Stories related to: Charles Grassley

Nonprofit hospitals are making more money than for-profit hospitals, and that has many critics wondering why they get such sweet tax breaks, the Wall Street Journal reports. Seventy-seven percent of nonprofits are making money, with at least 25 pulling in more than $250 million a year. Many are spending that money on new facilities and executive pay, rather than charity care. More »

The controversial acquisition of Bear Stearns by rival JP Morgan Chase, aided by billions of dollars of government credit, is about to become one of the most scrutinized deals in Wall Street history. Two separate Senate investigations will soon be under way, one by the Banking Committee and another by the Finance Committee, reports the New York Times . More »

Sen. Charles Grassley thinks big-spending pastors of so-called “megachurches” might be abusing their tax-exempt status, NPR reports. Ministers in these stadium-sized churches preach a gospel of wealth, and practice what they preach—driving Rolls Royces, flying in private jets, living in mansions. “Maybe that's not illegal,” the Iowa Republican says, “but it may raise questions about whether it's the right expenditure of money.” More »

If Blackstone and other buyout firms can't kill a proposed bill that would increase their taxes, they'll try for a 10-year delay in enacting it. Under pressure from lobbyists, lawmakers are discussing doubling the proposed 5-year grace period, Bloomberg reports. The legislation, introduced before Blackstone went public in June, has been the target of over $5 million worth of lobbying by private equity firms. More »

John McCain blasted fellow legislators yesterday for contributing to the Minnesota bridge collapse by spending billions of taxpayer dollars on pet projects rather than transportation safety. "Maybe if we had done it right, maybe some of that money would have gone to inspect those bridges and other bridges around the country," he said during a town hall meeting in Iowa. More »

Rejecting populist piety, Chuck Schumer is opposing legislation that would double tax rates for private equity and hedge fund executives, arguing that he’s torn over the measures but contending that they unfairly target an industry critical to his constituency. The New York Times reports the senator, the only Democrat on both committees with jurisdiction, has massive influence on the matter. More »