13 firms who owe back taxes were recipients of the bailout.
At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.
Rep. John Lewis, chairman of a House subcommittee overseeing the federal bailout, said two firms owe more than $100 million apiece.
Enter Tim Geithner whose job was to oversee this.
Banks and other firms receiving federal money were required to sign contracts stating they had no unpaid taxes, Lewis said. But he said the Treasury Department did not ask them to turn over their tax records.
Here are the top 23 recipients as of the date of that index (late January, 2009). Unless this list has changed drastically in totals recently, half of these companies, according to Rep Lewis, are delinquent in more than $220 million in IRS taxes.
Numbers are in millions:
10/28/2008 Citigroup Inc*** New York $25,000 Completed 10/28/2008 J.P. Morgan Chase & Co New York $25,000 Completed
10/28/2008 Wells Fargo & Co California $25,000 Completed
10/28/2008 Bank of America Corp North Carolina $15,000 Completed
1/9/2009 Bank of America Corporation** North Carolina $10,000 Completed
10/28/2008 Goldman Sachs Group Inc New York $10,000 Completed
10/28/2008 Morgan Stanley New York $10,000 Completed
12/12/2008 The PNC Financial Services Group Inc Pennsylvania $7,579 Completed
11/14/2008 U.S. Bancorp Minnesota $6,599 Completed
11/14/2008 Capital One Virginia $3,555 Completed
11/14/2008 Regions Financial Corp Alabama $3,500 Completed
11/14/2008 SunTrust Banks Inc Georgia $3,500 Completed
12/12/2008 Fifth Third Bancorp Ohio $3,408 Completed
1/9/2009 American Express Company New York NY $3,389 Completed
11/14/2008 BB&T North Carolina $3,134 Completed
10/28/2008 Bank of New York Mellon Corp New York $3,000 Completed
11/14/2008 KeyCorp Ohio $2,500 Completed
12/12/2008 CIT Group Inc. New York $2,330 Completed
11/14/2008 Comerica Texas $2,250 Completed
10/28/2008 State Street Corp Massachusetts $2,000 Completed
11/14/2008 Marshall & Ilsley Corp Wisconsin $1,715 Completed
11/14/2008 Northern Trust Illinois $1,576 Completed
11/14/2008 Zions Bancorporation Utah $1,400
March 20, 2009 at 3:08 am
[...] Mcnorman’s Weblog put an intriguing blog post on $220 Million Owed Taxes By Companies Recieving Bailout MoneyHere’s a quick excerpt13 firms who owe back taxes were recipients of the bailout.At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.Rep. John Lewis, chairman of a House subcommittee overseeing the federal bailout, said two firms owe more than $100 million apiece.Enter Tim Geithner whose job was to oversee this.Banks and other firms receiving federal money were required to sign contracts stating [...]
March 28, 2009 at 2:18 pm
It looks like we have similar ideas on this subject.