Another goofy government debacle…..
Mortgage-finance company Freddie Mac, a government-controlled entity that owes its survival to about $64 billion in bailouts from the U.S. Treasury Department, files suit against the Internal Revenue Service—an arm of the selfsame Treasury Department that provided the aforementioned $64 billion—over a levy of $3 billion in back taxes. If the suit is successful, American taxpayers (Freddie Mac) won’t have to pay the $3 billion to American taxpayers (the IRS). If not, we will in fact owe ourselves the three large. Either way, someone will be paying Shearman & Sterling, the law firm representing Freddie in the case.
Original Credit: BNET