The Government’s Retention of Loot Plan
From Politico.com: Citigroup gains massive tax break in deal with IRS
The IRS has issued an exception to tax rules for the benefit of companies including Citigroup. As a result, Citigroup will be allowed to retain $38 billion in tax breaks that otherwise would decline in value when the government sells its stake to private investors.
So they make CitiGoup give back $20M in Bailout Booty and make them not liable for $38M in taxes.
Nice deal if you can get it.
This entry was posted on Tuesday, December 15th, 2009 at 21:10 and is filed under 2009. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
