The Internal Revenue Service on Friday issued an exception to longstanding tax rules for the benefit of Citigroup and the few other companies partially owned by the government. As a result, Citigroup will be allowed to retain $38 billion in tax breaks that otherwise would decline in value when the government sells its stake to private investors.
While the Obama administration has said taxpayers likely will profit from the sale of the Citigroup shares, accounting experts said the lost tax revenue could easily outstrip those profits.
Whatever the banksters want, Obama gives them. Even if they have to ignore accounting standards and basic ethical behavior. Oh, did I say “ethical”? How quaint of me. Certainly the gangsters in DC and on Wall Street have shown they have no need for outmoded concepts like that as they steal billions from the rest of us.