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Carl
April 17th, 2009, 07:42 AM
One wonders if Phil Gramm has been made just a tad nervous by the news on Tuesday that one of UBS's super-wealthy private clients has pleaded guilty to tax evasion. That's the second case in two weeks involving the bank at which the former senator is a vice chairman, and 100 other clients are under investigation for possible bank-assisted tax fraud.

http://www.thenation.com/doc/20090427/scheer/print?rel=nofollow



about time they go after the crooked corporations.:thumbup:
HDRoberts
April 17th, 2009, 09:22 AM
Nice article.

So a few Obama nominees get crucified for stupid yet honest tax mistakes they paid up on, but so far the "liberal" mainstream media is not reporting that this former Senator and McCain advisory helped the wealth shelter their earnings overseas to avoid taxes.

More evidence we need more regulation, too. This was the guy that deregulated things so much before. The fox was guarding the hen house.
Carl
April 17th, 2009, 12:13 PM
Nice article.

So a few Obama nominees get crucified for stupid yet honest tax mistakes they paid up on, but so far the "liberal" mainstream media is not reporting that this former Senator and McCain advisory helped the wealth shelter their earnings overseas to avoid taxes.

More evidence we need more regulation, too. This was the guy that deregulated things so much before. The fox was guarding the hen house.

:thumbup::thumbup:
froggigger
April 18th, 2009, 08:55 AM
Nice article.

So a few Obama nominees get crucified for stupid yet honest tax mistakes they paid up on, but so far the "liberal" mainstream media is not reporting that this former Senator and McCain advisory helped the wealth shelter their earnings overseas to avoid taxes.

More evidence we need more regulation, too. This was the guy that deregulated things so much before. The fox was guarding the hen house.

What was deregulated and what effect did it have?
HDRoberts
April 20th, 2009, 08:11 AM
What was deregulated and what effect did it have?

Some examples:
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

The first one specifically deregulated the security-based swaps that were at the heart of the banking crisis.

The second was what allowed Enron to happen.
froggigger
April 20th, 2009, 10:01 PM
Some examples:
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

The first one specifically deregulated the security-based swaps that were at the heart of the banking crisis.

The second was what allowed Enron to happen.

G-L-B was indeed a deregulation. The problem is that it can't work in a heavily regulated environment. It only makes sense in a world with a gold standard, 100% reserve banking, and no FDIC. It was corporate welfare that the taxpayer ultimately pays for. However, keep in mind that the unregulated credit default swap market did not fail. Players in the market made bad decisions and failed, the way the free market is supposed to work. Bet that response surprised you. :)

The CFMA was a deregulation/regulation. Enron goes much, MUCH deeper than that. It would take a novel. :)