The following is from Elizabeth Warren, who is running for the U.S. Senate in Massachusetts –
“Last week, insurance giant American International Group (AIG) reported fourth quarter profits of nearly $20 billion. But almost $18 billion of that total didn’t come from the insurance business. It came from a special federal tax giveaway.
AIG is the same large financial institution that the government bailed out to the tune of $182 billion in the midst of the financial crisis. AIG had gambled recklessly on mortgage-backed securities — and lost. The government stepped in to keep AIG afloat and out of bankruptcy. Now, more than three years later, Washington is continuing to subsidize AIG with a special tax deal that allows it to avoid paying any taxes.” –elizabethwarren.com