Tuesday, March 01, 2011

Links Mar 1

US Uncut Hits the Streets The Nation
Feb 26 - The reporting on this weekend's US protests against tax dodging banks, from The Nation, who inspired the US Uncut movement in an earlier article we blogged on US Uncut - it has arrived! And don't forget what may have been the first article on this particular subject, preceding the original, galvanising story in The Nation.

Tax proposals in President Obama's 2012 budget
Citizens for Tax Justice
Mar 1 -
A new report from our friends at CTJ. While the President's budget does include many laudable proposals to raise revenue, these don't come close to offsetting the revenue losses from the tax cuts that he proposes.

Hard to freeze all Gaddafi's assets
ABC News Australia
Mar 1 - Interview with Nick Shaxson, author of Treasure Islands. "It's going to take an awful lot of unwrapping the different levels of secrecy and different jurisdictions and going through the courts in different jurisdictions."

Egypt bans Mubarak from travel, freezes assets Washington Post
Feb 28 - More on how assets are hidden in shell companies and entities incorporated in secrecy jurisdictions: "It isn't sitting all in one account where they can go and freeze it," said Jack D. Smith, a former U.S. banking regulator who is now a law professor at George Washington University. "If you don't get it quickly, stuff that's not frozen disappears. ...The legal process of returning the assets to Egypt could take years."

India: Union Budget 2011: More talk about black money, little will to get the money back
Feb 28 - Following a year of national outrage over scams and the repeated raps from the Supreme Court about being ineffective in dealing with black money, the government decided to devote six paragraphs in the Union Budget text to this issue. But how much will come out of it? According to crusaders against tax evasion, all these talks boil down to zilch.

UBS hires Ex Gates Foundation CFO for Private Bank
Wall Street Journal
Mar 1 - UBS has appointed "the former financial head of the Gates Foundation as chief investment officer of its flagship private bank, one of several prominent hires at the unit and signalling a more assertive tone since the bank halted massive outflows of wealthy client funds." - Interesting to compare and contrast with issues raised, citing the Gates Foundation, in The Hidden Gold in Intellectual Property by Khadija Sharife Pambazuka News Feb 02. The revolving door turns.

On Losses at Central Banks nakedcapitalism
Feb 28 - Central banks
are vulnerable to losses, and just like the banks they mind, may need a rescue by taxpayers if they err badly enough. A very, very stark warning. Hat tip The Cynical Tendency.

Why Tax Law Should be Required of All Law Students ataxingmatter
Feb 27 - "There's nothing that you do that has economic consequences for which tax law isn't relevant. ... Many of the important laws in other fields that we tend to think of as just a part of the common law had their origins in--you guessed it--tax law."

On the Political Power of the Financial Industry Washington's Blog
Feb 28 - On Charles Ferguson, director of Oscar winning Inside Job, stating how "...the financial industry has become so politically powerful that it is able to inhibit the normal process of justice and law enforcement".


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