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American taxpayers to help Bank of America finance its $4 billion buyout of Countrywide.

News Type: Event — Seeded on Mon Jan 14, 2008 6:23 AM EST
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NEW YORK (Fortune) -- Guess who's helping Bank of America pay for its $4.1 billion purchase of Countrywide Financial? Answer: The taxpayers of the United States.

That's because Bank of America (BAC, Fortune 500), which is solidly profitable, will be able to use some of Countrywide's losses to offset its own taxable income. The tax break could total about half a billion dollars over the first five years...

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