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Mar-21-200913 Bailed-Out Banks Failed to Pay Taxes(topic overview)
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Rep. John Lewis, chairman of a House subcommittee overseeing the federal bailout, said two firms owe more than $100 million apiece. "This is shameful. It is a disgrace," said Lewis, D-Ga. "We are going to get to the bottom of what is going on here." The House Ways and Means subcommittee on oversight discovered the unpaid taxes in a review of tax records from 23 of the firms receiving the most money, Lewis said as he opened a hearing on the issue. The committee said it could not legally release the names of those companies owing taxes. It said one recipient had almost $113 million in unpaid federal income taxes from 2005 and 2006. A second recipient owed almost $102 million dating to before 2004. Another was behind $1.1 million in federal income taxes and $223,000 in federal employment taxes. "If we looked at all 470 recipients, how much would they owe?" Lewis asked. Banks and other firms receiving federal money were required to sign contracts stating they had no unpaid taxes, Lewis said. He said the Treasury Department did not ask them to turn over their tax records. [1] The House Ways and Means subcommittee on oversight discovered the unpaid taxes in a review of tax records from 23 of the firms receiving the most money. Although the committee can not legally release the names of those companies owing taxes, it was reported that one recipient had almost $113 million in unpaid federal income taxes from 2005 and 2006. A second recipient owed almost $102 million dating to before 2004. Another was behind $1.1 million in federal income taxes and $223,000 in federal employment taxes. Banks and other firms receiving federal money were required to sign contracts stating they had no unpaid taxes, Lewis said, but he said the Treasury Department did not ask them to turn over their tax records. We give you this information because the House voted Thursday to require 90 percent taxes be paid on bonuses given to those employees of bailed out firms, something local Congressman Mike Thompson endorsed, as do we.[2]
The overdue taxes were uncovered when the House Ways and Means Committee reviewed tax records of the 23 biggest bailout recipients. Banks and other institutions which took federal funds were required to sign contracts stating they did not owe back federal taxes. It could be a crime if an executive signed to accept federal funds while knowing his firm owed taxes, Neil Barofsky, inspector general for the TARP, told the hearing. He promised to look into whether there were any false representations made by any of the rescued companies. John Lewis, Democrat of Georgia, who chairs the subcommittee overseeing the bailout, said 13 companies were in arrears on their taxes, and two of them, according to their tax records, owe more than $100 million each. "This is shameful. It is a disgrace," said Lewis, who said the law barred release of the companies' names. They included one which owed nearly $113 million in unpaid federal income taxes from 2005 and 2006. Another was $102 million in arrears from before 2004.[3] John Lewis of Georgia, chairman of the House Ways and Means Subcommittee on Oversight, revealed the tax issues in remarks prepared for a subcommittee hearing Thursday on the Troubled Asset Relief Program (TARP) enacted last fall (PL 110-343). Lewis said his subcommittee looked at the tax records of the top 23 recipients of bailout money and found that 13 owed a total of more than $220 million in unpaid taxes, with two companies owing more than $100 million each.[4] Rep. John Lewis (D-Ga.), chairman of the oversight subcommittee of the House Ways and Means Committee, told a hearing on the Troubled Asset Relief Program (TARP) that the panel looked at the top 23 private recipients of taxpayer-funded bailouts under the $700 billion program enacted last year. "We found that 13 of them owed more than $220 million in unpaid federal taxes," Lewis said in an opening statement.[5]
Representative John Lewis, a Democrat from Georgia who heads the U.S. House of Representatives Ways and Means oversight subcommittee, said 13 bailed-out companies owe the federal government taxes. Two of them owe more than $100 million each. Lewis said the firms, which he did not name, signed statements at the time of receiving federal aid stating that they owed no federal taxes. "It is a disgrace. The American people are fed up. and they're not going to take it anymore," Lewis told a hearing to examine the oversight of the Troubled Asset Relief Program, or TARP.[6] WASHINGTON (AFP) — Thirteen recipients of funds under a 700-billion-dollar U.S. banking rescue plan were guilty of a potential crime in obtaining the money while still owing federal taxes, officials have said. Democratic Congressman John Lewis on Thursday said staff on his House Ways and Means subcommittee for oversight had analyzed the top 23 recipients of money from the so-called Troubled Asset Relief Program (TARP). "We found that 13 of them owed more than 220 million dollars in unpaid federal taxes.[7]
