Merrill Lynch might not pay any corporation tax for the next 60 years, it emerged today.
The giant American investment bank, which employs thousands in the City, has made losses of $29 billion (£15 billion) for its exposure to the U.S. subprime mortgage crisis.
But it has charged the amount to its British arm, meaning it can offset the losses against corporation tax for decades to come.

American Scofflaw
The old Soviet Union took it upon itself to control the economy in such a fashion. The end result was that the ordinary citizen, made aware that the economy was no longer connected to how much or how little they worked, worked as little as they could get away with. The nation as a whole became dispirited, and the government collapsed.