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(Some Guy)   First Switzerland, now Cayman Islands will disclose list of hidden corporations and hedge funds, including names of those involved. Shares of popcorn, guillotines to skyrocket   (classwarfareexists.com) divider line 107
    More: Interesting, Cayman Islands, Switzerland, British Overseas Territories, spirit of the law, skyrocket, offshore bank  
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6032 clicks; posted to Business » on 19 Jan 2013 at 6:14 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-19 03:25:44 PM
Shiat! I've got to learn to knit.

And cackle.
 
2013-01-19 04:13:17 PM
Seems a bit hypocritical for the banks to divulge this information since they directly benefited from the Cayman Islands lenient tax codes and secrecy laws.  I'm betting a lot of companies of individuals would not have put their money in a Cayman Islands bank if their knew such information would be divulged.

I'm not talking about the depositors and whether what they're doing was right or wrong (as that is an entirely different issue). I'm strictly talking about the banks' actions.
 
2013-01-19 04:25:03 PM
img837.imageshack.us
 
2013-01-19 04:31:21 PM
"In the case of Halliburton, as an example, they have an offshore subsidiary in the Cayman Islands. That subsidiary is doing business with Iran."

That's not possible, because Cheney good things rainbows.
 
2013-01-19 04:56:50 PM
[jump-you-f*ckers.jpg]
 
2013-01-19 04:57:32 PM
I am *more* that OK with this. It's fine to be rich, if you've earned it AND are playing fair. If you're gaming the system in such a way that it negatively affects others, then you can GFY.
 
2013-01-19 04:59:38 PM
FTFA: Google has used the Cayman Islands and other offshore tax havens to manipulate the tax code. In 2010 - they paid 2.4% on $60 billion in revenues. Bloomberg wrote a must read HERE.

Just wondering out loud here...but I wonder if R'money's tax plan on closing loopholes to generate revenue *instead* of raising the tax rate had anything to do with this.

I seriously doubt it, though.
 
2013-01-19 05:21:29 PM

slayer199: Seems a bit hypocritical for the banks to divulge this information since they directly benefited from the Cayman Islands lenient tax codes and secrecy laws.


I don't know too much about this but in Switz this used to be illegal (giving away bank account info) even if another law said you had to.
 
2013-01-19 05:32:01 PM
Well this oughta be good.
 
2013-01-19 05:33:13 PM
24.media.tumblr.com

YOU'LL NEVER SEE MY 2009 TAX RETURNS, F*CKERS!
 
2013-01-19 05:51:57 PM
This *must* be the work of Leverage International.
 
2013-01-19 05:53:09 PM

brantgoose: Shiat! I've got to learn to knit.

And cackle.


You can knit a guillotine?
 
2013-01-19 06:18:49 PM
But....how are rich people supposed to get richer if they aren't allowed these kind of illegal hedges???
 
2013-01-19 06:21:52 PM
So let's use this information and not re-elect the farkers who's names appear on the list who insist we all do our part by paying more taxes.
 
2013-01-19 06:24:19 PM
There is an increasing perception (probably because it is true) in society that the rich play by their own rules and the rest is left to fend for themselves.

Make no mistake, I fully support and admire wealthy folks, particularly people who worked hard, developed an idea, and became rich through their effort and labor. Even people who inherit money have nothing to be ashamed of. What is infuriating, however, are all of these illegal loopholes and practices that result in unfair taxation, protection from ordinary due process, etc. We need to tackle all of these inequalities in order to save the republic.
 
2013-01-19 06:25:14 PM
Anyone with a reason to hide their money overseas already got the tip off to move elsewhere. This will be pointless.
 
2013-01-19 06:31:12 PM
Do I hear the sound of distant tumbrels?
 
2013-01-19 06:32:07 PM
Anybody have a reputable link?
 
2013-01-19 06:32:23 PM

oukewldave: Anyone with a reason to hide their money overseas already got the tip off to move elsewhere. This will be pointless.


Exactly, like Singapore. Swiss and Cayman accounts were played out years ago.
 
2013-01-19 06:33:55 PM
Instead of guillotines, we should use wood chippers.
 
2013-01-19 06:36:42 PM
Mitt Romney is probably shaking in his boots right about now. A lot of people probably are. Serves them right. Their shady and insidious behavior had to be called out at some point.
 
2013-01-19 06:38:27 PM

zelet: Anybody have a reputable link?


What, classwarfareexists.com doesn't seem legit and objective to you? WAKE UP, SHEEPLE.
 
2013-01-19 06:39:15 PM

Kumana Wanalaia: Instead of guillotines, we should use wood chippers.


Oh, yah, shoor.
 
2013-01-19 06:39:58 PM
So, in a nutshell, they are gaming the system to hoard tax free money, all the while reducing pay and benefits to the American worker. Because...according to them "We can't afford to pay you a good wage or medical" they are sooooo broke. Um..ya. Way to fark the worker while lining your own pocket.
 
2013-01-19 06:41:55 PM

darwinpolice: zelet: Anybody have a reputable link?

What, classwarfareexists.com doesn't seem legit and objective to you? WAKE UP, SHEEPLE.


Yeah, these. Not that I wouldn't like for the names to be released, but I'd prefer a more lamestream LSM media link before getting too excited.

[winston_wolf.jpg]
 
2013-01-19 06:42:06 PM
There are other places for financial privacy. They will get whatever money leaves the Caymans.

And Obama will try to pursue them, in his effort to make the entire world serve the aims of the USA.

But the opponents of "world government" are loony conspiracy theorists," right?
 
2013-01-19 06:43:31 PM
I wish something would come of this but these bastards bought all the congressmen and judges long ago so the best we'll get is a few token wrist slappings.
/bastards
 
2013-01-19 06:44:00 PM
In other words, the Cayman Islands will release a list of common fortune 500 companies and/or their subsidiaries.

I hate to be pessimistic, but I doubt that's going to do much to affect the status quo.
 
2013-01-19 06:45:51 PM

Phinn: There are other places for financial privacy. They will get whatever money leaves the Caymans.

And Obama will try to pursue them, in his effort to make the entire world serve the aims of the USA.

But the opponents of "world government" are loony conspiracy theorists," right?


Yes. Yes they are.
 
2013-01-19 06:46:45 PM

oukewldave: Anyone with a reason to hide their money overseas already got the tip off to move elsewhere.


True, but there will still be records of deposits and where the funds were transferred when the accounts were closed.

The HSBC list of American accounts were not released to the public. Hopefully they will be this time.

/subby
 
2013-01-19 06:47:01 PM
REDISTRIBUTE THE PROLETARIAT!
 
2013-01-19 06:47:56 PM
BFD. It means nothing now that we know that there are no consequences for any person/bank/corporation/entity that is "too big to fail".
 
2013-01-19 06:48:24 PM

Phinn: There are other places for financial privacy. They will get whatever money leaves the Caymans.

And Obama will try to pursue them, in his effort to make the entire world serve the aims of the USA.

But the opponents of "world government" are loony conspiracy theorists," right?


Your first sentence seemed reasonable. Your second sentence left me confused. Your third sentence is a cry for help.
 
2013-01-19 06:48:59 PM

slayer199: Seems a bit hypocritical for the banks to divulge this information since they directly benefited from the Cayman Islands lenient tax codes and secrecy laws.  I'm betting a lot of companies of individuals would not have put their money in a Cayman Islands bank if their knew such information would be divulged.

I'm not talking about the depositors and whether what they're doing was right or wrong (as that is an entirely different issue). I'm strictly talking about the banks' actions.


I'm kind of wondering the same thing. If they're not offering any sort of confidentiality, they're basically doing away with the only reason to have an account with them at all. Seems like a bad business decision for a bank that has a lot of tax evaders for clients.

/not my problem anyway
//just seems weird
 
2013-01-19 06:50:37 PM

Miss Stein: oukewldave: Anyone with a reason to hide their money overseas already got the tip off to move elsewhere.

True, but there will still be records of deposits and where the funds were transferred when the accounts were closed.

The HSBC list of American accounts were not released to the public. Hopefully they will be this time.

/subby


Disclosing that kind of information to the public would be detrimental to the stability of our economy.

/did I get that right?
 
2013-01-19 06:51:36 PM
Does this mean all the money I wired to that Cayman Islands prince might be in danger?
 
2013-01-19 06:51:52 PM
what I would like to see happen:

affordablehousinginstitute.org

What will happen:

static.theforeigner.no
 
2013-01-19 06:55:17 PM

bukketmaster: slayer199: Seems a bit hypocritical for the banks to divulge this information since they directly benefited from the Cayman Islands lenient tax codes and secrecy laws.  I'm betting a lot of companies of individuals would not have put their money in a Cayman Islands bank if their knew such information would be divulged.

I'm not talking about the depositors and whether what they're doing was right or wrong (as that is an entirely different issue). I'm strictly talking about the banks' actions.

I'm kind of wondering the same thing. If they're not offering any sort of confidentiality, they're basically doing away with the only reason to have an account with them at all. Seems like a bad business decision for a bank that has a lot of tax evaders for clients.

/not my problem anyway
//just seems weird


Game's over. The people who set up the system and ran it for years have already extracted their money and moved on. The ones that are still around are like people who jumped into the real estate market in 2007 thinking they'd be able to flip houses for a profit every 6 months just like the big boys.
 
2013-01-19 06:55:23 PM

zelet: Anybody have a reputable link?


Following the sources backwards it winds up at the Telegraph citing a Financial Times article, which is behind a paywall.  Here's the Telegraph article, anyway:
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9810 33 9/Cayman-Islands-to-name-previously-hidden-companies.html
 
2013-01-19 06:57:10 PM
Rand Paul whoring for the rich. No surprise there.

Eat the rich - 350deg @ 20 min / lb
 
2013-01-19 07:00:11 PM

zelet: Anybody have a reputable link?


links a plenty in TFA, specifically this one

http://www.cnbc.com/id/100388725
 
2013-01-19 07:06:32 PM

ExcaliburPrime111: There is an increasing perception (probably because it is true) in society that the rich play by their own rules and the rest is left to fend for themselves.

Make no mistake, I fully support and admire wealthy folks, particularly people who worked hard, developed an idea, and became rich through their effort and labor. Even people who inherit money have nothing to be ashamed of. What is infuriating, however, are all of these illegal loopholes and practices that result in unfair taxation, protection from ordinary due process, etc. We need to tackle all of these inequalities in order to save the republic.


Probably?
 
2013-01-19 07:07:28 PM

zelet: Anybody have a reputable link?


Saw it on CNBC this morning.

I guess the moderately rich are already shiatting their pants and converting their assets into hard currency. The global multinationals must be appealing to their governments (who are probably doubling the required bribes).

I could not care less, after learning that the average American tax cheat is likely to be a single male under age 45--in other words, the person most able to pay his goddamn income taxes. Go get his f*cking money.
 
2013-01-19 07:13:36 PM

Phinn: But the opponents of "world government" are loony conspiracy theorists," right?


It's not gonna help you, friend. In a year I'll be locking you in the re-education camps with the sweet jingle of ameros in my pocket. It's gonna be suh-weet.
 
2013-01-19 07:16:38 PM

Phinn: There are other places for financial privacy. They will get whatever money leaves the Caymans.


Yes, but it raises the costs of being an asshole, which is the most society can ever ask for. It's not like the world will be free of scum and villainy, but we can make it as uneconomical as possible instead of rewarding people for being unpatriotic.

Switzerland was notorious for being a first-world nation that catered to the uber-rich. The nation is stable, meaning there were very few hidden costs in hiding your money there. . . that is, until they joined the rest of society in not being an aristocratic cocksucker. The Cayman Islands were the next best thing. Well, now the rich now have to dig deeper down their list of options to maintain their tax-dodging, doucebaggery ways. The next country on the list is probably a little less friendly, a little less convenient, a little less reliable and a little more expensive in terms of bribing connections. Otherwise they would've gone there first.
 
2013-01-19 07:19:42 PM

brantgoose: Shiat! I've got to learn to knit.

And cackle.


I'm so poor that I've run out of wool . . . I just rub my knitting needles together.

www.wearysloth.com
 
2013-01-19 07:20:47 PM

dragonchild: Phinn: There are other places for financial privacy. They will get whatever money leaves the Caymans.

Yes, but it raises the costs of being an asshole, which is the most society can ever ask for. It's not like the world will be free of scum and villainy, but we can make it as uneconomical as possible instead of rewarding people for being unpatriotic.

Switzerland was notorious for being a first-world nation that catered to the uber-rich. The nation is stable, meaning there were very few hidden costs in hiding your money there. . . that is, until they joined the rest of society in not being an aristocratic cocksucker. The Cayman Islands were the next best thing. Well, now the rich now have to dig deeper down their list of options to maintain their tax-dodging, doucebaggery ways. The next country on the list is probably a little less friendly, a little less convenient, a little less reliable and a little more expensive in terms of bribing connections. Otherwise they would've gone there first.


Panama? The Ivory Coast? Madagascar? Malaysia? Singapore?
 
2013-01-19 07:26:18 PM
Remember you hard-working, American Patriots, it's the blacks and Mexicans destroying this country. Please please please remember that as you read I've been evading taxes for the past 20 years. Thanks.

-Rich People-
 
2013-01-19 07:26:38 PM

Fark Rye For Many Whores: "In the case of Halliburton, as an example, they have an offshore subsidiary in the Cayman Islands. That subsidiary is doing business with Iran."

That's not possible, because Cheney good things rainbows.


Considering his "I did the right thing" dreck of this week, I think there must be a more evil, uber-CHeney. No one could do all this money-laundering, torture, destruction of the Constitution and still think he was doind the right thing. Oh wait, he said he would defer to his church instead of the US in times of crisis...well, there ya go! If your church is a bank and you worship a wallet, it makes perfect sense. Yuck.
 
2013-01-19 07:29:42 PM
I'm a Caymanian/American. I've worked for several of these firms. I was in the offices next store to Goldman Sachs and Arthur Anderson. ONe of the firms I've worked for had a ton of Halliburton and KRB accounts.

Alot of that money is still there, sure they moved some of it to the Windwards and to Mann and a number of other offshores that have stayed in the shadows. The expression is the that sands are black in the South east Caribbean.

During the 2012 election most of these offshore areas were very pro Romney. They really didn't want FACTA to be inforced or for disclosure to ever happen. I don't know how viable their economies are now that this is all coming to pass. I love and regret this but it is as it must be.
 
2013-01-19 07:31:13 PM
http://en.wikipedia.org/wiki/Jurisdictional_arbitrage 

A brief how-to for Free Riding douchebags.
 
2013-01-19 07:33:10 PM

ClavellBCMI: Panama? The Ivory Coast? Madagascar? Malaysia? Singapore?


You know, to be perfectly honest I have neither the fortune to make tax-dodging worthwhile nor the sociopathic douchebaggery dipshiat attitude to consider the option in the first place, so your guess is as good as mine.

I can think of a few countries that cater to their rich and well-connected like nobody's business, like China and Mexico. But they cater to their own rich and well-connected. I suppose it's possible to buy your way into their clubs, and they have all that built-up infrastructure that exists for the sole purpose of catering to their plutocrats. But they'll probably charge a premium because you're not from the country, and that's a cost that the financial advisers are going to have to weigh among the various candidates. Eventually they'll all settle on a country because ruthless calculation always leads to the "best" option, and we go after that one next.

Actually, I hope it's some backwater country, as it'd be easier to strong-arm them into coughing up the names again. It might be really expensive for a foreigner to buy political favors from, say, China, but once they're in, I figure the odds of getting them to hand over their clients is rather slim.
 
2013-01-19 07:35:42 PM

brantgoose: Shiat! I've got to learn to knit.

And cackle.


Do you have a rocking chair? I think she had a rocking chair.
 
2013-01-19 07:38:47 PM
While Farkers question the veracity of the story due to it coming from classwarfareexists.com there are many supporting links to well-known sources cited throughout the piece.
 
2013-01-19 07:41:00 PM
Meh, I'll be offshoring to the Caymans or somewhere similar just because they let you incorporate with only one person. The tax stuff I don't care about, it's shielding my business assets (currently in a single household partnership) while I go to-to-to with Sallie Mae. The farkers farked me, paying 3x my minimum payment every month and they reported me in default to the government. Gotta get my income stuff protected before they decide to go after assets or something as things work through and I don't have time to get someone else to sign the paperwork while I'm driving over the road.

/thanks Sallie Mae for driving another business offshore!
//actually three total, will be incorporating them all as one entity though
///do offshored slashies come in threes?
////no, you get four because they are cheap (and one will break)
 
2013-01-19 07:41:40 PM

Phinn: There are other places for financial privacy. They will get whatever money leaves the Caymans.

And Obama will try to pursue them, in his effort to make the entire world serve the aims of the USA.

But the opponents of "world government" are loony conspiracy theorists," right?


Well, YOU certainly seem to be textbook insane.
 
2013-01-19 07:42:15 PM

oukewldave: Anyone with a reason to hide their money overseas already got the tip off to move elsewhere. This will be pointless.


I can't think of anywhere else that can absorb a few billion in deposits and not stick out like a huge neon sign. Yes, there are plenty of third world hell holes that don't adhere to international banking treaties. But they are also third world hell holes that you stand a good chance of your deposits being "nationalized" the next time the dictator need a new air force.
 
2013-01-19 07:42:19 PM

Phinn: There are other places for financial privacy. They will get whatever money leaves the Caymans. And Obama will try to pursue them, in his effort to make the entire world serve the aims of the USA.


What if Obama's on the list?
 
2013-01-19 07:42:45 PM

BolloxReader: Meh, I'll be offshoring to the Caymans or somewhere similar just because they let you incorporate with only one person. The tax stuff I don't care about, it's shielding my business assets (currently in a single household partnership) while I go to-to-to with Sallie Mae. The farkers farked me, paying 3x my minimum payment every month and they reported me in default to the government. Gotta get my income stuff protected before they decide to go after assets or something as things work through and I don't have time to get someone else to sign the paperwork while I'm driving over the road.

/thanks Sallie Mae for driving another business offshore!
//actually three total, will be incorporating them all as one entity though
///do offshored slashies come in threes?
////no, you get four because they are cheap (and one will break)


Sounds like you just aren't a very good businessman to me.
 
2013-01-19 07:51:34 PM
i.imgur.com
 
2013-01-19 07:59:54 PM
What about the job creators?
 
2013-01-19 08:03:11 PM
I don't know why we don't just figure out who all these rich people are, and tax them at 100%
We'd never have to work again!
 
2013-01-19 08:04:42 PM

ClavellBCMI: dragonchild: Phinn: T

Panama? The Ivory Coast? Madagascar? Malaysia? Singapore?


Mr Lee's greater Hong Kong
 
2013-01-19 08:15:09 PM

Kumana Wanalaia: Instead of guillotines, we should use wood chippers.


The problem is how to push a live body through a tree chipper. There are a couple of options though:

1) Have the hopper for the tree chipper placed in the vertical, and drop the condemned from a sufficient height to provide momentum through the cutting action.
2) Have a piston ram the condemned through the chipper blades.

Either way, it'll be a specialty machine rather than something you can pick up at Lowes.
 
2013-01-19 08:16:37 PM

Spirit Hammer: I don't know why we don't just figure out who all these rich people are, and tax them at 100%
We'd never have to work again!


If we could tax them at 38% (The same as we mere mortals on the upper end of the scale pay) we'd never be quibbling about the budget again.
 
2013-01-19 08:19:43 PM

oukewldave: Anyone with a reason to hide their money overseas already got the tip off to move elsewhere. This will be pointless.


The first country to not tip off is the one where things go well.

However, that would require the action of an overwhelming force such as the US's military to ensure everything stays in place.
 
2013-01-19 08:25:12 PM
I am certain that any lawbreakers will be prosecuted as vigorously as the HSBC execs who oversaw money laundering for drug cartels and terrorists. And the Wall St. scamsters.
 
2013-01-19 08:26:04 PM

oukewldave: Anyone with a reason to hide their money overseas already got the tip off to move elsewhere. This will be pointless.


Bingo! Dog & pony smoke & mirrors bullshiat 3 ring of the highest order. Yet many of our fellow countrymen will yum yum eat em up lock stock and barrel. what a joke.
 
2013-01-19 08:39:08 PM

maxx2112: brantgoose: Shiat! I've got to learn to knit.

And cackle.

I'm so poor that I've run out of wool . . . I just rub my knitting needles together.

[www.wearysloth.com image 320x240]


US companies: Look! It's Miracle!
encrypted-tbn1.gstatic.com
 
2013-01-19 08:45:35 PM
...and when some of our politicians show up on the list, they still won't get voted out of office.

/meh
 
2013-01-19 08:49:32 PM
I could get more excited about this if I was going to benefit from it. The goverment benefits.
 
2013-01-19 08:56:32 PM
Looks like somebody will never be able to run for president again.
 
2013-01-19 09:21:40 PM
img.photobucket.com
 
2013-01-19 09:26:59 PM

Gyrfalcon: zelet: Anybody have a reputable link?

Saw it on CNBC this morning.

I guess the moderately rich are already shiatting their pants and converting their assets into hard currency. The global multinationals must be appealing to their governments (who are probably doubling the required bribes).

I could not care less, after learning that the average American tax cheat is likely to be a single male under age 45--in other words, the person most able to pay his goddamn income taxes. Go get his f*cking money.


I'm guessing that statistic wasn't weighted to the AMOUNT of taxes avoided. I don't give have a rat's ass about 1000 guys cutting $1000 off their taxes when there's still shiatbags stealing billions per year off their tax bills.

/yes, stealing
//they make use of public utilities, they're defended by the military, and they get bailed out of their farking mistakes by the fed
 
2013-01-19 09:33:31 PM
Haliburton?!  I am shocked, shocked, I tell ya!  Never in a million years...
 
2013-01-19 09:39:46 PM
I'm going to start a torch and pitchfork franchise.

img28.imageshack.us
 
2013-01-19 09:44:39 PM

Spanky_McFarksalot: what I would like to see happen:



What will happen:


Bread and circuses.
 
2013-01-19 09:54:48 PM

Evil Twin Skippy: Spirit Hammer: I don't know why we don't just figure out who all these rich people are, and tax them at 100%
We'd never have to work again!

If we could tax them at 38% (The same as we mere mortals on the upper end of the scale pay) we'd never be quibbling about the budget again.


Unfortunately, Obama just made the Bush Tax Cuts a permanent feature of our tax code instead of allowing them to expire.

Now, Billionaires permanently pay a lower tax rate on their major form of income than a normal working joe who only makes about 35K a year.
 
BHK
2013-01-19 09:59:39 PM
I'm going to save this thread for when they take away internet anonymity. It's not as if you have any right to protect your thoughts any more than you do your wealth.
 
2013-01-19 10:09:46 PM

SpdrJay: But....how are rich people supposed to get richer if they aren't allowed these kind of illegal hedges???


Screw that...the real problem is now I'm not gonna get mine when it trickles down to me!!
 
2013-01-19 10:11:59 PM

Pincy: Phinn: There are other places for financial privacy. They will get whatever money leaves the Caymans.

And Obama will try to pursue them, in his effort to make the entire world serve the aims of the USA.

But the opponents of "world government" are loony conspiracy theorists," right?

Your first sentence seemed reasonable. Your second sentence left me confused. Your third sentence is a cry for help.


Why would you be confused? It's simple. So, either you're a simpleton, or you have some kind of ideological bias that prevents you from seeing a simple reality.

Obama will direct his minions to chase the money as it leaves the Caymans and goes elsewhere. (Money is not a static thing. It's a process, a rate, a stream. Wealth needs to be created before it can be taxed, and created again before it can be taxed again. The US government could seize 100% of everything in the Caymans, and it would be spent on stuff, and then run out. Meanwhile, the people who know how to create wealth will have created new wealth, and stashed it somewhere else. Taxation is only really meaningful when it can capture wealth again and again, periodically.)

But that chase will soon become tiresome, and either he (or his ideological successor) will abandon the anti-haven agenda as futile, or he will realize that the only way to stamp out all illicit money transfers is to control all of the banks, everywhere, all over the earth.

He will either need to be satisfied chasing money as it jumps from haven to haven, indefinitely, or he will have to eliminate all havens. As long as a few remain, capital will find it.

So, what's the only way to ensure that all banks all over the world cooperate with the taxation appetite of the IRS and the US Treasury?

A system of government that reaches everywhere, that allows for no corner of the earth to have any banking independence at all, and so there is nowhere that isn't ultimately made to serve US monetary interests.
 
2013-01-19 10:14:14 PM

ExcaliburPrime111: There is an increasing perception (probably because it is true) in society that the rich play by their own rules and the rest is left to fend for themselves.

Make no mistake, I fully support and admire wealthy folks, particularly people who worked hard, developed an idea, and became rich through their effort and labor. Even people who inherit money have nothing to be ashamed of. What is infuriating, however, are all of these illegal loopholes and practices that result in unfair taxation, protection from ordinary due process, etc. We need to tackle all of these inequalities in order to save the republic.


This.

Most of the "eat the rich" mentality I believe stems from this inherent belief that many/most rich folks got their money crookedly.

/and their probably right.
//in which case; bon appetite'!
 
2013-01-19 10:16:47 PM

dragonchild: Phinn: There are other places for financial privacy. They will get whatever money leaves the Caymans.

Yes, but it raises the costs of being an asshole, which is the most society can ever ask for. It's not like the world will be free of scum and villainy, but we can make it as uneconomical as possible instead of rewarding people for being unpatriotic.

Switzerland was notorious for being a first-world nation that catered to the uber-rich. The nation is stable, meaning there were very few hidden costs in hiding your money there. . . that is, until they joined the rest of society in not being an aristocratic cocksucker. The Cayman Islands were the next best thing. Well, now the rich now have to dig deeper down their list of options to maintain their tax-dodging, doucebaggery ways. The next country on the list is probably a little less friendly, a little less convenient, a little less reliable and a little more expensive in terms of bribing connections. Otherwise they would've gone there first.


It's gonna be kind of hard to to business as the vise tightens.
 
2013-01-19 10:26:21 PM
Like Switzerland it will be a cosmetic change that really changes nothing. Plus there are plenty of offshore alternatives.

http://www.private-eye.co.uk/sections.php?section_link=in_the_back&is s ue=1330
 
2013-01-19 11:33:09 PM

Spanky_McFarksalot: what I would like to see happen:

[affordablehousinginstitute.org image 475x346]

What will happen:

[static.theforeigner.no image 500x500]


As long as enough of us have a roof over our heads, food to eat, high-speed internet, and TV, I agree...
 
2013-01-19 11:34:15 PM

Phinn: Pincy: Phinn: There are other places for financial privacy. They will get whatever money leaves the Caymans.

And Obama will try to pursue them, in his effort to make the entire world serve the aims of the USA.

But the opponents of "world government" are loony conspiracy theorists," right?

Your first sentence seemed reasonable. Your second sentence left me confused. Your third sentence is a cry for help.

Why would you be confused? It's simple. So, either you're a simpleton, or you have some kind of ideological bias that prevents you from seeing a simple reality.

Obama will direct his minions to chase the money as it leaves the Caymans and goes elsewhere. (Money is not a static thing. It's a process, a rate, a stream. Wealth needs to be created before it can be taxed, and created again before it can be taxed again. The US government could seize 100% of everything in the Caymans, and it would be spent on stuff, and then run out. Meanwhile, the people who know how to create wealth will have created new wealth, and stashed it somewhere else. Taxation is only really meaningful when it can capture wealth again and again, periodically.)

But that chase will soon become tiresome, and either he (or his ideological successor) will abandon the anti-haven agenda as futile, or he will realize that the only way to stamp out all illicit money transfers is to control all of the banks, everywhere, all over the earth.

He will either need to be satisfied chasing money as it jumps from haven to haven, indefinitely, or he will have to eliminate all havens. As long as a few remain, capital will find it.

So, what's the only way to ensure that all banks all over the world cooperate with the taxation appetite of the IRS and the US Treasury?

A system of government that reaches everywhere, that allows for no corner of the earth to have any banking independence at all, and so there is nowhere that isn't ultimately made to serve US monetary interests.


You should seriously consider writing futuristic international spy-ring thrillers because you appear to have a spectacular imagination when it comes to this stuff.
 
2013-01-19 11:35:16 PM
Please, they have other places to hide their money. This is only going to fark over the people who are only slightly ahead of the curve, as an appeasement to the peasants.. if anything actually comes of it.

People tell me I'm cynical.
 
2013-01-20 12:00:48 AM

Arumat: Gyrfalcon: zelet: Anybody have a reputable link?

Saw it on CNBC this morning.

I guess the moderately rich are already shiatting their pants and converting their assets into hard currency. The global multinationals must be appealing to their governments (who are probably doubling the required bribes).

I could not care less, after learning that the average American tax cheat is likely to be a single male under age 45--in other words, the person most able to pay his goddamn income taxes. Go get his f*cking money.

I'm guessing that statistic wasn't weighted to the AMOUNT of taxes avoided. I don't give have a rat's ass about 1000 guys cutting $1000 off their taxes when there's still shiatbags stealing billions per year off their tax bills.

/yes, stealing
//they make use of public utilities, they're defended by the military, and they get bailed out of their farking mistakes by the fed


It's not just not paying the taxes. The single male under 45 may not be paying a minimal amount of taxes--but he's the one actually voting for politicians who are union-busting and cursing the schools and social services for "stealing taxpayer money" which he isn't paying anyway. Yeah, the corporations and big money makers are costing the government more...but these little guys are the ones making all the noise about the government "stealing our money" and not contributing any of it.
 
2013-01-20 12:08:20 AM

slayer199: Seems a bit hypocritical for the banks to divulge this information since they directly benefited from the Cayman Islands lenient tax codes and secrecy laws.


Maybe they see the writing on the wall. They know what is coming, and that their little corner of paradise may be no more now that we have eaten from the tree of knowledge.

Consider this: someone tells you that you are going to die tomorrow and you know there is nothing that can be done about it. They offer you a choice... take you life by your own hand and means, or they will do it for you. What will you choose... sleeping pills and a fine bottle of whiskey in a comfy chair, or being run over by an Abrams tank slowly and repeatedly until you are a sticky red goo.
They made the right choice.
 
2013-01-20 12:30:46 AM
Wonder what Obama promised them.
 
2013-01-20 12:56:38 AM

Kali-Yuga: oukewldave: Anyone with a reason to hide their money overseas already got the tip off to move elsewhere. This will be pointless.

Exactly, like Singapore. Swiss and Cayman accounts were played out years ago.


At some point, there's only so many states that will be doing their dirty work, and since Switzerland, Cayman Islands, etc are playing by the rules (with some financial cost), they're going to insist everyone else does too
 
2013-01-20 01:05:26 AM

BolloxReader: Meh, I'll be offshoring to the Caymans or somewhere similar just because they let you incorporate with only one person. The tax stuff I don't care about, it's shielding my business assets (currently in a single household partnership) while I go to-to-to with Sallie Mae. The farkers farked me, paying 3x my minimum payment every month and they reported me in default to the government. Gotta get my income stuff protected before they decide to go after assets or something as things work through and I don't have time to get someone else to sign the paperwork while I'm driving over the road.

/thanks Sallie Mae for driving another business offshore!
//actually three total, will be incorporating them all as one entity though
///do offshored slashies come in threes?
////no, you get four because they are cheap (and one will break)


Yeahhhhh, I'm not a lawyer, but I don't think you can pull a "tough luck, chumps, I don't have (*) any money, so your lawsuit is pointless"


*except for the money that's documented leaving my bank and headed overseas
 
2013-01-20 01:55:29 AM
Anyone have a pretty little infographic doing the math of how much money we would save if we found out (say) 10% of welfare recipients were gaming the system and we corrected the problem vs correcting 10% of one percenter tax cheats?

/Math...I sucked at it
 
2013-01-20 02:36:07 AM

xanadian: FTFA: Google has used the Cayman Islands and other offshore tax havens to manipulate the tax code. In 2010 - they paid 2.4% on $60 billion in revenues. Bloomberg wrote a must read HERE.

Just wondering out loud here...but I wonder if R'money's tax plan on closing loopholes to generate revenue *instead* of raising the tax rate had anything to do with this.


LOL
 
2013-01-20 03:09:10 AM

Marcintosh: Rand Paul whoring for the rich. No surprise there.

Eat the rich - 350deg @ 20 min / lb


Slow roasted all day in a pit might work even better. Have our own luau, complete with pigs.
 
2013-01-20 03:52:54 AM
I am all in favor of starving the federal government as much as possible.
 
2013-01-20 04:04:24 AM
Phinn: There are other places for financial privacy. They will get whatever money leaves the Caymans.
And Obama will try to pursue them, in his effort to make the entire world serve the aims of the USA.
But the opponents of "world government" are loony conspiracy theorists," right?

Yes, yes you are. Next question?
 
2013-01-20 04:38:16 AM
Cayman Islands guy: [laughs] I'm sorry, but I cannot divulge information about that customer's secret illegal account.
[hangs up]
Oh, crap. I shouldn't have said he was a customer.
Oh, crap. I shouldn't have said it was a secret
Oh, crap! I certainly shouldn't have said it was illegal.
[sighs] It's too hot today.