Two of the companies owe more than $100 million in taxes, said Rep. John Lewis, D-Ga., chairman of the House Ways and Means Subcommittee on Oversight. Altogether, the 13 companies owed the government more than $220 million in unpaid taxes, he said. "This is shameful. It is a disgrace," Lewis said at the beginning of a hearing into how the TARP money is being spent.[8] The delinquent taxes was discovered by the House Ways and Means subcommittee on oversight in a review of tax records from 23 of the firms, John Lewis, chairman of a House subcommittee overseeing the federal bailout, was quoted as saying. In remarks prepared for a hearing, Lewis said that banks and other firms receiving federal money were required to sign contracts stating they had no unpaid taxes but the Treasury Department did not ask them to turn over their tax records.[9] Lewis said the House Ways and Means oversight subcommittee made the discovery when it reviewed 23 of the 470 companies that got federal money from the program. "This is shameful. It is a disgrace," said Lewis, who heads the subcommittee. Lewis said the subcommittee plans to review the records of some of the other TARP recipients, but he did not know if the records of all the companies would be subject to review. "If we looked at all 470 recipients, how much would they owe?" Lewis asked. Banks and other companies were required to sign statements asserting they had no material unpaid federal taxes, but Lewis said the Bush administration's Treasury Department did not ask the companies to turn over their tax records.[10]
There are plans to provide billions of dollars more to shore up ailing institutions. Banks and other institutions were required to sign a contract stating they had no unpaid federal taxes, Mr. Lewis said. The Treasury Department relied on the statements, he said, when they invested the money in the institutions. 'Taxpayers have no sense that there is any control over this money,' Mr. Lewis said in a statement. 'They have no idea what, if anything, they will get in return. This entire program is based on trust ' trust in the givers and trust in the takers. The subcommittee investigated 23 TARP recipients and found that 13 of them owed more than $220 million in federal taxes, Mr. Lewis said, adding that two companies owe more than $100 million each. 'How can this be?' Mr. Lewis said. He suggested Bush administration Treasury Secretary Henry Paulson may have turned a 'blind eye' to what was going on. 'This is shameful,' Mr. Lewis said. 'It is a disgrace. The American people are fed up, they are fired up, and they're not going to take it anymore.[11] Shortly after enactment, Treasury Secretary Henry M. Paulson Jr. revised the program, which was originally intended to allow the government to buy up toxic assets from insolvent banks and auction the assets off to investors. Paulson and the Bush administration opted to pour capital into the banks and companies in hopes of cleaning up their balance sheets, thawing frozen credit markets and spurring renewed lending. To get the money, the recipients were required to sign contracts stating that they had no material unpaid federal taxes, Lewis said. He said Treasury did not ask the banks and companies to turn over their tax records, relying instead on their signed statements. "Are they signing contracts knowing that they owe taxes but thinking they will not get caught?" Lewis demanded at the hearing. "Did then-secretary Paulson turn a blind eye? Either way, this is shameful. It is a disgrace." Lewis declared, "The American people are fed up, they are fired up, and they're not going to take it anymore.[5] "To date, the Troubled Asset Relief Program has given more than $300 billion to private companies and there are plans to give billions more. "Taxpayers have no sense that there is any control over this money. They have no idea what, if anything, they will get in return. This entire program is based on trust ' trust in the givers and trust in the takers. At this point, there is no trust. "To get money from Treasury, banks and others must sign a contract that states they have no material unpaid Federal taxes. Treasury did not ask these banks and companies to turn over their tax records.[12]
