Word: bankes
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Dates: during 2000-2009
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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...
...years, the fight against global warming has been an article of faith in the European Union. But a looming recession, expensive bank bailouts and anxious warnings from embattled industries are raising questions about how closely Europe can stick to its climate-change creed...
...profit.” The group conducted a successful pilot study over the summer in Tanzania, where they worked with local families and experimented with the fuel. Currently, in most African countries, roughly 95 percent of the population is without access to electricity, according to the 2006 World Bank Millennium Goals Report. “Everybody was happy for it because it’s not like the solutions that they have right now that aren’t cost effective,” Sengeh says, noting that kerosene is prohibitively expensive. Microbial fuel cells can last for ten years...
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...