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A Quiet Windfall For U.S. Banks

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At www.washingtonpost.com

A]s Congress battled over the Bush administration's request for a $700 billion bailout of the banking industry. In the midst of this late-September drama, the Treasury Department issued a 5-sentence notice that attracted almost no public attention. But corporate tax lawyers quickly realized the enormous implications of the document: Administration officials had just given American banks a windfall of as much as $140 billion.

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At www.washingtonpost.com


 

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