Bill Would Tax Banks That Sue Agencies ; Menendez: Nj Transit May Be at Risk
The Record, Bergen County, NJ › July 20, 2009
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Summary
The struggling banking industry should be deterred from using technicalities in contracts with public agencies as a way to collect financial windfalls, U.S. Sen. Bob Menendez, D-N.J., said Tuesday.
Legislation that Menendez plans to introduce today would levy a 100 percent excise tax on banks that sue public agencies and try to collect what could be hundreds of millions of dollars.See the full content of this document
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Bill Would Tax Banks That Sue Agencies ; Menendez: Nj Transit May Be at Risk
NJ Transit, for instance, was accused of technically defaulting on equipment contracts that could cost the agency up to...
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