Paulson’s $140 Billion Surprise

by James & Miel on January 29, 2009 · 0 comments

Hi All,

Where should I begin with this posting? Evidently last year around about when the treasury and the Fed were pushing the $700 billion TARP/bailout bill former Treasury secretary Paulson changed one of the tax laws to allow banks to deduct losses when merging. This allowed large banks to profit from merging with smaller banks that had a lot of bad debt on their books – handing a lot of profit to several selected large wall street banks. The only problem – this kind of thing has been illegal for 22 years. This will have implications on the average Americans ability to build their wealth.

At 6:23 it’s a quick watch.

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