Filed Under:Claims, Education & Training

Warren Blasts AIG 'Stealth Bailout'

NU Online News Service, March 30, 2:08 p.m. EDT

U.S. Senate candidate Elizabeth Warren blasted American International Group and the U.S. government for allowing the insurer to get a tax break after receiving a government bailout, calling it “a stealth bailout.”

In an op-ed piece appearing in “The Washington Post,” Warren, who led the charge for the creation of the Consumer Financial Protection Bureau and is running for a U.S. Senate seat in Massachusetts, was joined by Damon Silvers, director of policy and special counsel to the AFL-CIO, in criticizing AIG’s ability to benefit from its previous years' losses and show a profit for the fourth quarter of 2011 of close to $20 billion.

“When a company accepts a taxpayer bailout to stay in business, it ought to follow the same tax laws followed by companies that aren’t bailed out,” the opinion piece says.

Just a few weeks earlier, Warren joined three other former members of the oversight committee for the Trouble Asset Relief Program in criticism of AIG’s profits.

Top Story

What does TRIA denial mean for workers’ compensation?

What does the denial of a TRIA renewal mean to the workers’ compensation industry?

Top Story

Shock, dismay and disappointment: P&C insurance industry's reaction to TRIA news

The U.S. Senate adjourned for the year on Dec. 15 without passing the Terrorism Risk Insurance Program Reauthorization Act.

More Resources

Comments

eNewsletter Sign Up

Claims Connection eNewsletter

Breaking news on disasters, fraud, legal trends, technology, and CE initiatives for the P&C claim professional – FREE. Sign Up Now!

Mobile Phone
         

Advertisement. Closing in 15 seconds.