Tax day is nigh upon us. The occasion got me thinking about that SEC investigation into the allegedly screwy tax havens used by Sam and Charles Wyly. Seems that story has gone quiet lately, no? Which is surprising, given that just about a month ago, when Sen. Carl Levin introduced the Stop Tax Haven Abuse Act, he spent a good bit of time going over the Wylys’ tricky financial maneuvers. And here is where I am duty-bound to say: IJS.
4 comments
No one knows the status of an SEC investigation until it is completed and action is taken (indictments, fines) or it is just dropped.
The Stop Tax Haven Abuse Act may be tough to get passed since most hedge funds have an “offshore” presence and secret ownership. It is hard to estimate how many government officials are invested in offshore hedgefunds. The hedgefund industry historically has backed the democrat party by about a 2 to 1 margin.
Major law firms make millions in fees helping their clients take advantage of the “offshore opportunities.” Vinson & Elkins was a major source of legal advice for Enron with all of its offshore partnerships and currently represents hedge funds as well. This is the same law firm that includes Kay Bailey Hutchison’s husband and Ron Kirk as current or former attorneys.
The best way to end screwy tax haven abuse is to get rid of the current tax structure which allows for it and adopt the fair tax which would tax spending – hard to evade.
Well, Tim, you are alive! Not so much this blog, eh. It has gotten B-O-R-I-N-G — DallasDirt, too. It’s like the company has you on meds or something. Very Stepford. As for that Twitter twootter stuff, you can have it. Why don’t you go break some stories?This is an OK start.
It’s no Adam. No Adam, no fun. Many fewer posts. Going down the toobs says I.
I’m all for a fair tax. But that would put the Kirks and Hutchisons of this world out of work screwing us. And what fun would that be?