Friday, March 26, 2010

Stimulus Bill May Give J.P. Morgan a Tax Refund of $1.4 Billion

Tax-Break Battle Flares; The Wall Street Journal

J.P. Morgan Chase & Co. is nearing a deal that would allow it to benefit from a tax refund of as much as $1.4 billion, becoming the latest company to tap a little-noticed plank in an economic stimulus bill.

That law let companies apply losses from 2008 or 2009 against taxes paid in the previous five years, instead of the previous two years. Failed Seattle thrift Washington Mutual Inc. is eligible for about $2.6 billion in tax refunds, thanks to big losses in 2008. Now J.P. Morgan, which took over WaMu's banking operations in September 2008, is in discussions with ...

Read the rest by subscription.

Comment: ...and Senator Dodd wants to put a consumer financial protection agency under the control of the Federal Reserve.

Folks the 17th Amendment didn't bring democracy to the US Senate, it provided an open door for special interest. Isn't it obvious that Wall Street, a special internet, is controlling the Senate to some degree?

With the 17th Amendment there is no "check and balance' within the Federal Government nor the US Senate! Look, look, the bankers are robbing us blind and we think we have democracy in the Senate! This is lunacy!

The US Senate must be re-instituted and the States must have their place in Congress restored before it's too late. We must repeal the 17th Amendment and restore the balance of power. This is the only way we can stop the Robber Barons from JP Morgan and Goldman Sachs from looting our country.

Remember, this web-log was brought to you over a free and uninhibited Internet; let's keep it that way!

No comments: