Bandit Gang Writ Large

A Government Database about our Sex Lives: Gee, What Could Go Wrong?

"I don’t like the idea of government bureaucrats having my private information, but what’s probably most worrisome about this Obama Administration scheme is that the data won’t be confidential. As McCaughey writes, it’s just a matter of time before hackers or incompetent bureaucrats make that information public. By the way, everything written by McCaughey and Hatch also helps to explain why we should resist privacy-destroying schemes such as the Internet sales tax cartel being pushed by greedy politicians. I know I wouldn’t want all my online purchases in a database where state and local bureaucrats would be able to snoop for details." Continue reading →

Continue ReadingA Government Database about our Sex Lives: Gee, What Could Go Wrong?

Big Banks Start Campaign to Destroy Credit Unions

"As of March of this year, credit union membership has increased to more than 95 million members and they hold 6 percent of the financial assets of United States to the tune of $1 trillion dollars. Now the major banks want to destroy them. This month the American Bankers Association started a huge lobbying effort to end the tax break credit unions receive as non-profit organizations – a tax break that allows them to run as a non-profit and offer their members services at a much lower rate. There is a big budget battle looming and the estimated $2 billion in annual revenue that is estimated from eliminating the tax exemption has already been floated." Continue reading →

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Complying With U.S. Tax Evasion Law Is Vexing Foreign Banks

"Financial institutions, trade groups, scholars and members of Congress have raised an array of concerns, starting with the cost of creating the complex computer systems needed to track Americans’ accounts. In addition, tax havens like China, Panama and Russia have yet to sign on. And American banks are unhappy about a Treasury Department pledge to foreign banks, not part of the original law, to require American financial institutions to share data with other countries about foreign investors who have accounts in the United States." Continue reading →

Continue ReadingComplying With U.S. Tax Evasion Law Is Vexing Foreign Banks

‘Beanie Babies’ creator will pay $53.5 million to IRS for $885,300 delinquency

"The creator of the wildly popular Beanie Babies toy line agreed to plead guilty to felony tax evasion charges and will pay a $53.5 million penalty as part of a settlement agreement, the Chicago Tribune reported on Wednesday. Prosecutors accused Warner of failing to notify his accountants about both a Swiss bank account and the $3.1 million in foreign income it generated. He subsequently did not disclose that income in his 2002 tax return, enabling him to avoid paying $885,300 in taxes for that year. UBS revealed Warner’s account as part of a 2009 agreement with the IRS after admitting that it helped U.S. clients hide their accounts." Continue reading →

Continue Reading‘Beanie Babies’ creator will pay $53.5 million to IRS for $885,300 delinquency

How to Finance a Second Passport, and More…

"Financing is available for this purpose from a few banks, but at less favorable terms than in the USA. You won't find a regular 30-year mortgage, for instance. The best most banks offer is a five-year mortgage on 50% of the purchase price with a balloon payment at the end. Interest rates are higher, too. After five years, you can roll over the mortgage for another five years. But you might not need to... a recent change in the law lets you sell your real estate five years after you qualify for citizenship. You can even sell it to someone else seeking economic citizenship." Continue reading →

Continue ReadingHow to Finance a Second Passport, and More…

Canadian Group Protests Missing Signs In Speed Camera Zones

"Wise Up Winnipeg members stood at the corner of Stafford Street and Warsaw on Friday warning drivers with bright yellow signs that read, 'Unsigned school zone ahead.' The group wants to bring attention to the city's refusal to act on a list of 203 locations where they say the signs do not comply with legal standards. So far, city officials are not commenting on the matter and have installed only three new warning signs since the group raised the issue last October. On Tuesday, video was posted of Winnipeg city employees pulling down a speed limit sign. The city is looking to further increase citations by reducing school zone speed limits from 50km/h (31 MPH) to 30km/h (19 MPH)." Continue reading →

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U.S. to seize New York skyscraper it claims is secretly owned by Iran

"A federal judge ruled in favor of the government’s suit this week, saying the building’s owners had violated Iran sanctions and money laundering laws. Manhattan Federal Prosecutor Preet Bharara said the decision upholds the justice department claims the owner of the building 'was (and is) a front for Bank Melli, and thus a front for the Government of Iran.' Bharara said the funds from selling the building would provide 'a means of compensating victims of Iranian-sponsored terrorism.' Prosecutors allege the building’s owners, the Alavi Foundation and Assa Corporation, transferred rental income and other funds to Iran’s state-owned Bank Melli." Continue reading →

Continue ReadingU.S. to seize New York skyscraper it claims is secretly owned by Iran

New Heights in Disgraceful Asset Forfeiture (Seizure)

"The U.S. is seizing 650 Fifth Avenue, the 36-story Piaget Building, from Iranian interests. I’d guess the value is several hundred million dollars. All asset seizure procedures are an utter disgrace, totally unlawful and unjust. This one is triply disgraceful, based as it is on undeclared economic warfare against Iran, phonily done in the name of anti-terrorism, and based on as about as unlawful a 'law' as Congress has ever manufactured." Continue reading →

Continue ReadingNew Heights in Disgraceful Asset Forfeiture (Seizure)

FATCA: a Tool of the Electronic Surveillance State

"If FATCA’s sole purpose were to 'recover' tax revenues from assets squirreled away offshore by American 'fat cats,' it seems odd that it targets only individuals and specifically exempts reporting on accounts held by U.S. corporations. On the other hand, targeting individuals makes a lot of sense if FATCA’s purpose is directed towards something else: adding to U.S. government agencies’ global electronic 'map' of personal information. It should be further understood that any data transmitted by foreign financial institutions will not be confined to the IRS but will be handed over ('upon request,' of course) to other 'three-letter' agencies of the U.S. government." Continue reading →

Continue ReadingFATCA: a Tool of the Electronic Surveillance State

World’s Largest Bitcoin Exchange Out $10 Million

"Mt. Gox, the Japanese-run online trading floor that had $5 million seized by federal agents earlier this year, says that it’s out another $5.3 million. At the end of February, Mt. Gox chose CoinLab as its North American agent. The idea was that customers in the U.S. and Canada would be able to use CoinLab as a gateway to the Mt. Gox exchange. But the relationship didn’t last long. By April, it had devolved into a messy $75 million lawsuit. According to Mt. Gox, its customers deposited about $12,800,000 into CoinLab bank accounts, and while CoinLab has handed over most of that money, it’s still sitting on $5.3 million." Continue reading →

Continue ReadingWorld’s Largest Bitcoin Exchange Out $10 Million