Yearly Archives: 2013

Credit Union: Bitcoin’s New Best Friends?

"The Internet Archive Federal Credit Union would like to help both the people who are setting up bitcoin exchanges and those who want to do business with them, navigating them through the regulatory landscape by setting up accounts that follow know-your-customer laws. Modell would also like to work to set up low-cost, overnight transfers between bitcoin exchanges and the bank accounts of their customers. This would be a much cheaper alternative to wire transfers, which can cost more than forty dollars each. Finally, Modell says the credit union may extend credit lines up to $5000 to individuals that are investing in bitcoin through these exchanges." Continue reading →

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Invest Like a Euro Zone Refugee

"The world is now witnessing a new refugee movement … but it’s not happening where you might think. These new refugees are not fleeing a war-torn province, or trying to escape from under the boot of a tyrant. They don’t need government aid. And they aren’t physically leaving their homes… Rather, these refugees are Italians, and they are fleeing their banks and their economy. Valter Badariotti, a banker with two small children, is one of the euro zone refugees. So is filmmaker Franco Fracassi. Both are worried about Italy’s economic deterioration and political morass. Sound familiar? It should … because it’s not far from what’s happening in the U.S." Continue reading →

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Nigel Farage Bashes Tax-Advantaged Hypocritical European Politicians

"If we look at the EU officials who work for the European Commission and the European Parliament, the highest category [the most common grade is AD12] are people that earn a net take home pay of just over 100 thousand pounds a year. And yet under EU rules they pay tax of 12 per cent. It is tax fraud on an absolutely massive scale. And Mr Barroso I would say to you, how can that be deemed to be fair? How can people out there struggling - the 16 million people unemployed in the eurozone - how can they look at these institutions, not only paying people vast sums of money but allowing them tax and pension benefits on a scale not seen anywhere else in the world?" Continue reading →

Continue ReadingNigel Farage Bashes Tax-Advantaged Hypocritical European Politicians

Austria Turns Rat Fink

"Europe moved closer to ending banking secrecy on Wednesday after Austria dropped objections to sharing data on foreign depositors and the EU focused on negotiating a similar agreement with Switzerland. 'It's a bad day for tax cheats,' Austrian Chancellor Werner Faymann told reporters at a meeting of EU leaders to discuss fighting tax fraud. 'We will act jointly and I believe we will manage the exchange of data by the end of the year.' Luxembourg and Austria had not wanted to reveal the names of account holders to other countries and instead allow banks to withhold tax, but under pressure from their European partners both have now agreed to." Continue reading →

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US Department of Treasury Targets Bitcoin Poker Sites

"In March, FinCEN exercised its power under the Bank Secrecy Act to clarify its position on convertible virtual currencies. The clarification means bitcoin poker sites that accept US players could find themselves in hot water if they facilitate the transfer of convertible virtual currency, which occurs whenever a player gains from or loses to another bitcoin poker player. Regardless of where they are based, bitcoin poker rooms could face prosecution under 18 USC 1960 (prohibition of unlicensed money transmitting businesses). The legislation was originally written to combat money laundering, but the clarification by FinCEN brings bitcoin services within its scope." Continue reading →

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Swiss banks face massive fines over Americans’ untaxed bank accounts

"Swiss banks holding US citizens’ funds that are not declared to American tax authorities are set to have to pay a massive fine, under a deal between Switzerland and Washington, a newspaper reported Wednesday. The Swiss daily Neue Zuercher Zeitung, quoting sources familiar with the talks, said that the fine could reach 40 percent of the funds in question. Swiss media have reported that under a compromise hammered out by negotiators, the 300 banks in Switzerland would be classed according to their level of alleged complicity in tax evasion. The dozen banks seen as the main perpetrators would reportedly be forced to make a case-by-case deal with the United States." Continue reading →

Continue ReadingSwiss banks face massive fines over Americans’ untaxed bank accounts

Runaway goat leads New Jersey police on 90-minute highway chase

"A runaway goat on a New Jersey highway caused a four-car pileup Tuesday after leading police on an hour-and-a-half chase across a major highway. Now nicknamed 'Sky' for Tuesday’s episode on the Pulaski Skyway, the goat has been turned over to a rescue farm in Wantage, New Jersey, according to The Jersey Journal. But for a little while there, it didn’t look good for Sky as she was jumping over the highway’s divider and leaping atop cars trying to dodge police. While unharmed through the incident, it’s likely that she was on her way to a slaughterhouse and somehow escaped." Continue reading →

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While questioning him, FBI shoots and kills man connected to Marathon bombing suspect

"The Federal Bureau of Investigation visited the man, identified by CBS and an Orlando news outlet as 26-year-old Chechnyan national Ibragim Todashev, early Wednesday morning. WKMG-TV reported that Todashev was being observed by the Bureau because of a past association with Tamerlan Tsarnaev, a suspect in the Boston Marathon bombing case who was killed in a firefight with police on April 19. CBS News senior correspondent John Miller reported that 'something went wrong' while Todashev was being interviewed by agents. The Associated Press reported on Twitter that he became violent during questioning." Continue reading →

Continue ReadingWhile questioning him, FBI shoots and kills man connected to Marathon bombing suspect

Using a Gun to Save a Child’s Life in DC Will Get You a $1,000 Fine

"We have what at first seems like a feel-good story. A little boy is attacked by some vicious pit bulls. Other people in the neighborhood flee to protect themselves. But one man acts quickly and saves the child’s life. Mr. Srigley seems like a great guy. Or at least a guy who did something great. Surely he was rewarded, right? Did he get a commendation from the police department? A ceremonial key to the city from the Mayor? Don’t be silly. We’re talking about Washington, DC." Continue reading →

Continue ReadingUsing a Gun to Save a Child’s Life in DC Will Get You a $1,000 Fine