The Wisconsin Bankers Assocation has put together this honey-enema of a spin piece they say can be used to help influence legislators and other policy makers.
Highly entertaining to the point of making my teeth hurt, it does omit some fairly important information:
- How many Subchapter banks in Wisconsin pay no corporate income tax? (Last count I had was 80.) That’s about a $54 billion a year tax subsidy.
- How many banks that took TARP 2 money used it to pay back the TARP 1 money they took but didn’t use to lend to small business?
- How many banks have converted to a credit union? (WBA thinks credit unions have an unfair advantage since credit unions don’t pay corporate income taxes. Then again, see #1.)
- How much money did WBA give to legislators last session to help pass their “make it easier for a credit union to convert to a bank” legislation and convince the Governor not to veto?
Maybe all this will be covered in the sequel.