Rep. John Lewis (D-GA) said one recipient of money from the federal Troubled Asset Relief Program owed almost $113 million in unpaid federal income taxes from 2005 and 2006. A second recipient owed almost $102 million dating to before 2004; and a third company owed $1.1 million in federal income taxes and $223,000 in federal employment taxes. He did not name the companies.[10] The Associated Press reported that the committee could not release the names of the companies, one of which owed $113 million, another $102 million in unpaid taxes. Outraged Rep. John Lewis (R-GA) asked, 'If we looked at all 470 recipients, how much would they owe?' Although the panel will review the tax records of several more companies, he was unsure if they could examine every firm. IRS spokesperson, Frank Keith issued a statement in which he claimed, 'these amounts will be paid and (the IRS) is committed to collect every dollar of taxes that are owed.[13]
IRep. Artur David (D. Ala.) It is not only Obama appointees and cabinet members who don't pay their taxes, thirteen firms that received federal Bailout funds owed, in some cases, millions of dollars. Lawmakers forgot to ask to see their tax returns so the companies just said they didn't owe any and the gullible U.S. House of Reprentative and Senate members took their word for it. Instead they gave them a blank check to the tune of $300 billion. Of course, the American public isn't allowed to learn the names of those who are bilking Treasury.[14] Financial firms who received Troubled Asset Relief Fund (TARP) money from the Treasury owe hundreds of millions of dollars in taxes according to the House Ways and Means Oversight Subcommittee, CongressDaily reports this morning.[15] In his opening statement, Chairman of the House Ways and Means Subcommittee on Oversight, Rep. John Lewis (D-GA) said it was "shameful" and "a disgrace" that a number of private corporations who received a portion of the billions in capital infusion through the controversial Troubled Asset Relief Program (TARP) owe back taxes.[12]
Rep. John Lewis of Georgia said Thursday that two of the companies owe more than $100 million apiece. In his prepared remarks, Lewis says that the House Ways and Means subcommittee on oversight discovered the delinquent taxes in a review of records from the IRS.[16]
The House Ways and Means subcommittee reviewed the tax records of 23 firms that received taxpayer money and found that more than half owed back taxes, with two companies owing more than $100 million each.[13] A House oversight subcommittee investigation of the tax records of the top 23 firms accepting money from the program found that two of the 13 delinquent companies owe over $100 million each. An additional $330,702 in penalties is also due by those firms, and nine of the companies owe nearly $883,000 in unpaid federal employment taxes.[17]
WASHINGTON (AP) — Thirteen of the companies receiving billions in federal bailout money owe a total of more than $220 million in delinquent federal taxes. That's the word from the chairman of a House subcommittee overseeing the federal bailout of financial firms.[16] As if our outrage over the millions of dollars in bonuses paid out to the scoundrels at AIG was enough, now comes word that at least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes.[2] WASHINGTON, March 19 (Xinhua) -- Thirteen U.S. firms receiving billions of dollars in government bailout money owe a total of more than 220 million dollars in unpaid federal taxes, according to the Associated Press on Thursday.[9]
WASHINGTON -- At least 13 companies receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a lawmaker said Thursday.[18]
Oil prices down in Asia 2009-03-20 08:30:01 Oil prices eased in Asian trade on Friday but stayed around $51 a barrel after a dramatic U.S. central bank move to infuse $1-trillion into the financial system. 13 bailed-out firms owe $220m in taxes 2009-03-20 06:01:01 Thirteen U.S. firms that had received money from the troubled asset relief programme (Tarp) owed more than $220 million (R2.2 billion) in unpaid federal taxes,.[19] Word that 13 of the 23 largest beneficiaries of the $700 billion federal aid program for the financial sector owe over $220 million in unpaid U.S. income taxes is just the latest sorry saga to the corporate bailout scheme. It this what Bush Treasury Secretary Hank Paulson intended when he made his evening plea to congressional Democratic leaders to give him the money to make sure banks don't fail? The seeming willingness of the Treasury Department to ignore obvious problems in the implementation and oversight of the program indicate the whole program may be writ large in the history books as a fiasco.[17]
