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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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6026 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 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.
 
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