Word: bankses
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But in 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...
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...
But in October, Congress passed a law that said banks who held Fannie Mae and Freddie Mac preferred shares, which were essentially rendered worthless when the government took over the two large mortgage guarantors, can count the loss on that investment as a regular business loss, not an investment loss...
But as European leaders struggle to restore economic confidence, independent thinking can look perilously close to dissidence. Latvia, an E.U. member since 2004, recently employed tactics reminiscent of its Soviet era when security police arrested Dmitry Smirnov, an economics professor who questioned the stability of the country's banks and...
Critics say that the government has lost control over the tactical management of the crisis, with radical anarchists burning shops, cars, banks and even government buildings, including the Hellenic Parliament Foundation and the Foreign Ministry's diplomatic academy. Some 320 stores, 50 banks and a number of other civilian buildings...