Bandit Gang Writ Large

India witnesses spurt in Gold smuggling

"Customs officials foiled the attempt by a passenger hailing from Koyilandy to smuggle 3.99 kg of gold concealed in his baggage. The gold, in the form of gold bars, was hidden in a metal box in the rear side of a TV. The gold bars were detected during the X-ray scan. Assistant commissioner Rohit Kumar led the search and seizure operation. Meanwhile, some of the airports have upgraded the scanners and x-ray machines to detect gold smuggling which has risen following the increase in import duty to 8% and differential in gold prices in India and abroad, market analysts said." Continue reading →

Continue ReadingIndia witnesses spurt in Gold smuggling

Afghan customs fines hike cost of U.S. military pullout

"A customs dispute between the Afghan and US governments has disrupted the withdrawal of American military equipment, dramatically inflating the cost of the drawdown, defense officials said. With Afghan authorities insisting the United States owes millions of dollars in customs fines and trucks carrying hardware being blocked at border crossings, the Americans have started flying out most equipment by air at great cost. The Afghan government is insisting that US forces pay $1,000 for each shipping container leaving the country that lacks what it calls a valid customs form. And authorities now claim the Americans owe $70 million in fines." Continue reading →

Continue ReadingAfghan customs fines hike cost of U.S. military pullout

Tax havens explained: How the rich hide money

"Recent leaks of secret banking information have helped authorities around the world crack down on tax cheats who go offshore, resulting in billions of dollars recovered for the public purse. Now, in one of the biggest ever leaks of financial data, the International Consortium of Investigative Journalists has released data on a whopping 120,000 secret offshore entities in 10 different jurisdictions. Read more about how unscrupulous investors hire high-priced lawyers and financial advisers to move money offshore in the interactive below. Select the blue button to make choices and move through each step." Continue reading →

Continue ReadingTax havens explained: How the rich hide money

And the Natural Result of “Planned Obsolescence” is… (Drumroll)… Bankruptcy!

"The strike lasted 44 days, until GM gave in. It marked the rise of the UAW and the slippery slope of capitulation that would kill the automaker’s competitiveness. GM started to decentralize its production process so it could never be hijacked again. Detroit’s population became decentralized along with it. As people left, the tax base shrunk. To keep revenue up, taxes were raised on things that couldn’t be moved out of the city limits, like property. Because of high property taxes, people stopped improving buildings. Eventually, it wasn’t worth it to pay the property taxes. So people just left for greener pastures in taxpayer-friendly jurisdictions." Continue reading →

Continue ReadingAnd the Natural Result of “Planned Obsolescence” is… (Drumroll)… Bankruptcy!

Criminal Enterprise Operations of the Police

"Under RICO all cops can seize your property, and it’s up to you to prove that the money isn’t connected to a crime. This is an obvious violation of the Fifth Amendment which requires the government to prove in court that the accused is guilty beyond a reasonable doubt. This application of RICO is unconstitutional on its face and it is still being allowed. Why? Because RICO money is being used by the law enforcement agencies to enrich their department as well as to host lavish department/agency parties. This is no different than what the Mafia or the Mexican Federal Police does." Continue reading →

Continue ReadingCriminal Enterprise Operations of the Police

Taxpatriate? Tax dodgers welcome to leave, not welcome to return

"An amendment to the Homeland Security Bill has been proposed banning US expatriates who have renounced their US citizenship or long-term residence in order to escape US tax obligations from entering the country. The amendment would mean that former citizens of the United States who officially renounced United States citizenship and who have been determined by Homeland Security to have done this for the purpose of avoiding US tax obligations are inadmissible. Furthermore, covered expatriates unable to present evidence that they renounced US citizenship with the purpose of avoiding US tax obligations would also become inadmissible." Continue reading →

Continue ReadingTaxpatriate? Tax dodgers welcome to leave, not welcome to return

When Are Tax Penalties Excessive?

"In a civil lawsuit that has attracted notice among tax experts, the government wants to collect nearly $3.5 million in penalties from a taxpayer who had a secret Swiss account, although the account balance was never higher than $1.7 million. The lawsuit, U.S. v. Carl R. Zwerner , was filed in federal court in Miami last month. Spokesmen for the Justice Department and Internal Revenue Service declined to comment on the case. Mr. Zwerner, 86 years old, is a retired specialty-glass importer living in Coral Gables, Fla. The U.S. government alleges he had an undeclared account at an ABN Amro bank in Switzerland from 2004 through 2007." Continue reading →

Continue ReadingWhen Are Tax Penalties Excessive?

Foreign Banks And Brokers Are Refusing Overseas Accounts for American Customers

"Registration with the SEC and compliance with SEC regulations is a greater burden than foreign banks or brokerages want to bear. As a result, even long-time, law-abiding Americans have seen their foreign accounts closed. Americans now seeking to set up overseas accounts with foreign-based institutions are almost always turned away. It has been a standard development throughout history that any country’s government that made it difficult for its citizens to move assets beyond the borders of the nation descended into totalitarianism. If it didn’t eventually allow free capital flows, then that government ultimately failed." Continue reading →

Continue ReadingForeign Banks And Brokers Are Refusing Overseas Accounts for American Customers

Ex-Honolulu TSA screener denies stealing cash, resigns and denounces agency

"Owens said she was arrested at her home on her day-off. 'I told them I didn't do it,' she said. TSA spokesman Nico Melendez said Owens has resigned. 'I couldn't see myself working for an agency falsely accusing me of theft,' Owens said, adding that she had been thinking about quitting at the end of the year. She said she disliked all the 'disgusting' and 'invasive' pat-downs she was required to do on the job. 'It was just humiliating to have to do that to people,' she said." Continue reading →

Continue ReadingEx-Honolulu TSA screener denies stealing cash, resigns and denounces agency

JP Morgan Getting Ready To Settle For $1 Billion For Manipulating Energy Markets?

"Sources told the Journal the deal could come in close to a staggering $1 billion, the largest payout in the history of the Federal Energy Regulatory Commission (FERC), which overseas power trading markets. JPM and FERC, the little regulator that could, are reportedly exchanging drafts of an agreement. Sources told the Journal the bank is working quickly to finish the deal so they can gear up for even more regulatory hoopla in the wake of the London Whale debacle. The filings describe how traders rigged their bidding in order to be eligible for 'make-whole' payments that would cover trading losses and generate a healthy profit, according to the Journal." Continue reading →

Continue ReadingJP Morgan Getting Ready To Settle For $1 Billion For Manipulating Energy Markets?