Lehman Brothers Financial SA (LEHNQ)

[Muff77]

Joe,
yes, You are right with the NOL using. But the example can be arranged differently. Exmaple,
compnay JPMC can generate a profit at each Year about 5 Bil.
NOLs at LBHI are about 55 Bil. So we can say, all LBHI NOLs can be used for anual JPMC profit to anulate tax for 10 years, as the LBHI NOLs are valid untill 2028 Yr.
So regardless the absolute value of the Corporate TAX % is set up, all NOLs can be used if the relevant partner will choose the LHBI regarding that.
And JPMC is example only, but ... why not ?
regards, Martin