On Dec 8, 2008, at 1:45 PM, Jordan Hayes wrote:
> The way to look at it is that the bank "pays" you to then
> immediately make-good on the loan. It's not a gift, of course; so
> you pay tax on it as income.
It's a bookkeeping gimmick to write bad debt off your books by claiming that you paid someone. It's as phony as my 1099ing you and writing it off my income. And if I did it to you I'd probably be in court pretty quick. I take it back about banks being put in charge. Fuxem.
xx, martin