House Ways and Means
Is Fed playing politics with pay. Outrage over the lavish compensation that Wall Street has awarded itself for doing a crummy job is likely to increase the focus and burdens on the people who set and monitor how pay is doled out: corporate directors. The IRS was investigating 167 “criminal schemes” involving the credit, according to the House Ways and Means oversight subcommittee, the paper said. Lawmakers have expressed concern that significant number of home mortgage loan quote claims might turn out to be fraudulent, the paper said. The $8,000 tax credit for first-time home buyers under the American Recovery and Reinvestment Act was passed in February to help prod the U.S. Internal Revenue Service is probing more than 100,000 doubtful claims of a tax credit meant for first-time home buyers, the Wall Street Journal reported on its website on Tuesday.
