Word: taxed
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...bank in 1921, built City into the first financial supermarket. When everything financial turned toxic in the early 1930s, he became the most prominent scapegoat for the disaster. He was the main target of the famous Pecora hearings in Congress, was arrested for--but not convicted of--tax evasion and resigned in disgrace. The Glass-Steagall Act of 1933 put an end to the blending of banking and securities businesses that Mitchell had championed. City lived on as a chastened, smaller bank...
...first $350 billion from the Troubled Assets Relief Program (TARP) lacked transparency, the Senate voted 52-42 to release the remaining bailout funds. The same day, House Democrats unveiled an even larger stimulus plan that would funnel money to local governments, fund infrastructure development and provide middle-class tax cuts. Britain, meanwhile, announced a bank-bailout plan as the European Commission predicted the loss of 3.5 million jobs in the European Union...
...tax-cuts cross pressured all of the GOP groups," said a top Republican lobbyist who described Obama's transition as "brilliant." "How do groups like the U.S. Chamber of Commerce or the National Association of Manufacturers come out against them? He very quickly picked off all the important interest groups and locked in a lot of votes with those proposals...
...Putting the Democrats on Notice Democrats on Capitol Hill played Obama's unexpectedly generous business-oriented tax cuts to their advantage by swiftly demanding greater spending for their priorities. Whatever concessions Obama made in response - there were frantic closed-door meetings to calm the Democrats down - he was probably going to have to swallow in the form of more spending anyway. Meanwhile, he indicated that he was not inclined to permit Democrats in Congress to look for ways to prosecute outgoing Bush officials over their conduct on the war or their authorization of torture. And Obama, in contrast to House...
...Were there speed bumps along the way? Well, the vetting of Secretary of Commerce nominee Bill Richardson - withdrawn after it was revealed that he's part of a federal pay-or-play probe - was hardly a model, and Timothy Geithner's tax problems while at the International Monetary Fund will slow down Geithner's move to Treasury, though probably not for very long. The unexpected indictment of Illinois Governor Rod Blagojevich and the circus that followed introduced a minefield that wasn't on anyone's transition road map, while the choice of Rick Warren to lead an Inaugural prayer generated...