Those AIG Boys Are At It Again

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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?