{"id":194095,"date":"2008-10-24T20:01:00","date_gmt":"2008-10-25T01:01:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/10\/24\/not-enough-bullets-tax-loophole-edition\/"},"modified":"2008-10-24T20:01:00","modified_gmt":"2008-10-25T01:01:00","slug":"not-enough-bullets-tax-loophole-edition","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/10\/24\/not-enough-bullets-tax-loophole-edition\/","title":{"rendered":"Not Enough Bullets: Tax Loophole Edition"},"content":{"rendered":"<p>Well, now we know why Wells Fargo wanted wanted to buy Wachovia, <a href=\"http:\/\/www.fool.com\/investing\/dividends-income\/2008\/10\/21\/why-wells-fargo-really-wanted-wachovia.aspx\">a tax loophole<\/a><\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>The day after Citigroup made its bid, the Treasury changed a tax rule that lets banks accelerate the losses and writedowns on banks they acquire against their own net income, offsetting the charges as tax write-offs.<\/p>\n<p>Wells plans on writing off some $74 billion of Wachovia&#8217;s $498 billion loan portfolio &#8212; an insanely large amount that reflects just how poisoned Wachovia&#8217;s books really were. With the new tax rules, it gets to use all of that $74 billion as a charge against its own net income, which means one thing: Wells Fargo&#8217;s going to be a tax-write-off machine for years to come.<\/p><\/blockquote>\n<p>Not enough bullets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, now we know why Wells Fargo wanted wanted to buy Wachovia, a tax loophole The day after Citigroup made its bid, the Treasury changed a tax rule that lets banks accelerate the losses and writedowns on banks they acquire against their own net income, offsetting the charges as tax write-offs. Wells plans on writing &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,985,983],"tags":[],"class_list":["post-194095","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-regulation","category-taxes"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194095"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=194095"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194095\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=194095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=194095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=194095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}