We now learn that 13 firms received billions in bailout money, but they owe $220 million in unpaid federal taxes. Two companies owe over $100 million apiece. Here’s the catch: Banks and firms that received federal money were required to sign contracts stating they had no unpaid taxes. The Treasury Department did not ask to see their records.
The reason they found the unpaid taxes is because they were reviewing the records for the top 23 firms that received the most bailout money. There are a total of 470 recipients of bailout money, imagine if they looked at all the companies. Another example of the incompetence of our Treasury Department to go along with the AIG bonuses scandal. This is just a huge revolving door that will not get fixed just by throwing money at the problem. I wonder if an audit will be conducted knowing about this now.
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