A Quiet "Illegal?" Windfall For US Banks.


	A Quiet "Illegal?" Windfall For US Banks.

brightlight4

11-10-2008 3:08 PM

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/48515d2d-b74f-4dca-8e36-8c0979cef285/FCB54C64-03EB-403C-BB46-B7B27B2D3DCB/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.truthout.org/111008A" href="http://www.truthout.org/111008A" style="font-size: 11px;">www.truthout.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.truthout.org/111008A"><H3><A href="http://www.truthout.org/111008A">A Quiet Windfall for US Banks</A></H3></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.truthout.org/111008A"><div align="center"><img src="http://content6.clipmarks.com/blog_cache/www.truthout.org/img/01B827CF-7F04-40B3-9E26-2FC6E279A60B" alt="photo" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.truthout.org/111008A"><P>    "It was a shock to most of the tax law community. It was one of those 
  things where it pops up on your screen and your jaw drops," said Candace 
  A. Ridgway, a partner at Jones Day, a law firm that represents banks that could 
  benefit from the notice. "I've been in tax law for 20 years, and I've never 
  seen anything like this."</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.truthout.org/111008A"><P>    Lawmakers decried the tax shelters as a scam and created a formula to strictly 
  limit the use of those purchased losses for tax purposes.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.truthout.org/111008A"><P>    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.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.truthout.org/111008A"> 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.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.truthout.org/111008A"> Some congressional staff 
  members have privately concluded that the notice was illegal. </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/FCB54C64-03EB-403C-BB46-B7B27B2D3DCB/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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