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...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-down of the preacquisition loans. (Read "Can Congress Pass an Auto Bailout Bill Nobody Likes...

Author: /time Magazine | Title: New Tax Rules: The Hidden Corporate Bailout | 12/10/2008 | See Source »

...they feel a sense of déjà vu this week. After all, they, and we, have all been here before - not so long ago, in fact. The economy is teetering, on the brink of collapse, and if the House and Senate don't act right now a full-blown Depression looms and we'll all find ourselves on breadlines faster than you can say AIG - er, Citibank. I mean, General Motors...

Author: /time Magazine | Title: Can Congress Pass an Auto Bailout Bill Nobody Likes? | 12/9/2008 | See Source »

Pelosi was careful to underline that she expects the full $15 billion to be repaid by the end of March, meaning the car companies will either be forced to go it alone after that or, more likely, the Obama Administration will replace the $15 billion - plus the additional funds the car companies say they need - with money from the TARP, the Treasury or the Federal Reserve. In fact, the bill has language specifically authorizing the President to take money from the TARP, a provision the Bush Administration - which has steadfastly opposed using such funds for the automakers - has presumably chosen...

Author: /time Magazine | Title: Can Congress Pass an Auto Bailout Bill Nobody Likes? | 12/9/2008 | See Source »

...Prime Minister has said that full justice will be pursued in the death of the teenager, but also emphasized that there will be no leniency for the rioters. Still, the 45,000-strong police seem unable to find a way to quell the unrest. Dokos says the situation has spiraled out of control because "the government made the assumption that police intervention would have inflamed the crisis even further." In a prime-time televised address to the nation, Costas Karamanlis called those who engage in acts of violence and vandalism "enemies of democracy" and asked for unity in order...

Author: /time Magazine | Title: Greek Riots Show No Signs of Abating | 12/9/2008 | See Source »

History may come full circle, fittingly and bittersweetly, if, during his confirmation hearings, Shinseki says his new agency needs far more personnel than the 240,000 it currently employs to tend to the human carnage...

Author: /time Magazine | Title: Shinseki, a Prescient General, Re-Enlists as VA Chief | 12/8/2008 | See Source »

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