

[TexasObserver]

6. now that's chutzpah!!

[Qutzupalotl]

7. Link, please?

[TK421]

8. They have balls of brass for pulling this shit

especially after they had their asses saved...talk about biting the hand that feeds you

[noiretextatique]

9. do these people secretly want a revolution?

i'm being to wonder. their brazen avarice is pissing off more and more people every day.

[robinlynne]

10. Landshark mentioned this last year, that the TARP banks should have been required to drop all their

lawsuits, of which there are several. We, the taxpayers are paying for BOTH sides of the lawsuits. Thank about that!

[Thickasabrick]

11. FUBAR eom

[Old and In the Way]

12. Not very bright when it comes to public relations, are they?

Not very bright on risk management, either. You'd think that they'd have done a PR blitz, letting everyone know how they overpaid taxes, but in the spirit of the times, they would forego trying to collect on it...seeing that we are bailing their corrupt asses out of sure bankruptcy. Let 'em sink.