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It's always the best and the worst of times...for some
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When Wall Street drove the American economy into a ditch, the federal government stepped in to help companies that were deemed "too big to fail." Regardless of the complicated, reckless schemes that seemed destined to collapse, the corporate heads kept their stock bonuses. How could these companies recover, after all, if the excessive salary and bonus system was denied the "best" talent?

As for the companies, they enjoyed the luxury of putting off their tax obligations. Now, after TARP money and stimulus money has been spread around and profits for banks and investment companies are headed back through the roof (along with salaries and bonuses) those companies are using the tough times to avoid paying taxes.

A few weeks ago, it became public that GE had made $5.2 billion in domestic profits, but paid no tax. Similar stories about other companies followed.

Today, the Boston Globe is reporting that State Street Bank used accounting strategies to get a $885 million tax refund only two years after getting a $2 billion taxpayer funded bailout. That's an $885 million REFUND in a year when their CEO, Jay Hooley, was paid $12.9 million.

So when they were in trouble, State Street got taxpayer money and paid no tax. Now that they're doing well, they claim past losses and pay no tax. Nice system, huh?

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