Analysis: Abuse by U.S. Treasury created phony AIG profit

02/28/2012 | New York Times (tiered subscription model), The

Most of the $19.8 billion fourth-quarter profit reported by American International Group is pure fantasy, a gift from the U.S. taxpayer that was created when the Treasury Department twisted an existing tax loophole. In essence, the Treasury created an exemption for the companies that it owns, which includes AIG, according to The New York Times.

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New York Times (tiered subscription model), The

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