Section 382 of the Tax Code was designed to prevent profitable companies from purchasing companies with losses and thereby avoiding tax. No matter how you feel about this, the Treasury usurped its authority in making banks free of section 382. The cost to taxpayers is estimated at $110-150 billion. Perhaps the Treasury should give back $150 Billion of the bailout funds.
Furthermore, Congress is mad, but also scared to reinstate Section 382 for banks, fearing they will be blamed for a Great Depression.
Brad Evans
