ZCs

Bronx, NY

#1465 Feb 23, 2013
"WE" me the Money!!!

Bloomberg Businessweek (ironically owned by politician plutocrat and defender of the oligarchy Michael Bloomberg) just reported that "a hedge fund tax dodge uses Bermuda reinsurers" (with a large photo of an idyllic beach above the story, accompanied by the caption "reinsure your taxes away"). But the Bermuda based "reinsurers" are sometimes just little more than mail drops that serve as a vehicle for tax-evasion money laundering, with little concern being expressed by the IRS.

The Bloomberg Businessweek article begins with an example of the apparently legal scheme, given the lack of IRS interest in setting limits on such financial profiteering:

Last year, about $450 million belonging to top executives at billionaire hedge fund manager John Paulson’s New York firm made a quick round trip to Bermuda. In April the executives sent the money to a reinsurance company called PaCRe they’d set up on the island. By June, PaCRe had sent all the cash back to New York, to be invested in Paulson & Co. funds. By recycling the funds through Bermuda, which doesn’t levy a corporate income tax, the Paulson executives are positioned to exploit a little-known loophole, reducing their personal income taxes and delaying paying the bill for years.

At a time when the Obama administration and congressional leaders are calling for a corporate tax overhaul that would eliminate some loopholes, the tax dodge of using reinsurers—which provide coverage for other insurers rather than the general public—is gaining popularity among hedge funds.

Referring to three gluttonously wealthy hedge fund managers, Bloomberg Businessweek reveals:

The companies set up by Paulson, Cohen, and Loeb are all located within a half-mile of each other in the narrow streets of Hamilton, Bermuda’s capital and the global center of the reinsurance industry. The three put a combined $1.7 billion back into the fund managers’ hands last year.

Even the Murdoch-owned tabloid The New York Post jumped on the legalized theft from the public purse of this scheme, putting it a bit more bluntly than Businessweek:

Billionaire hedge-fund moguls are getting comfortable with a US tax loophole to fatten their already plump bottom lines.

All it takes to avoid tens of millions of dollars in taxes is a short trip to Bermuda — not by them, but their cash.
ZCs

Bronx, NY

#1467 Feb 23, 2013
When "WE" goes Wrong

A Michigan man came home Wednesday evening to find his wife had been stabbed to death and their 'psychotic' 19-year-old son is charged with her murder.

David Kellen Grow was arraigned Thursday on an open murder count in Jackson County District Court for accusations that he used a knife to kill his mother, 49-year-old Robin Denise Grow, in their Concord home.

The 19-year-old's parents had hospitalized him for mental instability for 10 days in January until a judge ordered that he be released against his parents wishes. It was 23 days later that he allegedly murdered his mother.
ZCs

Bronx, NY

#1468 Feb 23, 2013
"WE" Me Free!!

Former Penn State assistant football coach Jerry Sandusky has filed an appeal against his conviction and sentence on child sex abuse charges with the Pennsylvania Superior Court, according to court records.

Sandusky, 68, was sentenced In October to no less than 30 years and no more than 60 years in prison for abusing 10 boys during a 15-year period.

The appeals come nearly a month after a Pennsylvania judge rejected his motion for a new trial. Sandusky's attorneys had argued they didn't have enough time to prepare their case.

The sex abuse scandal led to the 2011 firing of Penn State's head football coach, Joe Paterno, and the ouster of the university's longtime president, Graham Spanier. Paterno died in 2012 of lung cancer.

The NCAA slapped Penn State with fines and sanctions over the case, but Pennsylvania's governor announced a lawsuit against the collegiate athletic board, saying Sandusky's actions were a criminal matter and not a violation of NCAA rules.
Teddy R

Abu Dhabi, UAE

#1469 Feb 23, 2013
Logic wrote:
Hey dopey, OTB Closed down about 2 years ago.
Well, you certainly seem to be an expert.

So where do you 3 Stooges hang around ranting incoherently to each other now?

Oh - Topix. Yeah.

My point exactly.
Logic

United States

#1470 Feb 23, 2013
Teddy R wrote:
<quoted text>
Well, you certainly seem to be an expert.
So where do you 3 Stooges hang around ranting incoherently to each other now?
Oh - Topix. Yeah.
My point exactly.
No different than you spewing your racism on topix.
Teddy R

Abu Dhabi, UAE

#1471 Feb 23, 2013
ILLogic of the Topix Racist 3 Stooges wrote:
<quoted text>
No different than you spewing your racism on topix.
My "racism" that exists only in your racist little mind, that you spend all day every day in an angry delusional haze projecting onto others?

