"A Quiet Windfall For U.S. Banks: With Attention on Bailout Debate, Treasury Made Change to Tax Policy," by Amit R. Paley. Washington Post. November 10, 2008. Page A01.
It's just like after September 11. Back then no one wanted to be seen as not patriotic, and now no one wants to be seen as not doing all they can to save the financial system," said Lee A. Sheppard, a tax attorney who is a contributing editor at the trade publication Tax Analysts. "We're left now with congressional Democrats that have spines like overcooked spaghetti. So who is going to stop the Treasury secretary from doing whatever he wants?
Henry Paulson issued an illegal tax guidance via the IRS overthrowing a 22-year-old law preventing banks from swallowing the losses of other banks to use as tax write-offs.