Friday, March 20, 2009

Does the word 'Consequence' have any meaning?


Out from under the rug:

At least 13 companies receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.[...]

The House Ways and Means subcommittee on oversight discovered the unpaid taxes in a review of tax records from 23 companies 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 the companies owing taxes. It said one recipient of bailout money 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.[...]

Banks and other companies receiving federal money were required to sign contracts stating they had no unpaid taxes. But he said the Treasury Department did not ask them to turn over their tax records.[...]

People will ask, said Rep. Artur Davis, D-Ala., 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."

Good question. Who will pay the bill?

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