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...late September, just after Congress defeated the first bailout bill, the IRS issued a notice to change that rule to allow banks to significantly lower their taxes when they purchase other banks. Now, after an acquisition, a bank can reduce its IRS bill by claiming that loans on the books of an acquired rival are worth far less than the previous owners thought, not a hard claim to make these days. The acquirer can deduct from its taxes the full amount of the write-down. Before it could only lower its taxable earnings by a small percentage of the write...
Jones Day lawyers estimate that the rule change could cost the Federal Government up to $140 billion in revenue during the next few years. But it would only get that high if every bank in the U.S. were sold and troubled mortgage assets were all written down to zero. Still, a number of banks have made acquisitions since the rule change and are already benefiting. Wells Fargo will book an estimated $25 billion tax credit from its November acquisition of Wachovia. PNC, which bought National City in October, could get as much as $5 billion in tax benefits from that...
Reid and House Speaker Nancy Pelosi have long wanted to see the money come from the $700 billion bank bailout fund, known as the Troubled Asset Relief Program, or TARP, and have argued against taking money from the modernization fund. Pelosi relented only after Friday's job report - the worst in 34 years, showing that the economy shed more than 533,000 jobs last month. But, having made this concession, Dems said they were unlikely to yield more ground. "This is a bad choice that we have to make. We should be able to use TARP money. The White House...
...meeting on Monday evening among executives of Republic and Bank of America, along with representatives of the workers' union, was inconclusive, and a new set of meetings is set for Tuesday afternoon...
...announced that her office planned to investigate various aspects of Republic's operations. On Monday, Illinois Governor Rod Blagojevich held a quickly organized press conference at the plant and vowed to ask a federal court to enforce federal guidelines. He also said the state would sever business dealings with Bank of America until the Republic matter is resolved. "It's a natural thing to step up to help workers when there's a situation like they're facing now," Blagojevich said. "This is the right thing to do, this is the just thing...