Wells Fargo Defends SILO Deals
The IRS alleges that Wells Fargo's public infrastructure SILO deals are merely a tax dodge, but the bank says they are legitimate investments
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Why would a major bank want to buy U.S. municipal rail systems or public phone networks in Belgium?
Wells Fargo (WFC), the nation's fourth-largest bank, says it made these unlikely purchases as investments. Among the 26 properties it bought and then rented back to public authorities: commuter trains in California and New Jersey, city buses in Houston, and government phone equipment in Belgium.