GM’s $45 billion tax break violated the law, according to a new law article:
Treasury solved this problem by issuing a series of “Notices” in which it announced that the law did not apply. . . The Treasury had no legal or economic justification for these Notices, which applied to Citigroup and AIG as well as to GM. Nonetheless, the Notices largely escaped public attention, though they had the potential to transfer significant wealth to loyal supporters (the UAW). That it could do so illustrates the risk involved in this manipulation.
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