13 Bailed-Out Banks Owe Back Taxes

At least 13 of the firms that got billions of dollars from the federal government owe back taxes, and their tab exceeds $220 million, Rep. John Lewis said today. What's more, that could be just the tip of the iceberg, the AP reports. The House Ways and Means subcommittee, which Lewis chairs, made the discovery by examining the tax records of just 23 bailout recipients. “If we looked at all 470 recipients, how much would they owe?” Lewis said.

“This is shameful. It is a disgrace,” the Georgia Democrat said. “We are going to get to the bottom of what is going on here.” He declined to name which 13 firms he’d ferreted out. TARP recipients were forced to sign documents saying they had no unpaid taxes, but the Treasury never asked for their tax records. (More TARP stories.)