The federal government quietly agreed to forgo billions of dollars in potential tax payments from Citigroup as part of the deal announced this week to wean the company from the massive taxpayer bailout that helped it survive the financial crisis.Here's the link to the entire article from the WashPo: Obama's "change" in action
The Internal Revenue Service on Friday issued an exception to long-standing tax rules for the benefit of Citigroup and a few other companies partially owned by the government. As a result, Citigroup will be allowed to retain billions of dollars worth of tax breaks that otherwise would decline in value when the government sells its stake to private investors.
Just when you thought Obama's charity to the banking industry couldn't get any worse, he goes and hands Citigroup $38 billion. Oh don't worry, Barack, I'm sure every single public school district in the country, each faced with many millions in tax cuts, won't miss that tax revenue. We'll just cut more teachers and close more schools so you can make sure the corrupt Vic Pandit and his band of merry bankers at Citigroup can pay themselves huge bonuses.
Barack, I hope you really enjoy your brief four years in the Oval Office. And just like Clinton, I hope you turn your tenure as President into massive wealth. But if elections were held today, judging from the polls, I think you would lose even to Sarah Palin. I can't think of any fate more pathetic than that.