The financial world was fixated on Capitol Hill as Congress battled over the Bush administration's request for a $700 billion bailout of the banking industry. In the midst of this late-September drama, the Treasury Department issued a five-sentence notice that attracted almost no public attention.
But corporate tax lawyers quickly realized the enormous implications of the document: Administration officials had just given American banks a windfall of as much as $140 billion.
A Quiet Windfall For U.S. Banks
The income gap between the richest 1 percent and the rest of America widened to a...
For the first time, more than half of U.S. public school students live in low-income households,...
