WASHINGTON (AP) — Former members of a congressional panel that oversaw bailouts during the financial crisis are condemning a tax break for insurance giant American International Group. They say it amounts to an extra bailout worth billions of dollars.

Former oversight panel chair Elizabeth Warren and others from both parties say the tax break is a massive taxpayer subsidy on top of the $182 billion bailout that AIG received during the financial crisis.

Companies generally can't count all of their past losses against future taxes after they change ownership. The former panel members say the Treasury Department gave AIG exemptions from the limit, handing the company an extra $17.7 billion of profit.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.