Most of America’s largest publicly traded corporations — including several that are receiving billions of dollars from U.S. taxpayers to finance their recovery — have set up offshore operations that could help them avoid paying U.S. taxes on their profits, a government study released yesterday found.
American International Group, Bank of America, Citigroup and Morgan Stanley are among the companies that are getting bailed out by U.S. taxpayers while having subsidiaries in locations where they can avoid paying U.S. taxes, according to the Government Accountability Office.
Of the 100 largest public companies, 83 do business in tax-haven hotspots like the Cayman Islands, Bermuda and the British Virgin Islands, where they can move their income into tax-free accounts. Full Story
AIG Receivers Billions More
The insurance giant AIG blew through $189,000 a minute last year despite their $150 billion bailout. If AIG is such a money drain, why did the fed hand out another $30 billion? Nancy Cordes reports.
After AIG’s first bailout execs had a massive party:
AIG Bailout Watch: Another Wasteful Spa Weekend
Jim Rogers: Let AIG Go Bankrupt or USA Finished
“I think it’s astonishing, they’re ruining the US economy, they’re ruining the US government, they’re ruining the US central bank and they’re ruining the US dollar,” he said.