That reminded me of something the scholar Noam Chomsky said: "It's the same techniques that are used to market toothpaste."
One of the members of MOMCOM evidently purchased the right "tax products", because no taxes needed to be paid after all was said and done:
GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.(CNN, GE: $0 U.S. tax bill). The government back door bailout "tax product" seems to be popular with IRS corporate customers eh?
That left GE (GE, Fortune 500) with no U.S. profit left for Uncle Sam to tax. Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a "tax benefit" of $1.1 billion back into its reported earnings.
GE has always been a mystery to investigative accountants who have compared GE accounting to AIG and Madoff.