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The financial world was fixated on Capitol Hill as Congress battled over the Bush administration's request for a $700 billion bailout of the banking industry. In the midst of this late-September drama, the Treasury Department issued a five-sentence notice that attracted almost no public attention.
But corporate tax lawyers quickly realized the enormous implications of the document: Administration officials had just given American banks a windfall of as much as $140 billion.
The sweeping change to two decades of tax policy escaped the notice of lawmakers for several days, as they remained consumed with the controversial bailout bill. When they found out, some legislators were furious. Some congressional staff members have privately concluded that the notice was illegal. But they have worried that saying so publicly could unravel several recent bank mergers made possible by the change and send the economy into an even deeper tailspin.
“We like to say that dependability is more important than ability,” Bill Belichickism....
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Re: Not only did we bail them out, but we gave them a 140 Billion Tax break too..
This entire issue of "Wall Street Bank Bailouts" should have been the light on who the Republicrats really are. Sadly, no one notices anymore. People still believe that Republicans are more interested in the Average Joe than the Democrats are, and vice-versa. While the Republicrats pat each other on the back and party into the night while the banks loot and count the country's treasure from the smoke-filled backroom adjacent to the party.