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
Jesse Litvak was ecstatic. It was March 31, 2010, and the mortgage bond trader at Jefferies...
If you thought the potato-salad Kickstarter story was a crazy example of free markets run amok,...
