Filed Under:Risk, Enterprise Risk Management

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

Attention! Here's why millennials matter to agents and brokers

Millennials bring $1.68 trillion in purchasing power--are you doing all you can to reach them?

Top Story

The great website 'swindle': Are agency portals really worth the investment?

The average agent has limited time and marketing resources to develop a lead-generating website. Turns out, they may not even be worth the effort anyway.

More Resources

Comments

eNewsletter Sign Up

Risk Management Report eNewsletter

Identify problems involving emerging risks, reinsurance, and business interruption with help from Risk Management Report - FREE. Sign Up Now!

Mobile Phone
         
Close

Advertisement. Closing in 15 seconds.