February 29, 2012

SPECIAL TREATMENT? Treasury Bent NOL Rules to Provide $26 Billion to AIG. “The tax benefit is notable for more than simply its size. It is the result of a rule that the Treasury unilaterally bent for AIG and several other hobbled companies in 2008 that has largely been overlooked. This rule-twisting could deprive the government of tens of billions of dollars, assuming the firm remains profitable. The tax dodge, and let’s be honest, that’s what it is, also will most likely help goose the bonuses of AIG’s employees, some who helped create many of the problems that led to its role in the financial crisis.”

They told me if I voted for John McCain, stuff like this would happen. And they were right!