Paulson's Big Gift to the Banks
Jan 28, 2009 22:06 Filed in: Economics
During the bailout crisis in Congress, Treasury Secretary Henry Paulson secretly amended a tax regulation that resulted in a $140 billion windfall to the big banks. Wells Fargo immediately took advantage of the break by acquiring troubled Wachovia.
What’s worse, it appears that the change was illegal and in contravention of the statute upon which the regulation is supposedly based. If this is not a crime, it ought to be.
Via Citizens for Tax Justice, the American News Project made a six-minute video explaining the giveaway.
http://americannewsproject.com/videos/paulsons-140-billion-surprise
This is outrageous behavior from a treasury secretary, but, alas, there have been so many outrageous acts by the Bush administration that the public’s organ of outrage has just about been worn out. One more theft, one more brazen transfer of taxpayers money to the well-connected--a mere droplet of corruption in a veritable ocean of official theft and corruption that has been inundating the nation the past eight years ...
Call your senators and representative if you still have the energy, and tell them to close the loophole.
By the way, the aforementioned Citizens for Tax Justice has posted a comparison of the Democratic and Republican proposed bailouts. It’s worth reading.
Tax Cuts in House Democratic Stimulus Plan Better Targeted Than Those of House Republican Plan
What’s worse, it appears that the change was illegal and in contravention of the statute upon which the regulation is supposedly based. If this is not a crime, it ought to be.
Via Citizens for Tax Justice, the American News Project made a six-minute video explaining the giveaway.
http://americannewsproject.com/videos/paulsons-140-billion-surprise
This is outrageous behavior from a treasury secretary, but, alas, there have been so many outrageous acts by the Bush administration that the public’s organ of outrage has just about been worn out. One more theft, one more brazen transfer of taxpayers money to the well-connected--a mere droplet of corruption in a veritable ocean of official theft and corruption that has been inundating the nation the past eight years ...
Call your senators and representative if you still have the energy, and tell them to close the loophole.
By the way, the aforementioned Citizens for Tax Justice has posted a comparison of the Democratic and Republican proposed bailouts. It’s worth reading.
Tax Cuts in House Democratic Stimulus Plan Better Targeted Than Those of House Republican Plan
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