A Public Accountability Initiative report, prepared for National People’s Action
by Matthew Skomarovsky and Kevin Connor
March 2011
National People's Action (NPA) is a network of community power organizations from
across the country that work to advance a national economic and racial justice agenda.
NPA has over 200 organizers working to unite everyday people in cities, towns, and rural
communities throughout the United States. For 38 years NPA has been a leader in the
fight to hold banks accountable to the communities in which they serve and profit.
Public Accountability Initiative (PAI) is a non-profit, non-partisan watchdog
organization focused on corporate and government accountability. PAI’s mission is to
facilitate and produce investigative research that supports citizen-led accountability efforts.
PAI's hardhitting research reports on topics such as wasteful government subsidies,
corporate lobbying efforts, conflicts of interest, and Wall Street fraud have been cited by
the New York Times, the Wall Street Journal, and numerous other media outlets.
Table of Contents
Executive Summary ……………………………………………….4
Big Bank Speculation & Budget Shortfalls ……………………….... 6
Big Bank Income Tax Avoidance ………………………………….. 9
Assisting Tax Dodgers ……………………………………………..17
Other Wall Street Tax Breaks – and Revenue Sources ……………...18
Appendix …………………………………………………………..20
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