The assertion of privilege here has to do with the absolutely necessary action that any President, any head of the executive branch must take in order to preserve the capacity of the executive branch to engage in internal deliberations, both now and in the future, for every administration going forward, for every President of either party, of some party in the future.

WHITEHOUSE: Press Briefing

Tax-exempt social-welfare groups organized under section 501(c)(4) of the Internal Revenue Code are allowed to engage in some political activity, but the primary focus of their efforts must remain promoting social welfare.

WSJ: Wider Problems Found at IRS

Analysts have said that a big merger could help HSBC remove costs and boost revenue, and it has a window of opportunity now while rivals are constrained from big deals: Two weeks ago, Federal Reserve told Citigroup it could not engage in major acquisitions until it got a better handle on its internal controls.

FORBES: HSBC's I-Banking Bet