Tuesday, February 24, 2009

Maybe we'll need that new jail

CBS News Investigative Correspondent Sharyl Attkisson reports.

And guess who's turned up in a new government report about tax havens?

Eleven giant recipients of your bailout tax dollars -
American Express
Bank of America
General Motors
Goldman Sachs
JP Morgan Chase
Merrill Lynch
Morgan Stanley
Wells Fargo

Together they've collected more than $227 billion.

One favorite among the bailout companies is the Cayman Islands. There's no income tax, no corporate tax and no capital gains tax.

Goldman Sachs has 15 subsidiaries there. Bank of America: 59. Citigroup: 90.

But Morgan Stanley beats them all with at least 158

None of the bailout companies CBS contacted would talk, except AIG which told CBS their operations do not "exist solely for tax benefit."

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