WASHINGTON, March 19 (Reuters) - Some top recipients of U.S. bailout money owe the federal government more than $220 million in unpaid taxes, a U.S. lawmaker said on Thursday.[6] The committee said it could not legally release the names of the companies. It did say that one recipients had almost $113 million in unpaid federal income taxes from 2005 and 2006. Another one is behind $1.1 million in federal income taxes and $223,000 in federal employment taxes. Rather than look at the tax statements of these companies before giving them Bailout money, the lawmakers just gave them money after they signed contracts stating they had no unpaid taxes.[14] There is a bit of guilt-by-association involved, since the specific names of the firms - which are among the top 20 participating banks, along with insurance giant American International Group, Inc. and two U.S. automakers - cannot be released due to IRS statutes. Qualms about the program's mission and the treatment of U.S. corporations in the tax code aside, the findings also beg the question of how this could have happened. It is the law, after all, that companies and citizens pay taxes incurred. It turns out the Treasury Department has simply required companies to sign contracts stating that they have no material unpaid federal taxes.[17] The Georgia lawmaker said the subcommittee learned of the unpaid taxes from IRS records. He said these firms were required to sign contracts that they did not have any unpaid taxes, but the Treasury Department never requested the tax records. "This entire program is based on trust -- trust in the giver and trust in the taker," Lewis said. Neil Barofsky, special inspector general for TARP, told the hearing he plans on discussing the unpaid taxes with the Office of Financial Stability "to remedy the situation." If an executive knowingly signed the contracts knowing that their statement on taxes was false, "that would potentially be a crime," Barofsky said. "We are going to look very heavily into this."[8] Two companies owed over 100 million dollars each. "Are they signing contracts knowing that they are owing taxes but thinking they will not get caught?" Lewis said at a subcommittee hearing, querying also whether former Treasury secretary Henry Paulson turned "a blind eye." "Either way, this is shameful. It is a disgrace. The American people are fed up, and they are fired up. They are not going to take it any more," he said, vowing action "to get to the bottom of what is going on here." Neil Barofsky, the U.S. government's chief auditor for the TARP scheme, noted that bank bosses who signed up for the money had to sign a declaration stating that their companies were up to date with their taxes. "And to be clear, if an executive knowingly signed this agreement, knowing that a representation in that was false, that would also potentially be a crime," he told the hearing. "So we are going to look very heavily into this issue, as part of our responsibility for enforcement, to see if any such crime was committed."[7]
The House Ways and Means subcommittee on oversight discovered the unpaid taxes in a review of tax records from 23 companies receiving the most money, Lewis said as he opened a hearing on the issue.[18] Lewis' committee discovered the unpaid taxes in a review of tax records from 23 of the firms receiving the most money, Lewis said. "If we looked at all 470 recipients, how much would they owe?" Lewis asked. He didn't identify the companies or indicate how much TARP money they have received.[8]
The sums include unpaid income taxes as well as unpaid employment taxes, the committee said. Lewis pointed out that the Treasury Department did not ask companies for their tax records -- another highly embarrassing glitch in the decidedly rocky execution of the government's $300 billion rescue of ailing private companies. It comes on the day that federal lawmakers may vote on a bill to severely tax certain employee bonuses.[3] The problems may go beyond congressional outrage. According to Lewis, financial institutions must sign a contract stating they have no '''material unpaid federal taxes''' before receiving aid from the Treasury Department. '''Treasury did not ask these banks and companies to turn over their tax records,''' Lewis said.[4]
No one from the Treasury Department appeared at Thursday's hearing. Lewis said he asked Treasury officials for a private briefing on their efforts to uncover unpaid taxes, as well as someone to testify at Thursday's hearing. "They said no one was available," Lewis said in an interview. The Internal Revenue Service "has every expectation that these amounts will be paid and is committed to collect every dollar of taxes that are owed," IRS spokesman Frank Keith said in a statement. "The IRS recognizes that those entities that receive taxpayer support have a special obligation to pay their taxes, and these taxpayer accounts will remain closely monitored by the IRS to ensure that the full amount of taxes due are paid."[20] Neil Barofsky, special inspector general for the Troubled Asset Relief Program, told the hearing that if an executive signed a contract knowing that information about unpaid taxes was false, "that would potentially be a crime." He said his office will look to see if crimes were committed. People will ask, said Rep. Artur Davis, D-Tenn., why there are "large companies getting taxpayer dollars, making false representations, and we can't even name them, much less make them pay the money back, much less prosecute them."[1] Neil Barofsky, Special Inspector General of the Troubled Asset Relief Program, and Gene Dodaro, Acting U.S. Comptroller General did testify. During testimony, Barofsky indicated that more investigation would have to be done, but that within TARP contracts corporations did have to affirm that they were current on their taxes, and that if they accepted TARP money knowing that taxes were owed, it could be a federal crime. The subcommittee will continue to work on this matter.[12]
