There was/is a clever scheme to capture the rise in value of capital assets while continue to use and enjoy such assets. These deals could also be structured to create losses. In the near past a number of US federal, state and local government agencies got involved in some of these deals with AIG, which were collateralized. Now that AIG has been rescued from their folly one part of the US federal government will probably be going to administer tax shelters for local government agencies that the IRS deems to be NOT legitimate financial engineering.
Read the silly story here.
Read the silly story here.
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