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Thread: 13 firms receiving federal bailout owe back taxes

  1. #1
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    13 firms receiving federal bailout owe back taxes

    Treasury Secretary Timothy Geithner needs to go...he clearly is not willing to scrutinize anyone!

    This from Yahoo.....

    WASHINGTON – At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.

    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. But he said the Treasury Department did not ask them to turn over their tax records.
    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."

    Davis continued: "Will they get their day on a billboard, hopefully?"

    "Absolutely," said Barofsky. If someone lied, he said. "They need to be prosecuted."

    The 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.

    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.

    13 firms receiving federal bailout owe back taxes
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    Delicious Digg Facebook Fark Newsvine Reddit StumbleUpon Technorati Yahoo! Bookmarks Print By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer – 37 mins ago
    Featured Topics: Barack Obama Presidential Transition Play Video CNBC – How to Qualify for Bailout Cash
    Play Video Video:Congress Wants Names In AIG Bonus Flap CBS 5 San Francisco Play Video Video:AIG boss grilled over bonuses BBC AP – United States Attorney General Eric Holder, left, shares a moment with Rep. John Lewis, D-Ga., prior … WASHINGTON – At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.

    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. But he said the Treasury Department did not ask them to turn over their tax records.

    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."

    Davis continued: "Will they get their day on a billboard, hopefully?"

    "Absolutely," said Barofsky. If someone lied, he said. "They need to be prosecuted."

    The 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.

    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.

    13 firms receiving federal bailout owe back taxes
    Buzz Up Send
    Email IM Share
    Delicious Digg Facebook Fark Newsvine Reddit StumbleUpon Technorati Yahoo! Bookmarks Print By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer – 37 mins ago
    Featured Topics: Barack Obama Presidential Transition Play Video CNBC – How to Qualify for Bailout Cash
    Play Video Video:Congress Wants Names In AIG Bonus Flap CBS 5 San Francisco Play Video Video:AIG boss grilled over bonuses BBC AP – United States Attorney General Eric Holder, left, shares a moment with Rep. John Lewis, D-Ga., prior … WASHINGTON – At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.

    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. But he said the Treasury Department did not ask them to turn over their tax records.

    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."

    Davis continued: "Will they get their day on a billboard, hopefully?"

    "Absolutely," said Barofsky. If someone lied, he said. "They need to be prosecuted."

    The 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.

    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.

  2. #2
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    So the DEM's RUSHED to pass these payout bills and didn't even know what they were getting into? Great leadership!

    Tim Geithner has been a failure for the last 12 years, he should be fired and deported!
    "I know you guys enjoy reading my stuff because it all makes sense. "

    Dumbest post ever! Thanks for the laugh PO!

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    Quote Originally Posted by Dougles View Post
    So the DEM's RUSHED to pass these payout bills and didn't even know what they were getting into? Great leadership!

    Tim Geithner has been a failure for the last 12 years, he should be fired and deported!
    The key word here is "rushed." That's what happens when you're in a crisis. Bush rushed through the original bailouts as well.

    But I totally agree with you about Geithner. He should never have been appointed and he should either resign or be fired. Don't know about being deported, though. How about just tarred and feathered?

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    Ooh this is going to open up an new world. First the political leaders and now top, top notch executives. I am certain there will be some stiff income tax auditing procedures for the elite starting now. This could means billions for the government to recover.

  5. #5
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    All I have to say about this, is someone, pissed off some one else ROYALLY over SOMETHING.

    Just another stupid diversion.
    Willful ignorance is the downfall of every major empire in history.

    "Political power grows out of the barrel of a gun." - Mao, 1938

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    Member DR_GONZO's Avatar
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    The billions of dollars used to bribe elected officials, they like to call it lobbying, through out the 1990's to present, persuaded these corporate whore servants to dismantle the checks and balances held in place to keep these institutions somewhat on the level. Once the influence changed and removed all the barriers, greed and corruption sold out the people of this country. Both parties are filth!

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    Member sharky's Avatar
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    what do you expect? many of obama's appointments, including Geithner, are tax cheats
    Vote for freedom, not political parties.
    Politicians need to cut spending

  8. #8
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    Id say most politicians are tax cheats.
    Willful ignorance is the downfall of every major empire in history.

    "Political power grows out of the barrel of a gun." - Mao, 1938

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