Lehman the tax scofflaw
Wow, Lehman Brothers really didn’t like paying taxes.
Back in June, New York City’s tax department filed a $626 million claim for back taxes against the bankrupt investment bank. And now comes New York State with an even bigger $1.2 billion tax claim.
Most of Lehman’s unpaid taxes to the state stem from last year, not surprising given what happened to the firm. But the state lists Lehman as having a $223 million outstanding corporate tax liability from 1999.
The unpaid liability from 1999 is so old that the interest owed to the Empire State actually exceeds the amount in unpaid taxes.
It makes you wonder is other Wall Street are equally as stingy when it comes to paying the taxman.