The financial bamboozle continues. According to The New York Daily News, six New York banks that received bailout money, also received $550 million in city tax breaks over the last two decades.
The banks received over a half-a-billion dollars in tax breaks under the stipulation that they would keep jobs in the city. However, a watchdog group that attempted to determine whether or not AIG, Merrill Lynch, Citigroup, Bear Stearns, Bank of America, and JP Morgan Chase complied with the agreement found it difficult to find evidence that they did. The group is demanding that the city release the details of the deal so they can make a definite determination.
[SIDEBAR: Corporate welfare=The Bailout before it was called The Bailout.]