Mark Allison Comments on MoneyGram Bank Ruling Will Keep Financial Cos. On Alert
Law360 quoted Mark D. Allison on the U.S. Tax Court's recent ruling that MoneyGram International Inc. does not qualify as a bank under the Internal Revenue Code. As a result, the company was barred from writing more than $450 million in securities that tanked in the 2008 financial crisis as ordinary losses . For the complete article, please visit Law360's website (subscription required).
Excerpt taken from the article.
"What we used to think of as a bank doesn't exist anymore," Caplin & Drysdale Chtd. member Mark Allison told Law360. "There's been a real bleeding of the definition thanks to various mergers with financial services businesses, and now banks are involved in investment banking, trust services — they're creating conglomerates."
- Senior Counsel