It's time to crack down on credit union-bank mergers

Some of the wealthiest and most politically powerful people in Nevada are attempting to take advantage of a loophole in the tax code so their commercial bank will never pay taxes again.

A billionaire casino magnate, the son of former Senate Majority Leader Harry Reid, the editor of a local newspaper, and even a former celebrity athlete enjoy cushy positions on the board of directors of tiny Meadows Bank in Las Vegas. The bank is trying to sell itself to Utah-based America First Credit Union, a $22.5 billion financial behemoth with an ace up its sleeve: exemption from most federal, state, and local taxes.