Just to show how much the public’s outrage over bonuses paid to their worst employees is grating on their conscience, AIG has decided that the United States owes them tax refunds in excess of $300 million, and to show how much they appreciate the bailout that kept them afloat, they’re suing to get the money.
Weaving through a complicated web of offshore companies, foreign taxes, business writeoffs, and alleged tax overpayments, AIG is mucking up the court system that should effectively pour gasoline on an already burning fire. AIG is claiming credits from paying taxes to foreign governments, but the feds are telling them that their numbers look a little funny. Liddy and the boys are going to sue anyway. They’re also claiming that they’re owed money back from the government because when they were cooking the books a few years back and got caught, they had to restate their earnings. Now they’re due some money back. Yes, oh yes.
Here’s the kicker: They’re using bailout money to fund the lawsuit! That’s right, the government hands them money, and they take this same money and use it to sue the hand that fed it.
I ask again; too big to fail?