To date, the Troubled Asset Relief Program, or TARP, has paid out more than $300 billion to private companies, with billions more on the way.[20] More than $300 billion has been given to companies under TARP, the 2008 program set up to buy troubled assets and equity in financial institutions damaged by the subprime mortgage crisis, said Mr. Lewis, who chairs the committee.[11]
Two individual firms owe a over $100 million each, and a total of 13 firms owe a total of $220 million to the IRS, according to the subcommittee. As quoted by CongressDaily, subcommittee Chairman John Lewis (D-GA) isn't happy about it, and he doesn't think the American people will be, either. We'll have to wait and see whether this fans the outrage over AIG, but if it does, it could mean more criticism for the Treasury in particular: TARP firms were required to be current on taxes in order to receive bailout funds, but the Treasury didn't ask them to turn over their tax info. [15] Rep. John Lewis, chairman of a House subcommittee overseeing the federal bailout, said two firms owe more than $100 million apiece.[2] The chairman of a House subcommittee overseeing the federal bailout of financial firms said that two of the companies owe more than $100 million each in back taxes. He said the subcommittee discovered the delinquent taxes in a review of records from the IRS.[21]
More than a dozen companies that received federal bailout funds owe more than $220 million in unpaid taxes, according to a senior House Democrat.[4] A House panel looking into a federal bailout program has found that 13 recipients of government funds owe more than $220 million in unpaid federal taxes, a lawmaker said today.[5] Thirteen financial firms receiving the biggest chunk of the federal government's bailout cash owe more than $220 million in unpaid federal taxes.[22] As if extravagant executive bonuses weren't a big enough slap to taxpayers, it turns out that companies enjoying government bailouts owe more than $220 million in unpaid federal taxes.[3]
WASHINGTON D.C. - Thirteen companies that received billions in federal bailout money owe more than $220 million in delinquent federal taxes.[21]
At least 13 companies who have received some of the $300 billion in TARP funds owe hundreds of millions of dollars in back taxes, it was revealed today.[8] Rep. John Lewish revealed that 13 companies receiving TARP funds owe the government more than $220 million in back taxes.[8] Two of the companies owe more than $100 million each. "How can this be?" Lewis asks in a statement. Testifying before the panel was the bailout's chief overseer, Neil Barofsky, who told lawmakers that the companies, as a condition of receiving TARP funds, must affirm that their tax payments are current, according to the release.[23]
Rep. John Lewis (D-Ga.) didn't release the names of the firms, citing federal law, but said that two of the firms each owe more than $100 million.[22] At a House panel hearing today, Rep. John Lewis (D-Ga.), who heads the Ways & Means Oversight Subcommittee, revealed the results of the panel's investigation into the top recipients of federal help under the Wall Street bailout.[23] Lewis, the chairman of the House Ways and Means Subcommittee on Oversight, looked at 23 of the biggest firms overall, out of the 470 financial firms receiving money from the government's $700 billion rescue package, passed in October.[22] The House is voting Thursday to place a 90 percent tax on bonuses paid out by firms receiving at least $5 billion in bailout money.[22] The new development is sure to spark outrage on Capitol Hill, where the House is expected to vote Thursday on a bill that would impose a 90% tax on employee bonuses at firms that got at least $5 billion in bailout money.[21]
Lewis's revelation is sure to spark outrage on Capitol Hill, where the House is expected to vote Thursday on a bill that would impose steep taxes on employee bonuses at firms that have received bailout money, the AP said.[9]
Charles Rangel, chairman of the Ways and Means Committee, said on Wednesday the House plans to take up a bill on Thursday that would impose a 90 percent tax on bonuses paid to top-earning employees at the insurance giant American International Group and other companies receiving big government bailouts. Under this bill, tax would hit employees who are making more than 250,000 dollars a year, Rangel said.[9]
