Archive for AIG

If you thought Elizabeth Warren would take it easy on Capitol Hill, you’d be wrong

tough cookie

UPDATE: The blog headline refers to the early status of celebrity senators such as Al Franken and Hillary Clinton who chose to stay relatively quiet and out of the limelight at first. They “took it easy,” as opposed to what you’re about to read about Warren.

Original post:

This story illustrates why we pushed so hard to get Elizabeth Warren elected to the United States Senate. She knows what she’s doing, she gets it, and she’s not afraid to talk the talk and walk the walk, all on behalf of We the People. So when Elizabeth gets pissed off, watch out Corporate America, she means business.

Did I mention she was pissed off?

Warren took aim at the American International Group, the giant insurance company that BushCo bailed out was now considering suing the federal government because they thought the big bad bailout was unfair. Gee, why don’t I feel sorry for them? Aww, somebody better rev up the ol’ iPhone and call …

wah wambulance

Watch out, AIG… it’s not nice to mess with Senator Warren:

Via Business Insider and The Atlantic Wire, here is Elizabeth Warren’s most excellent response to AIG’s threat:

Beginning in 2008, the federal government poured billions of dollars into AIG to save it from bankruptcy. AIG’s reckless bets nearly crashed our entire economy. Taxpayers across this country saved AIG from ruin, and it would be outrageous for this company to turn around and sue the federal government because they think the deal wasn’t generous enough. Even today, the government provides an ongoing, stealth bailout, propping up AIG with special tax breaks—tax breaks that Congress should stop. AIG should thank American taxpayers for their help, not bite the hand that fed them for helping them out in a crisis.

bam

Did I mention how wonderful it is to have Warren in the U.S. Senate?

More at the links.

U.S. Chamber of Commerce Accused of Tax Fraud

Via (2009)

Tax fraud? Really? Nah… It’s all a political ploy! How do we know that? Because the Chamber of Commerce says so:

Critics on the left have long complained about the chamber’s outsize influence. But now they are taking on the business association directly, charging in a complaint filed Friday with the Internal Revenue Service that it violated tax codes by laundering millions of dollars meant for charitable work from a group with ties to the insurance giant A.I.G.

The complaint was brought by a group called U.S. Chamber Watch, which was created four months ago — with the strong financial backing of labor unions — to scrutinize the Chamber of Commerce’s growing influence and provide a counterbalance.

And this, boys and girls, is why the GOP is into union busting.

Cyrus Mehri, a Washington lawyer who brought the I.R.S. complaint on behalf of U.S. Chamber Watch, said in an interview that the chamber’s current political activities were, in effect, being underwritten with money intended for charitable work.

The complaint focuses on loans and grants totaling about $18 million that were made beginning in 2003 to a nonprofit affiliate, the National Chamber Foundation, by the Starr Foundation, a charity started by the founder of A.I.G. and now led by Maurice R. Greenberg, the insurer’s former chairman.

These corporate bullies push pro-business, mostly Republican candidates with everything they’ve got, and are currently on the attack here in California, hitting Barbara Boxer hard. They’re spending tens of millions of dollars. It’s good to see the unions striking back.

So did anyone hear anything about the complaint against the Chamber on the Tee Vee Machine? If it was on, I missed it.

H/t: I forgot




Report: Justice Department Won’t File Criminal Charges in AIG Case

Will BP and company skate, too, then? Or will polluting, poisoning and destruction of life before our very eyes make it impossible to avoid criminal charges?

The Justice Department has decided not to file criminal charges against the former head of a division at American International Group Inc. whose dealings in mortgage-related securities nearly bankrupted the company and led to a controversial government bailout, according to lawyers involved in the cases.

The decision appears to bring an end to the criminal investigation of AIG, but a Securities and Exchange Commission probe into AIG and the dealings of its London-based Financial Products subsidiary is continuing and could lead to a civil securities fraud case.

Lawyers representing Joseph Cassano, who formerly ran AIG’s Financial Products unit, and Andrew Forster, who worked for Cassano, said they were told by federal prosecutors late Friday that no criminal charges would be filed.

Congratulations, AIG. Now you’re free to go about screwing over the country again.

DoJ: Department of what again…?

CBS: No Criminal Charges Likely in AIG Collapse

By GottaLaff

The the criminal case against the so-called “the Man who Crashed the World” has apparently “hit a brick wall.” They can’t prove that he lied about AIG’s financial problems.

I’ve heard many a lawyer say that proving a lie is not easy. This proves that proving is not always prove-able.

Well, you know what I mean.

Why must brick walls so often get between us and the (alleged) thugs?

CBS NEWS has learned that former AIG executive Joseph Cassano - the prime focus of the investigation into its collapse - will meet with Department of Justice attorneys next week in what will likely be an end to the two year criminal investigation into the company.


Now back to the Tiger Woods coverage already in progress.