Little-noticed tax change hands billions more to banks

[JohnWxy]

http://blogs.usatoday.com/oped/2008/11/our-view-on-the.html#more


Treasury’s end run around Congress adds to bailout’s lack of transparency.

Treasury Notice 2008-83 went virtually unnoticed as the government rushed to cope with the emerging financial crisis in September. And that seems to have been the point. With no public discussion, the Treasury Department gave banks a huge chunk of money — as much as $140 billion, by one estimate — by changing a tax law that had been in place, and the subject of relentless lobbying, for 22 years.

(more)


That's no typo: "$140 Billion" - with a B

[panAmerican]

1. How can you infer anything less than...

The fix is in, and they are really trying to destroy what's left of the economy.

Whatever happened to "moral hazard"?

Oh I forgot - that only pertains to little people.

[JohnWxy]

2. American Dream - Going Down - (link)

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x47972#48091

[eppur_se_muova]

3. k&r. This post needs some eyeballs. nt

[knitter4democracy]

4. Can't undo the damage at this point.

Obama can try to make things better, but it's not like we can get the money back (at least, not easily). So, we can give them billions and billions of dollars, but the Big Three--you know, the ones who employ or help employ through suppliers almost 5% of the American workforce--get nothing. Gah!