“S&P agrees to pay $1.37 billion for its role in the mortgage crisis. Good news? Maybe? But half of that will be tax deductible as an ordinary business expense. This will lower their tax bill by $245 million that otherwise would have gone into the public coffers. And they’re hardly the only company to use this loophole.
Wasn’t being torched by Wall Street bad enough as we all lost money, jobs and sometimes our homes in the meltdown? Now we have to subsidize the penalty?
There’s a saying: ‘If you can’t do the time, don’t do the crime.’ I guess on The Street it’s more like: ‘Hand in the till? You’ll never pay the bill.'”