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MOM RESIGNS

December 10, 2003

Last January, Pamela Olson, Assistant Treasury Secretary for Tax Policy, became the surrogate mother to unruly tax shelter promoters with this pronouncement:

"The IRS knows about the transactions and has done nothing to shut them down so obviously things are copacetic, right? Wrong. We can argue about whether promoters should have known the difference between approval and neglect. But, many did not understand that – or they chose to believe otherwise – and so tax practice deteriorated without adult supervision.

"Well, folks, the parents have arrived at the party."

The Treasury announced Ms. Olson's resignation today. The resignation will take effect on the completion of the pending budget.

With the earlier resignation of the apparent father, B. John Williams, foster care arrangements for the tax shelter promoters are pending.

Ms. Olson holds three degrees from the University of Minnesota, which may be more than the Gopher men's basketball team earned during the 1990s.

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