State Street Global Advisors' [see profile] parent, State Street Corp., is in the news this morning for its tax refund. According to the Boston Globe, State Street Corp. will be getting a federal tax refund of $885 million for 2010. This comes in the wake of losses it suffered during the financial crisis.

The Globe notes that in 2008, State Street paid $1.1 billion in federal taxes. The following year, it paid $75 million, after the firm took a $3.7 billion charge in connection with investments tied to mortgages that dropped in value. And this past December, the company sold $11 billion in mortgage-backed securities.

State Street spokeswoman Arlene Roberts told the pub: "That will eventually entitle us to a refund of taxes."  

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