And getting out of billions of dollars in taxes
Citigroup getting out of billions of dollars of taxes as part of repaying TARP funds is appalling and disgusting [“Citigroup’s payback milestone for industry,” News, Dec. 15].
Should someone be going to jail for corruption?
Citigroup gets legislation after they purchase traveler’s insurance, which after the fact legalizes the deal. Through expensive bailouts, Citigroup was kept from failing last year — almost failing because of inept management, lack of prudence in making loans and disregard of risk in making investments.
Special legislation is not enough. Accounting standards have to be weakened so the bank doesn’t appear to be insolvent. Still we go further and the government agrees to forgo billions of dollars in tax.
This situation calls for jail time, not tax breaks.
Meanwhile, I represent clients facing audits by the IRS. Although occasionally my clients’ records aren’t perfect, they may be down on their luck or near the end of their rope. What can I tell them? You’re just a small guy, a peon who has to go with the flow?
My previous strong support for the Obama administration is eroding fast. Corruption is coming out of hiding into the daily headlines.
— Norman H. Roberts, Seattle