Miers headed the law firm during much of the 1990s.
During that time and while she was co-managing partner of the firm, Locke Liddell issued opinion letters - rather sold an average of $1.8 million annually in opinion letters - between 1999 and 2001.
The tax shelters involved "washing" income through short-term business partnerships. These partnerships could then be written off as losses. Created by Ernst and Young in 1998, the "Contingent Deferred Swap" tax shelters were investigated by the Internal Revenue Service, which determined them to be abusive in 2002. Ernst and Young used Miers' law firm to sell legal opinion letters to their clients indicating that the tax shelters "should be" upheld in court. Miers' firm was paid $50,000 or $75,000 for each letter.
What did she know and when did she know it? Did Bush really want Miers, his personal, Rightwing religious pick for Supreme Court justice, to have to deal with this controversy during her confirmation hearings?
How would it look if Bush was appointing Miers, an apparent advocate of tax scams for big businesses, to the highest court in the nation?
Hmmmmmmm. "Maybe she wasn't the best pick afterall," Bush might have been thinking Wednesday evening.
Miers, whom Bush inaccurately had billed as one of the greatest woman lawyers EVER, withdrawing voluntarily because "all the pressure was just gonna too much for lil' ole me?"
Somehow I doubt it.