Senators Concerned Firms May Avoid Paying
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Three senators concerned that Wall Street firms may avoid much of a $1.5-billion regulatory settlement through tax deductions and insurance policies have complained to new Securities and Exchange Commission Chairman William Donaldson.
Sens. Charles E. Grassley (R-Iowa), John McCain (R-Ariz.) and Max Baucus (D-Mont.) wrote in a letter that Congress had pressed hard for real change at the SEC and in corporate boardrooms.
It would be unacceptable if American taxpayers were left to pick up much of the tab for the settlement, they said.
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