Wednesday, December 16, 2009

Government and Big Bailout Recipient Join Forces To Again Pick Taxpayers' Pockets

Few people today will recall that Leona Helmsley, who was called the Queen of Mean, was jailed a couple of decades ago for publicly stating that "[o]nly the little people pay taxes."

Adding to the evidence of the accuracy Ms. Helmsley's statement provided by all the federal officials who for years prospered  by evading their income tax obligations is this Washington  Post report of the new deal struck by the government with one of its biggest bank bailout recipients. The special double deal will let the bank avoid paying taxes in an amount exceeding what it will cough up to repay with interest the bailout funds it received from the government. The government will claim a profit from the bailout repayment without mentioning the loss of even greater tax receipts from the bank. And the deal will free the bank's executives to grab whatever compensation they can get their board member lackeys to approve for the executives' contribution to the nation's financial meltdown.

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