Yeh. Big difference.

Seek help.
Logic

United States

#1472 Feb 24, 2013
Teddy R wrote:
<quoted text>
My "racism" that exists only in your racist little mind, that you spend all day every day in an angry delusional haze projecting onto others?
Yeh. Big difference.
Seek help.
Teddy R The Racist,

Is your problem with the message or the messenger?

Or are you just a plain old racist or a dumb one.
ratwat

Pittsburgh, PA

#1473 Feb 24, 2013
youtube.com/watch... ……
Excuse is the Reason
Logic

United States

#1474 Feb 24, 2013
Teddy R wrote:
<quoted text>
My "racism" that exists only in your racist little mind, that you spend all day every day in an angry delusional haze projecting onto others?
Yeh. Big difference.
Seek help.
Teddy R The Racist,

Since you are the legal expert on the justice system,
Do you think the mild mannered CBS news reporter who turned savage and who beat the crap out of his wife,
Was holding his ground?
Teddy R

Abu Dhabi, UAE

#1475 Feb 25, 2013
ILLogic of the Topix Racist 3 Stooges wrote:
<quoted text>
Teddy R The Racist,
Is your problem with the message or the messenger?
Or are you just a plain old racist or a dumb one.
Gibberish post. No response required.
Teddy R

Abu Dhabi, UAE

#1476 Feb 25, 2013
Logic wrote:
<quoted text>
Teddy R The Racist,
Since you are the legal expert on the justice system,
Do you think the mild mannered CBS news reporter who turned savage and who beat the crap out of his wife,
Was holding his ground?
I am unfamiliar with the case to which you refer. Got a link?
Logic

United States

#1477 Feb 25, 2013
Teddy R wrote:
<quoted text>
I am unfamiliar with the case to which you refer. Got a link?
Typical racist ignorance. No surprise.
Logic

United States

#1478 Feb 26, 2013
Teddy R wrote:
<quoted text>
I am unfamiliar with the case to which you refer. Got a link?
Teddy R The Racist,

Are you falling down on the job or you only spring into action when the color suits you?

Fyi, the savage's name is Rob Morrison like you really didn't know.
Just Saying

Mineola, NY

#1479 Feb 26, 2013
Logic wrote:
<quoted text>
Teddy R The Racist,
Are you falling down on the job or you only spring into action when the color suits you?
Fyi, the savage's name is Rob Morrison like you really didn't know.
In all fairness, that was a local story, and many not be familiar to non-New Yorkers.
shameless-li

Denver, CO

#1480 Feb 26, 2013
Logic wrote:
<quoted text>
Teddy R The Racist,
Since you are the legal expert on the justice system,
Do you think the mild mannered CBS news reporter who turned savage and who beat the crap out of his wife,
Was holding his ground?
he wasn't holding his ground, he was holding her neck....
shameless-li

Denver, CO

#1481 Feb 26, 2013
Teddy R wrote:
<quoted text>
I am unfamiliar with the case to which you refer. Got a link?
http://www.nytimes.com/2013/02/21/nyregion/ro...
ZCs

Bronx, NY

#1482 Feb 27, 2013
Just Saying wrote:
<quoted text>In all fairness, that was a local story, and many not be familiar to non-New Yorkers.
You are just "Willfully blind"
ZCs

Bronx, NY

#1483 Feb 27, 2013
"WE" No Taxes

Share

Is everyone out there freaking out because it’s almost tax time? I would guess that most of you are starting to scramble. You know who isn’t scrambling and isn’t sweating Uncle Sam in the least bit? The super rich. I’m talking the really rich. When it comes to taxes, the U.S. economic system offers no shortage of loopholes allowing the ultra-rich to shortchange the government

Tax rates for those making less than $1 million level out at 24%, then declines for those making over $1.5 million. Those making $10 million a year pay an average income tax rate of 19%.$70-$100 billion is the estimated tax revenue lost each year due to loopholes. So how exactly do the super rich hide that much money from the government every year? Find out and see thanks to this awesome list put together by Top Accounting Degrees.

ILAL

Bronx, NY

#1484 Feb 27, 2013
ZCs wrote:
<quoted text>
You are just "Willfully blind"
Hey, some just can't help it.
ZCs

Bronx, NY

#1485 Feb 27, 2013
ILAL wrote:
<quoted text>
Hey, some just can't help it.
They live in another reality.

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