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Bank of America (BAC) aims to please regulators and get a tax break by moving more than $50B of...
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Monday, January 28, 9:09 AM ETBank of America (BAC) aims to please regulators and get a tax break by moving more than $50B of derivatives business out of Dublin and into its U.K. subsidiary. The Irish don't want the business, the British want to keep it under a closer eye, and BofA's U.K. unit is sitting on $8B in tax-deferred assets which it will now be able to monetize.
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As for getting shot of BAC, well, the company is worth more than Ireland, so it seems like a good move, given that the government over there have little to no control over it all!