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Consumer Group Protests Post-Settlement Tax Breaks

Joe Mont | January 19, 2016

On Jan. 14, Goldman Sachs announced it had reached an agreement in principle with the U.S. Department of Justice to resolve civil claims relating to an investigation into the firm’s mortgage-related activities. Now, a consumer advocacy group is protesting tax laws that will minimize the punitive impact of that $5 billion settlement.

The agreement, yet to be fully finalized, would resolve actual and potential civil claims by the Justice Department, the New York and Illinois Attorneys General, the National Credit Union Administration, and the Federal Home Loan Banks of Chicago and Seattle, relating to the firm’s securitization, underwriting and sale of residential mortgage-backed securities from 2005 to 2007. Subprime mortgage bonds were among the catalysts of the 2008 financial...

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