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News Bailed-Out Firms Use Offshore Tax Havens

Bailed-Out Firms Use Offshore Tax Havens Bailed-Out Firms Use Offshore Tax Havens

Submitted by CrashTack | 1 year ago

HuffPo - Eighty-three of the nation's 100 largest corporations, including Citigroup, Bank of America and News Corp., had subsidiaries in offshore tax havens in 2007, and some of the companies received federal bailout funding, a government watchdog said Friday.

The Government Accountability Office released a report that said Bank of America Inc., Citigroup Inc. and Morgan Stanley all had more than 100 units in countries that maintain low or no taxes. The three financial institutions were included in the $700 billion financial bailout approved by Congress.

Tags: Money, Economy, Taxes, Business, Bailout

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Lex Lowther 1 year ago

We're defintitely not bailing out taxpayers. In all likelihood we're bailing out the big political donors and pillars of the existing power bases.

LEX

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