THOUGHT FOR THE DAY!

Truth needs no law to support it. Truth is self-evident to all. Truth withstands re-examination. Truth survives questions. Throughout history, from Galileo to Zundel, only lies and liars have resorted to the courts to enforce adherence to dogma." -- Michael Rivero

 

U.S. banking giant moves billions in debt to British division to earn 60-year tax break

Merrill Lynch might not pay any corporation tax for the next 60 years, it emerged today.

The giant American investment bank, which employs thousands in the City, has made losses of $29 billion (£15 billion) for its exposure to the U.S. subprime mortgage crisis.

But it has charged the amount to its British arm, meaning it can offset the losses against corporation tax for decades to come.

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Posted on Aug 15, 2008 at 08:32
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