Another fire for Geitner ? Obamas Smartest man

[Dolphin]

13 firms receiving federal bailout owe back taxes
By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer 30 mins ago

WASHINGTON – 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.

"This is shameful. It is a disgrace," said Lewis, D-Ga. "We are going to get to the bottom of what is going on here."

The House Ways and Means subcommittee on oversight discovered the unpaid taxes in a review of tax records from 23 of the firms receiving the most money, Lewis said as he opened a hearing on the issue.

The committee said it could not legally release the names of those companies owing taxes. It said one recipient had almost $113 million in unpaid federal income taxes from 2005 and 2006. A second recipient owed almost $102 million dating to before 2004. Another was behind $1.1 million in federal income taxes and $223,000 in federal employment taxes.

"If we looked at all 470 recipients, how much would they owe?" Lewis asked.

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.

Neil Barofsky, special inspector general for the Troubled Asset Relief Program, told the hearing that if an executive signed a contract knowing that information about unpaid taxes was false, "that would potentially be a crime." He said his office will look to see if crimes were committed.

People will ask, said Rep. Artur Davis, D-Tenn., why there are "large companies getting taxpayer dollars, making false representations, and we can't even name them, much less make them pay the money back, much less prosecute them."

Davis continued: "Will they get their day on a billboard, hopefully?"

"Absolutely," said Barofsky. If someone lied, he said. "They need to be prosecuted."

The revelation is sure to spark outrage on Capitol Hill, where the House is expected to vote Thursday on a bill that would impose steep taxes on employee bonuses at firms that have received bailout money.

To date, the Troubled Asset Relief Program, or TARP, has paid out more than $300 billion to private companies, with billions more on the way.

Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.
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[Dolphin]

Now after the 1st. 6 Months in Office ALL white house activities have come to an end. All of Obama's appointees have been released and so many committees and sub committees have been activated to find out How All of this happened ? Whom can we blame and How can We punish the Evil bastards

[katie]

And the plot thickens..... there will be alot of dirt coming out now, nobody wants their "buck" to stop with them!!!

One good way to look at it, at least now the subject of the "white house dog" is left out of the daily frikin news, this is what our media should have been reporting on before he even got there! And to top that off, did anyone see the the danged circus around "octo-mom" coming home with 2 babies??? There's something newsworthy....

[$parechange]

They said they would investigate to see if any crime was commited! I guess one way to find out is not pay YOUR taxes this year. I am sure you will be able to answer this question in just a few months. This just keeps getting worse. Somebody call Ralph Nader, may he can help, better yet ask Ross Paroe (probably spelled that wrong)

[KYCanuck]

One word.......Transparency! Ooooops did I say that out loud?!?!

[Dolphin]

http://krugman.blogs.nytimes.com/2009/0 ... 2#comments