http://blogs.reuters.com/felix-salmon/2009/08/20/adventures-in-muni-league-tables/ A slice of lime in the soda Sat, 18 May 2013 19:38:33 +0000 hourly 1 http://wordpress.org/?v=3.4.2 http://blogs.reuters.com/felix-salmon/2009/08/20/adventures-in-muni-league-tables/comment-page-1/#comment-5738 Bond Dog Thu, 20 Aug 2009 18:53:11 +0000 http://blogs.reuters.com/felix-salmon/2009/08/20/adventures-in-muni-league-tables/#comment-5738 Not to take anything away from JPM's generous actions, but the stimulus bill enacted in February has a little noticed provision that results in very attractive after tax returns for banks that earn interest on loans or bonds from state and local governments. (It permits banks to earn tax-exempt interest and lose only 20% of the associated interest expense deduction; before the legislation, the disallowance was 100%.) Also, when JPM took over Bear, they got rid of almost everyone from Bear's municipal department. Not to take anything away from JPM’s generous actions, but the stimulus bill enacted in February has a little noticed provision that results in very attractive after tax returns for banks that earn interest on loans or bonds from state and local governments. (It permits banks to earn tax-exempt interest and lose only 20% of the associated interest expense deduction; before the legislation, the disallowance was 100%.) Also, when JPM took over Bear, they got rid of almost everyone from Bear’s municipal department.

]]>