Friday, March 20, 2009

AIG Sues Uncle Sam for Offshore Tax Refund

AIG joined The Carlyle Group and UBS in taking U.S. client money offshore to avoid taxes. UBS and AIG got caught. UBS paid a fine for its misdeeds. AIG's tax deduction was denied by the IRS.

UBS agreed to pay a $780 million fine, while AIG ponied up $306 million with the denial of their assertion. AIG is suing for the deduction, thus their money back. It seems nearly $200 billion in taxpayer money isn't enough.