Insurance giant American International Group (AIG) gambled recklessly on mortgage-backed securities – and lost. The government stepped in with $182 billion 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.
Middle class families are still getting hammered, while Wall Street, the big banks and big corporations are getting special tax breaks. It isn't right. Everyone should have to play by the same rules.
AIG announced 2011 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 federal tax giveaway.
Join Elizabeth Warren and tell Congress to end AIG's ongoing bailout and special tax status.