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Special Report: Wall Street cleans up on 'clean' coal subsidies


By Tim McLaughlin(Reuters) - Earlier this year, the chief financial officer of global insurance giant Arthur J. Gallagher & Co. explained to analysts how the company had turned a little-known U.S. energy subsidy into a profit machine, worth hundreds of millions of dollars to its bottom line.The money came from the U.S. "clean coal" tax credit, a provision of the American Jobs Act of 2004 meant to encourage the use of chemically treated coal to cut pollution in the nation's power plants. To capitalize on the subsidy, A.J. Gallagher arranged investor partnerships to produce vast quantities of ...

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First Published: Tue, December 04 2018. 18:04 IST