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.

Featured Video

Most Recent Videos

Video Library ››

Top Story

5 risks that threaten the drone industry

Safety, security and surveillance issues pose incredible risks to operators of this technology, according to a recent Lloyd's report.

Top Story

Why drivers don't want the latest auto technologies

Drivers might be willing to use some auto technology if it was more intuitive.

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

Advertisement. Closing in 15 seconds.