I think the best way to solve this problem is tax 100% of the income and assets (wherever located) of every financial industry executive and lobbyist for the financial industry in exchange for non voting common shares in the Banks and institutions they ran into the ground over the last twenty years. