January 25, 2012 |
Before Mitt Romney's Cayman Islands investments became an issue in the Republican presidential campaign, a senior Republican senator cited similar financial arrangements as cause for concern about a nominee for a top position at the Treasury Department. Jeffrey A. Goldstein, who had worked at a private equity firm, was running into tough questions from Sen. Charles E. Grassley (R-Iowa) in 2010 when President Obama gave Goldstein a recess appointment as undersecretary for domestic finance, bypassing the Senate...
October 20, 2012 |
Waterloo, Iowa's sixth-largest city, is a blue-collar community located off Interstate 380, the "Avenue of the Saints" that runs from St. Louis to St. Paul, Minn. Go a few blocks from the Crossroads Mall in west Waterloo, you find something atypical: a big white collar employer, Residential Capital LLC. ResCap, as it's known, is a mortgage company located on a nicely landscaped, 17-acre campus. Its 950 employees in Iowa get wages averaging about $35,000 a year — pretty...
February 23, 2009 |
BERLIN, Feb. 22 -- European leaders on Sunday pledged to establish global oversight of hedge funds, crack down on tax havens and beef up other rules as part of a reformation of the international monetary system. Leaders from eight European countries, meeting in Berlin, said they had agreed on broad principles for bolstering the regulation of global finance in advance of a summit of the world's leading powers April 2 in London. "A clear message and concrete action are necessary to...
April 12, 2009 |
Just before Tax Day, here is a depressing nu mber: $356 billion. That is the Congressional Budget Office's new calculation of how much the financial bailout will cost taxpayers. And it's nearly twice the previous estimate. Who won't be helping foot the TARP bill? Tax evaders -- but they might not get away with it for long. At the recent G20 summit in London, amid pledges to reject protectionism and rebuild trust in the global financial system, the winner of the sound-bite competition was the discussion of tax havens,...
August 30, 2011 |
It has become a bipartisan article of faith in some quarters that the income tax on U.S. corporations must be lowered . But for many large U.S. companies, the burden of U.S. taxation pales in comparison with what they pay their chief executives, according to a study released Wednesday by the Institute of Policy Studies , a liberal think tank. Of last year's 100 highest-paid corporate executives in the United States, 25 earned more in pay than their company recorded as a tax expense in 2010.
May 1, 2009
IN FEBRUARY, UBS, the largest private wealth manager in the world, admitted to conspiring to defraud the U.S. government. The cloak-and-dagger scheme involved hiding money in dummy offshore accounts, code words such as "nut" for $250,000 and "swan" for $1 million, and encrypted computer chips. Since its admission of guilt, the bank has paid $780 million as part of the settlement and released the names of 300 U.S. clients -- two of whom have been arrested for hiding assets. The Justice Department believes that there is more to this story and wants the...