Filed Under:Markets, Commercial Lines

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

10 insights into how small-business owners perceive cyber risk

Cyberattacks on small businesses are a real and growing problem, and the latest research by Nationwide shows owners are not prepared. Insurance agents can help.

Top Story

Friday's cyber attacks a 'wake-up call' for insurers and public alike

Waves of DDoS attacks shut down swatches of the internet on Friday, prompting the need for the insurance industry to issue standard cyber liability coverage forms.

More Resources


eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.