Gretchen Morgenson: Paying the Price in Settlements, but Often Deducting It

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Gretchen Morgenson: Paying the Price in Settlements, but Often Deducting It

Gretchen Morgenson: Paying the Price in Settlements, but Often Deducting It

NYT-

THE numbers seem eye-popping. So many billions here for supposed mortgage abuses, so many billions there for questionable foreclosures.

But there’s more than meets the eye to the big legal settlements you’ve been reading about involving some of the nation’s biggest banks.

Actually, there’s less than meets the eye.

The dollar signs are big, but they aren’t as big as they look, at least for the banks. That’s because some or all of these payments will probably be tax-deductible. The banks can claim them as business expenses. Taxpayers, therefore, will likely lighten the banks’ loads.

[NEW YORK TIMES]

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2 Responses to “Gretchen Morgenson: Paying the Price in Settlements, but Often Deducting It”

  1. Sarah says:

    What billions Gretch? This isn’t some small business that’s being driven into financial ruin for “supposed” crimes by heavy fines. The crimes weren’t “supposed”, and if your sleepy readers were given a better idea of where these wrist slaps were actually accounted for that might just spark more much needed outrage. We desperately need an alternative media to smother soft propaganda from the corporate press.

  2. Charles Reed says:

    Sarah, great point! Until the rest of America understand the full damage done and how and what billion it cost the taxpayer not even including the homeowners, people would be more outraged over this matter.

    The 654,000 loan are Federal Government insured loans and all had government insurance on the loans. However we know banks illegally caused the foreclosures, so were is the False Claims charges? It not like there is not a Whistle-blower claim out there for exactly this!

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