Comments on: Congress Hears Offshore Tax Haven Secrets

Abuses Cost U.S. Taxpayers $100B Each Year, According To Senate Panel Report

[l8c6]

European bankers and some of their U.S. clients can expect a grilling from a Senate panel looking into offshore tax abuses that investigators believe are costing American taxpayers about $100 billion a year.------

And on top of that, they get tax breaks in the United States.

The fact is, this doesn''t generate the economy as the right wing narcissistic antisocial conservative with everyone but themselves organized criminals have hammered into the public via the hoe corporate media. It has drained the economy for the masses of working people for the benefit of a few elite oligarchs. Our politicians and the supreme court of "justice" are hoes to this pimping elitism. This nation has failed to maintain it''s principles of defending basic equity and justice for all.

When a nation has a set of rules for a special class separate from the masses, the nation no longer honors democratic values nor is it united. If this were an average citizen the IRS would spend more money going after them than was lost. The checks and balance are harsh for the "little people" and non-existent for the elite super rich. Yes, the news of this hits mainstream a couple of days late on the back page but the most that comes of this exposure will be a slap on the wrist when life imprisonment is the only way to let it be heard that no matter how much money one has, this nation is not for sale and not for exploitation. It''s too late though, the United States is a dying corrupted defunct empire.

[wardoglrs]

Offshore Tax Havens Face Senate Scrutiny:
Dammit you guys were suppose to share this with the rest of us in congress... :[

[bm6005]

Now who passed the laws to allow these Tax havens? Could it be.......CONgress?

[forthepeopl1]

Concerns about the international breadth of the fallout from Fannie and Freddie''s problems also eased. South Korea''s central bank denied a media report that it had unrealized losses of more than $7 billion in investments in U.S. agency debt including bonds issued by Fannie Mae and Freddie Mac.

Bank of China 3988.HK 601988.SS , meanwhile, may hold roughly $20 billion worth of bonds issued by Fannie and Freddie, according to a research note by analysts at CLSA.

A Bank of China spokesman could not immediately be reached for comment. Because the U.S. government has taken steps to support Fannie and Freddie, CLSA said in its note that it regards the credit risk for the two as near to that of a sovereign credit rating for the government itself.

[nssherlock1]

Sooooooooooooo, the thieves are going to investigate the thefts from the government by tax havens? I''ll be on the edge of my chair for this one....NOT!

[antoniof123]

Want to bet who most of the criminals are in this GOP?

[coco0331]

organized crime at its best. The Bush and Cheney connection.

[tootall10142]

WHEW!that was close i got mine out just in time . If the IRS was doing its job how the hell did that much U.S currency get out of the system without being noticed? if it was passed with through wire transfers the money still has to be somewhere to cover the transfers.It was a woman that spilled the beans she should be rewarded for this and just when she gets all excited about the reward, take it back for fines for crimes against the U.S tax payers.

[omega39-2009]

UBS? Isn''t that the financial institution that Phil "let them eat cake" Gramm is vice chairman of? No wonder he thinks we''re all a bunch of whiners, we''re dumb enough to play by the rules while his clients rip off the government.

[ubrew12]

A good book on this is ''Perfectly Legal'' by David Cay Johnston

[Gary Kempf]

It said the bank''s practices resulted in billions of dollars of U.S. taxpayer money in undeclared accounts that were not disclosed to the IRS. The report said UBS has estimated that it has 1,000 declared accounts in Switzerland for U.S. clients against 19,000 undeclared, with a combined value of $17.9 billion.


And this surprises who?