Date: 1/15/2015
Law360 quoted Mark D. Allison on the U.S. Tax Court's recent ruling that MoneyGram International Inc. does not qualify as a bank under the Internal Revenue Code. As a result, the company was barred from writing more than $450 million in securities that tanked in the 2008 financial crisis as ordinary losses . For the complete article, please visit Law360's website (subscription required).
Excerpt taken from the article.
"What we used to think of as a bank doesn't exist anymore," Caplin & Drysdale Chtd. member Mark Allison told Law360. "There's been a real bleeding of the definition thanks to various mergers with financial services businesses, and now banks are involved in investment banking, trust services — they're creating conglomerates."
