Paulson’s $140 Billion Surprise

Paulson’s $140 Billion Surprise

Henry Paulson rewrote a piece of the tax code to expedite mergers. Will Tim Geithner and the Democrats attempt to correct the wrong?

Copy Link
Facebook
X (Twitter)
Bluesky
Pocket
Email

While the Congress debated the terms and conditions for the Wall Street bailout, Secretary of Treasury Henry Paulson included a $140 billion tax break for banks in the package without oversight. The legality of the move is now questioned as Senator Bernie Sanders, (I), Vermont and Representative Lloyd Doggett, (D), Texas propose overturning the loophole. In the meantime, golden parachutes for top executives in banks bailed out by taxpayers have totaled $98 billion.

Gabriela Resto-Montero

Check out more great Nation videos on our YouTube channel.

Become a Sustaining Donor This September

Between the reemergence of right-wing red-baiting and Donald Trump’s use of the chilling National Security Presidential Memorandum–7 to criminalize left political organizing, we’re seeing McCarthyism reborn before our eyes.

This assault on democracy cannot be ignored or wished away. Resisting it requires bravery in the face of threats and repression, a steadfast commitment to the truth, and the unwavering belief that we can—and will—overcome this darkness.

We must have an independent media that sets the record straight, unearths corruption and abuses of power, and advances a politics of justice and dignity for all if we’re to win this fight.

That’s why I’m writing to you today. This September, The Nation needs to add 100 monthly donors to sustain our progressive journalism. Your contribution makes the next investigative report, the next truth-speaking column, and the next pathbreaking essay all possible. 

I hope you’ll support our work with a recurring donation today. If you donate $10 or more a month, we’ll send you a brand new “Hands Off the Free Press!” sticker to recognise your commitment to our cause. Please, donate today. 

Onward,

Katrina vanden Heuvel
Editor and Publisher, The Nation

Ad Policy
x