13 banks/ insurance firms that got federal bailout funds owe the federal government $220 million in unpaid back taxes.
Banks and other firms were required to sign paperwork stating that they did not owe back taxes. Firms were not allowed bailout funds if they owed back taxes. Well, those 13 firms signed the forms and the pathetic failure called the Obama administrations did NOT check to see if these firms owed taxes before handing out the money. Once again, they wrote a blank check.
The 13 firms were found when a U.S. House committee recently reviewed a handful of bailed out banks tax records. Most of the bailed out firms have not yet had their tax records examined and dozens more firms are expected to owe back taxes.