/disappointed that nobody mentioned this earlier
 
2013-01-20 04:43:40 AM

STRYPERSWINE: I am all in favor of starving the federal government as much as possible.


Dont be surprised when it returns the favor, courtesy of citizens that see your efforts as sabotage.
 
2013-01-20 05:35:31 AM
FTFA: The British is one of America's closest allies and I suspect they would be willing to entertain concerns shared by the Obama administration. We really don't know why the British pushed this through.

Domestic politics. There's a lot of pressure here over tax avoidance and tax evasion. The Conservative government hopes that by being seen to crack down on dodgy tax havens under our control, like The Cayman Islands and Gibraltar, and on those who use them, they can take the heat off their rich friends.

/The British is? That's unpossible.
 
2013-01-20 09:27:06 AM

BolloxReader: Meh, I'll be offshoring to the Caymans or somewhere similar just because they let you incorporate with only one person. The tax stuff I don't care about, it's shielding my business assets (currently in a single household partnership) while I go to-to-to with Sallie Mae. The farkers farked me, paying 3x my minimum payment every month and they reported me in default to the government. Gotta get my income stuff protected before they decide to go after assets or something as things work through and I don't have time to get someone else to sign the paperwork while I'm driving over the road.

/thanks Sallie Mae for driving another business offshore!
//actually three total, will be incorporating them all as one entity though
///do offshored slashies come in threes?
////no, you get four because they are cheap (and one will break)


You used 4 "slashies" in your post. You are clearly not ready for the business world.
 
2013-01-20 09:35:24 AM

sethstorm: Dont be surprised when it returns the favor, courtesy of citizens that see your efforts as sabotage.


When the government repeatedly claims they "need" to seize everyone's money for things like "hurricane relief" (isn't that what insurance is for?), then turn around and give $50 billion to well-connected cronies and insiders for things that are not hurricane-related, don't be surprised when the people who actually create the wealth decide that your whole system is corrupt, and that sabotaging it is the most reasonable, ethical thing a person can do.
 
2013-01-20 11:04:24 AM

oukewldave: Anyone with a reason to hide their money overseas already got the tip off to move elsewhere. This will be pointless.


/agreed. We need to demand a list off accounts closed and transferred over the previous 2 years.
 
2013-01-20 11:21:04 AM
UBS burned their people. No reason to assume the others won't fold.

Looks like we're going back to hording precious metals.
 
2013-01-20 12:37:08 PM
Orlin Grabbe says, "Huh. The criminals in Washington must have finally moved their money."

www.libertarianinternational.org

Orlin goes on in this exclusive intervuew ...

"I told you about this shiat in the 80s and 90s but no one listened. Then we found Charles Hayes, the Angel of Death, and he said the same thing. Anyone remember Patricia Schroeder, that US Senator from Colorado who, at the height of her power as Chairman of the Senate Armed Services Committee (see Anne Bancroft in G.I. Jane as Lillian Dehaven) one day stood up, announced she was 'retiring' and went home to Colorado to 'spend more time with my family and write books'. Yeah, about that ...

"Fact is, Charles S Hayes, the angel of death, caught a number of senators and representatives with off-shore accounts in the high billions of dollars, all off the top of the US Budget. Being funneled into a particular political party and into a wide number of private accounts. It's free government money. They felt entitled to steal the US Budget and Hayes caught them at it ...

"Charles Hayes, former NSA intelligence asset, used a stolen CRAY computer in a refrigerated semi on the run and a satelitte uplink to use NSA code cracking software to ... follow the money ... they hate follow the money more than anything else you can do to them. Being caught buggering a goat on the steps of the National Cathedral is nothing. PR can spin that with Andrea Mitchell and Ed Schultz shouting down anyone who dares say that shiat is wrong. But follow the money? They'll kill you for that.

"Hayes ended up in federal prison the rest of his short life for exposing US Congress criminals for the thieving lying POS they generally are.

"Let that be a lesson to you. The beast will kill you if you expose it. Just ask Kevin Ives or Don Henry, after you exhume them and seance their corpses."
 
2013-01-20 11:22:43 PM

STRYPERSWINE: I am all in favor of starving the federal government as much as possible.


They got a currency printing press. They ain't being starved.
 
2013-01-21 08:24:12 AM

super_grass: In other words, the Cayman Islands will release a list of common fortune 500 companies and/or their subsidiaries.

I hate to be pessimistic, but I doubt that's going to do much to affect the status quo.


Exactly. The "corporation" angle expressed in the article is typical class warfare speak from a website that engages in class warfare.

Google, Halliburton, and every other large corporation who have offshore operations, have disclosed these operations. Nothing is illegal and nothing new will be disclosed due to this.

The new info that comes out might be individual tax evasion.

Oh well, I guess truth has no place in a class war.
 
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