Lewis did not name the companies with unpaid taxes, and an aide at the Ways and Means Committee noted that U.S. tax law requires officials to keep the details of tax returns confidential.[7] The TARP scheme was enacted by the last Republican administration, but the tax revelation could stoke embarrassment for President Barack Obama's administration as a furor rages over bonuses at bailed-out insurer AIG. Lawmakers said the news of unpaid taxes would only fuel distrust of where the billions made available to U.S. banks under TARP had ended up, as the Obama administration readies costly new steps to fix their mountain of bad debts.[7]
"The Subcommittee looked at the top 23 TARP recipients. We found that thirteen of them owed more than $220 million in unpaid Federal taxes.[12] Lewis' subcommittee looked at the top 23 TARP recipients and found that more than half owe unpaid federal income taxes.[6]
'''Treasury relied on the signed statements when it agreed to invest billions of taxpayer dollars.''' In his opening remarks, Lewis wondered openly whether recipients of the TARP money were '''signing contracts knowing that they owe taxes but thinking they will not get caught?''' Lewis also wondered whether then-Treasury Secretary Henry M. Paulson Jr. turned a '''blind eye.''' '''Either way, this is shameful,''' Lewis said. '''It is a disgrace.'''[4] Lewis said it raised further questions about the $700 billion program. "Are they signing contracts knowing that they owe taxes by thinking they will not get caught?" he asked.[6]
Two companies owe over $100 million each. "Are they signing contracts knowing that they owe taxes but thinking they will not get caught? Did then-Secretary Paulson turn a blind eye? Either way, this is shameful. It is a disgrace. The American people are fed up, they are fired up, and they´re not going to take it anymore.[12]
Treasury Secretary Timothy Geithner is already under fire on Capitol Hill for not preventing $165 million in bonuses from being paid to employees at troubled insurance giant AIG. People will ask, said Rep. Artur Davis, D-Ala., why there are "large companies getting taxpayer dollars, making false representations, and we can't even name them, much less make them pay the money back, much less prosecute them."[20] Given the giant hoops that everyday citizens with good credit are being forced into for home loans in the current credit environment, the irony can not be overstated. With $300 billion already spent and more bailouts on the way, the Obama administration must ensure that such naivety and incompetence do not continue in this program nor find their way into the stimulus package's spending. Making sure federal spending is conducted in a proper manner is an integral part of ensuring the fiscal responsibility that President Obama says he wants to impose on the federal coffers. With Mr. Obama traveling the country promoting his budget for next year, and Treasury Secretary Timothy Geithner under attack from all sides for his central role in the AIG bailout, and the Treasury Department seemingly flailing in exercising its duty to taxpayers, we wonder just who will actually do the job.[17] Under the program, which was signed into law by President George W. Bush in October 2008, the U.S. Treasury has doled out more than $300 billion to banks and private companies so far.[5]
Treasury has allocated $300 billion of the TARP money that was authorized by the Bush administration. It is preparing to allocate a second $300 billion by the Obama administration.[8]
AIG is now being heavily criticized for accepting up to $180 billion in government funds and then handing out hefty bonuses. TARP watchdog, Neil Barofsky, told the congressional panel that he plans to launch an audit examining federal monitoring and enforcement of executive compensation restrictions imposed on companies that have received government help such as AIG. Barofsky, TARP's inspector general, said his office will be looking closely to ensure bonuses to AIG employees are consistent with AIG's legal or contractual obligations.[6] The Oversight Subcommittee researched 23 of the top TARP recipients out of the 470 companies that received federal support. Chairman Lewis suggested a complete review of the tax status of these companies might be very revealing.[12]
Press is advised that the names of private companies that owe back taxes cannot be revealed by law, as written in the tax code and by federal law.[12] The issue of companies that owe millions in taxes getting massive amounts of federal help is the latest in a series of issues that have embroiled federal attempts to bail out the economy.[8]
