Bandit Gang Writ Large

ATS Settles PlatePass Rental Car Ticketing Lawsuit

"Plaintiffs in the suit complained that under ATS' PlatePass program, for example, $10.75 was automatically billed from their credit card to cover a 75 cent toll. The $11 million payment comes on top of the $4.2 million that ATS will pay to red light camera ticket recipients in New Jersey as part of a settlement for illegally issuing tickets at intersections where the yellow signal timing was not justified. Ticket recipients in that case began receiving post cards this week. The settlement agreement leaves it between ATS and Hertz to decide whether 'one or both' companies should pay the refunds." Continue reading →

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The Best Mob Story Ever

"The best mob story ever told does not involve Al Capone or Bugsy Segal or John Gotti. It involves a mobster few American have ever heard of, Greg Scarpa by name, and his not quite as lethal son, Greg Scarpa Jr., 'Junior' going forward. One reason few people ever heard of Scarpa is that until his arrest in September 1992, he worked as a 'Top Echelon Confidential Informant' under the protection of the FBI for the most of the thirty years prior. During that time, Scarpa murdered at least fifty people. Understandably, this is not a story not that the FBI wants told, but author Peter Lance has told it anyhow in his stunningly comprehensive new book, Deal With The Devil." Continue reading →

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Is Bitcoin Too Big for Government to Ignore?

"Forty-eight states require businesses to register as money service transmitters, which Brito said can be an onerous and expensive process. Bitcoin startup BTC Global estimates that $10 million or more is required for a business to reach total legal compliance in all 50 states. The Wall Street Journal reported in June that Texas and New York are among the states taking a hard look at regulations for virtual currencies as well as money transmission rules.The Journal said state regulations can be expensive, citing Texas’ policy requiring companies seeking a license to provide a surety bond of as much as $2 million." Continue reading →

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Golden trail: Dubai to Chennai via Delhi

"Directorate of Revenue Intelligence (DRI) sleuths on the trail of 16kg gold boarded the Delhi-Chennai Rajdhani Express when it neared the outskirts of the city and followed the smugglers all the way to city before seizing the contraband and arresting four people, including two Sri Lankans, on Friday. Investigators intercepted the train when it reached Gummidipoondi railway station and boarded it. They identified the smugglers and tailed them to a house at Kodambakkam where they delivered the consignment. This is the second major seizure since March when DRI caught a senior diplomat from the UAE for allegedly smuggling 37kg gold jewellery." Continue reading →

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IMF sees no end to French jobless crisis this decade

"The IMF said the jobless rate will rise yet further to 11.6pc in 2014 and will not drop below 10.6pc within Mr Hollande’s five-year term. If this grim scenario unfolds, it will be a political hammer blow for Mr Hollande. He asked the nation to judge him on his record in 'bending the unemployment curve'. The Fund said efforts to bring down the budget deficit should focus on spending cuts rather than fresh taxes, 'which are among the highest by international standards and have a negative effect on investment and job creation'. Two-thirds of Mr Hollande’s fiscal squeeze has come from taxes, to the fury of the business lobby Medef." Continue reading →

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40% Of US Workers Now Earn Less Than 1968 CPI-Adjusted Minimum Wage

"40.28% of all workers make less than $20,000 a year in America today. So that means that more than 40 percent of all U.S. workers actually make less than what a full-time minimum wage worker made back in 1968. That is how far we have fallen. Good paying full-time jobs are disappearing, and they are being replaced by low paying part-time jobs. So far this year, 76.7 percent of the jobs that have been 'created' in the U.S. economy have been part-time jobs. That would be depressing enough, but what makes it worse is that wages for many of these low paying jobs have actually been declining over the past decade even as the cost of living keeps going up." Continue reading →

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Nazi gold and currency wars – A full guide

"Nazi gold is a phrase that refers to the bullion looted by the Nazis in the run up to and during the Second World War. Gold clearly plays a strong role in history and features as both a political and economic weapon during the Wars of the 20th Century. Upon invasion Nazis would loot a country’s gold reserves, along with other valuable assets, and promptly work to devalue the sovereign currency. This pillage of the financial system is not well known but it served effectively as a weapon in their campaign to take-down whole nations. The Nazis consolidated their power by holding gold whilst their victims were consigned to weak paper currencies." Continue reading →

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Taken: The Use And Abuse Of Civil Forfeiture

"Hundreds of state and federal laws authorize forfeiture for cockfighting, drag racing, basement gambling, endangered-fish poaching, securities fraud, and countless other misdeeds. In general, you needn’t be found guilty to have your assets claimed by law enforcement; in some states, suspicion on a par with 'probable cause' is sufficient. Nor must you be charged with a crime, or even be accused of one. Unlike criminal forfeiture, which requires that a person be convicted of an offense before his or her property is confiscated, civil forfeiture amounts to a lawsuit filed directly against a possession, regardless of its owner’s guilt or innocence." Continue reading →

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Why bitcoins are 60% more expensive in Argentina than the US

"The country’s citizens, faced with an annual inflation rate of around 25%, are turning their backs on their national currency. Official figures put the annual rate of inflation at around 10%, but private economists estimate it to be more than double this. In February 2011, the government started issuing fines of up to 500,000 pesos ($123,442) to economists and consulting firms that refuted the official figures. To access dollars legally in Argentina, buyers have to make a request through the central bank and AFIP (the tax revenue office), which check how much the buyer is requesting and what it is for." Continue reading →

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Norway Gets U.S. Help Chasing Citizens Dodging Income Taxes

"Federal courts in six states have allowed the Internal Revenue Service to issue summonses to U.S. banks at the request of the Norwegian government, and the banks may now have to give up information on people who used some kinds of credit and debit cards. The development signals increasing cooperation between governments to stop offshore tax evasion. The U.S. Foreign Account Tax Compliance Act may lead to dozens of agreements between countries to exchange information on bank accounts. The development is significant because the U.S. government went to federal court in eight states at Norway (NOUE)’s request." Continue reading →

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