3 ms·

Wasn't like 7 bn of that tax-deductible?

• cma 13y ago
  They paid taxes on the ill-gotten gains, so when the gains are taken away in a judgement, there is no need to pay whatever weird quasi-reverse taxes you are thinking of. If the judgment isn't enough after a tax deduction, then just up the judgement. Don't complicate the tax code even further making it start taxing losses. (One fair point might be if they paid capital-gains rates or foreign taxes in Ireland or something on the gains from shorting Madoff and yet could deduct the judgment from full US taxes. I don't think that was the case.)
• awda 13y ago
  Tax deductible doesn't mean they save $7 bn.