"Absolutely," said Barofsky. If someone lied, he said, "They need to be prosecuted." Davis announced Thursday evening that he would introduce a bill requiring the IRS to certify that companies are current in their federal taxes to qualify for federal bailout money.[20] AIG, which is now 80-percent owned by the U.S. government, lost61.7 billion dollars in the fourth quarter of 2008, the largest corporate loss in history. Having accepted 170 billion dollars in federal bailout money since the financial crisis erupted late last year, the ailing insurer is paying millions of dollars in awards to its executives, triggering public anger across the country.[9] Following hard on the heels of a public and political uproar over $165 million in retention bonuses paid by insurer American International Group Inc., which has received $180 billion in bailout money, the tax debts are sure to bring a fresh wave of condemnation from lawmakers.[4] Lawmakers are racing to write new restrictions on bonus pay after teetering insurance firm AIG revealed that it was paying $165 million in retention bonuses to the same division of the firm that engaged in the risky practices that led to a $180 billion government bailout.[22]
If the American public was not already fed up with the bonuses at AIG and other firms that received Bailout money, maybe they will finally say, in 2010, it is time for a change. Perhaps we should wait to see if Obama, his administration and Congress can talk their way out of this one.[14]
Fed knew of AIG bonuses, failed to tell Obama 2009-03-19 13:28:01 U.S. Federal Reserve officials knew about the controversial AIG bonuses but did not tell Treasury or White House officials for months.[19] Lewis was quick to point out that federal law prevents the panel from revealing which companies are delinquent. He also made it clear that the Treasury Department, though asked to testify before the panel, declined its invitation.[23]
Mr. Lewis did not reveal the names of the companies owing back taxes. 'We can't reveal those names,' said Brenda Jones, Mr. Lewis' spokeswoman.[11] The committee said it could not release the names of the companies that owed the taxes for legal reasons.[10]
The committee said it can't legally release the companies' names, one of which owes nearly $113 million.[24] 13 of the top 23 recipient companies owe back-taxes totaling more than $220 million.[23]
One unidentified company owed $112.75 million in unpaid taxes from 2006 and 2005, according to the subcommittee's research.[6] TheHill.com - 13 bailed-out firms owe $220M in taxes returns style object // given a string containing the id of an object // the function returns the stylesheet of that object // or false if it can't find a stylesheet.[22]
More than $300 billion of TARP funds have been disbursed to financial services institutions including Citigroup ( C.N ), Bank of America ( BAC.N ) and giant insurer American International Group ( AIG.N ).[6] TARP has given out more than $300 billion to companies, and billions more have yet to be paid out.[10]
People will ask, why are there large companies getting taxpayer dollars, making false representations, and we can't even name them, must less make them pay the money back, much less prosecute them. [14] When you or I go to the bank to take out a mortgage to buy a house, we are asked for our tax returns. They´re not going to just take our word for it, and we are not asking for millions of dollars.[12]
SOURCES
1. The Associated Press: 13 firms receiving federal bailout owe back taxes
2. Bailed out firms owe back taxes - Daily Democrat Online
3. Next Scandal: Unpaid Corporate Taxes - News Blog - Daily Brief - Portfolio.com
4. CQ Politics | Bailout Recipients Owe Millions in Unpaid Taxes, Rep. Lewis Says
5. Dollars & Sense blog: Bailout Firms Owe $220 Million In Unpaid Taxes | Dollars & Sense
6. UPDATE 2-Some rescued companies owe U.S. taxes-lawmaker | Deals | Regulatory News | Reuters
7. AFP: US bailout banks owe millions in taxes: lawmakers
8. ABC News: TARP Corps. Owe More Than $220M in Back Taxes
9. 13 U.S. firms receiving bailout owe unpaid taxes_English_Xinhua
10. Lawmaker: Bailed-Out Firms Owe Millions In Taxes : NPR
11. 13 TARP recipients owe $220M-plus in back taxes - InvestmentNews
12. American Chronicle | Chairman John Lewis Reveals Some TARP Firms Owe Back Taxes
13. ToTheCenter - News: 13 Bailout-Backed Firms Owe Back Taxes
14. Watchdog Politics Examiner: Bailed out companies owed millions in back taxes
15. TARP Firms Have Unpaid Tax Bills - The Atlantic Politics Channel
16. The Associated Press: 13 firms receiving federal bailout owe back taxes
17. Washington Times - EDITORIAL: Yet another insult to taxpayers
18. Aid recipients owe taxes | IndyStar.com | The Indianapolis Star
19. Business Report - International
20. The Associated Press: 13 companies getting bailout money owe back taxes
21. NEWS 25 - WEHT: Evansville, Henderson, Owensboro
22. TheHill.com - 13 bailed-out firms owe $220M in taxes
23. The Washington Independent » Lewis: TARP Firms Owe Back Taxes
24. 13 rescued firms owe back taxes - The Denver Post
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