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Stupidest Lawsuit Ever Has Us Suing Ourselves: Jonathan Weil

By Implode-Explode Heavy Industries

``In July the Internal Revenue Service told Freddie Mac, the congressionally chartered housing financier, that it owed $3 billion of back taxes and penalties for the years 1998 through 2005. Rather than pay up, the McLean, Virginia-based company sued the IRS on Oct. 22 in U.S. Tax Court to contest its claims... Here we have a government-sponsored enterprise -- which depends on Treasury?s financial support to remain solvent -- suing an arm of the Treasury Department... The details of the tax dispute are beside the point. No matter how the case turns out, the result more or less should wind up being a wash for taxpayers. The only people who stand to make money from the litigation are Freddie Mac?s outside attorneys at Shearman & Sterling. ''

Full post as published by Mortgage Lender Implode-o-Meter on November 13, 2010 (boomark / email).