Bush Administration Engineered “Stealth Bailout” Of AIG
The Bush administration engineered agreements with AIG Insurance that amount to a “stealth bailout” of multi-billion dollar companies, the Wall Street Journal reports today. The decision by the Bush-era Treasury Department allows bailed-out companies like AIG to claim losses they racked up while undergoing their bailouts, only to claim the losses on future taxes.
In other words as the companies failed and used tax dollars to bail them out, they are able to skip out on their tax bills after they emerge from taxpayer funded rescues.
Elizabeth Warren, who ran the Congressional oversight for the TARP program, previously advised congress of these moves, describing them as “stealth” bailouts.
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