I think we all assumed the financial situation was a crisis of such proportions that it would be dealt with in a straightforward manner. For the good of the country. How naive. These guys figure ways to screw the country every which way while waving flags and wearing lapel pins.
"With attention on bailout debate, Treasury made change to tax law."
"Section 382 of the tax code was created by Congress in 1986 to end what it considered an abuse of the tax system: companies sheltering their profits from taxation by acquiring shell companies whose only real value was the losses on their books. The firms would then use the acquired company's losses to offset their gains and avoid paying taxes.
"Lawmakers decried the tax shelters as a scam and created a formula to strictly limit the use of those purchased losses for tax purposes.
"But from the beginning, some conservative economists and Republican administration officials criticized the new law as unwieldy and unnecessary meddling by the government in the business world."
And they changed it by fiat. Sometimes it's hard to feel anything but disgust for that portion of the US and the foolish foot soldiers who carry their water.
Bush & Co. using cover of bailout to allow bank scams. Or, "How to Redistribute Even More of the Wealth."
