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Below are one-paragraph excerpts of important news articles you may have missed. These news articles include revealing information on the huge tax break windfall provided to the biggest bailed-out banks, a secret order enabling Special Operations worldwide, the swarm of lobbyists at the Treasury seeking bailout monies for a wide range of corporations, and more. Each excerpt is taken verbatim from the major media website listed at the link provided. If any link fails to function, click here. Key sentences are highlighted for those with limited time. By choosing to educate ourselves and to spread the word, we can and will build a brighter future.
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Treasury gives banks multi-billion tax break windfall
November 11, 2008, San Francisco Chronicle/Associated Press
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/11/BUTP141OVI.DTL
Some of the nation’s biggest banks are in for a windfall – on top of the $700 billion government bailout – thanks to a new tax policy quietly issued by the Treasury Department. The notice gives big tax breaks to companies that acquire struggling banks hit hard by the mortgage crisis. In some cases, the tax breaks could exceed the cost of acquiring the banks, according to analyses by private tax experts. The change could cost the Treasury as much as $140 billion by enabling firms that acquire struggling banks to use more losses incurred by those banks to offset their own taxable profits. San Francisco’s Wells Fargo & Co., which made a bid to acquire Wachovia Corp. just days after the notice was issued, stands to reap about $20 billion in additional tax savings because of the change, according to the analyses. Wells Fargo paid $14.8 billion in a stock deal to buy Wachovia. Call The Superior Gold Group and start building your wealth with precious metals and take physical possesion of your future at 888-969-6465. The notice was issued Sept. 30 as Congress debated the $700 billion bailout plan. Some members of Congress are upset that such a sweeping tax change was issued with no public hearings or congressional input. “I am concerned that the notice, which was never debated by Congress,
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