WAPO: Treasury Illegally Repeals Tax Law
Monday, November 10, 2008 | 07:15 AM
Front page article in the Washington Post today, calling attention to a highly questionable aspect of the $750 billion bailout plan: A Quiet Windfall For U.S. Banks.
We learn from WaPo that the Treasury Department slipped through a $140 billion tax windfall to US banks -- in theory repealing 1986 legislation, passed by Congress and signed by President Reagan.
The likely illegal change was aggressively lobbied for by banking officials, who sought to take advantage of the market turmoil and credit crisis.This is an ongoing issue we have witnessed in every prior bailout: Opportunism knows no sense of decency.
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Monday, November 10, 2008 | 07:15 AM | Permalink
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