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Home Publications Blogs Beat the Press Those AIG Boys Are At It Again

Those AIG Boys Are At It Again

Monday, 09 May 2011 04:27

The NYT tells us that the states are competing with each other and Bermuda to attract shell insurance companies with weak regulation. The deal is that insurers will establish a legal entity in your state, which can then be taxed, if you don't make them hold much in reserve. (AIG is one of the beneficiaries of this type of deal.) 

Haven't we seen this movie before?

Comments (2)Add Comment
Competitive Deregulation -- the race to the bottom
written by Ron Alley, May 09, 2011 7:06
Oh, well. Deja vu all over again.
written by Hugh Sansom, May 09, 2011 10:26
Barack Obama, Timothy Geithner and Ben Bernanke as much as handed AIG and others an engraved invitation to do it all again -- "Do worse! The more damage you do, the more the American people can be forced to transfer wealth to you."

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.