Word: bankses
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Under the law, companies have to pay taxes on any money they receive in federal aid, just like any other income. But don't worry, corporate America, the Treasury's Troubled Asset Relief Program won't trigger a tax bill. In October, the IRS said it doesn't consider money...
Starting in January, the National Credit Union Administration (NCUA) will tap a $41.5 billion pot of money approved by Congress in September to feed liquidity into corporate credit unions faced with mounting losses on securities tied to home loans and other lending. Corporate credit unions act as banks to retail...
While some retail credit unions located in frothy real estate regions have suffered - so far this year, 16 have been taken over by the NCUA - they have in general held up better than corporate credit unions. Some of the nation's 28 corporate credit unions moved heavily into securities tied...
But that outflow of deposits is also part of a longer-term trend away from corporate credit unions. When the corporates were set up in the 1970s, they were meant to provide the liquidity that retail credit unions couldn't get elsewhere. As the era of deregulation descended on the...
The U.S. justice department would do well to remember that what goes around, comes around. The witch hunt against UBS and Credit Suisse in the present economic climate will surely come back to haunt said Justice Department. America, like Germany, should stop whining and sort out its own taxation system...