The 49 State Attorney General Foreclosure Screwjob- IT’S EVEN WORSE THAN REPORTED!
There should be no shortage of press reporting on just how bad these bank settlements are. The banks stole hundreds of billions, the headlines report they’ll be penalized “up to” a few billion, but the reality is their true cost is far less than the delusional headlines.
Here’s the latest and what may be one of the most offensive aspects of the settlements:
If a homeowner gets principal reduction on a second home, he may owe income taxes on that forgiveness. On the other hand…..
THE BANKS WILL GET TO WRITE THE ENTIRETY OF THE SETTLEMENT PROCEEDS OFF AS OPERATING EXPENSES!
That’s right suckers…while the taxpayer will pay tax penalties for the “relief” provided, the criminal enterprises that accepted such sweetheart deals have in fact engineered deals that just get sweeter for them all the time!
Was this added bonus tax boodoggle known to the attorneys general that signed off on this offense to the American people or did they get bamboozled? Either way The People get shafted once again
There can be no more clear example of the undeniable proof that the government in this United States serves the interests of the corporations than these three horrendous bank bailouts.
But perhaps even more disturbing is just how low the press in this country has sunk, reporting only the bullet point headlines on press releases fed to them, rather than actually doing real reporting.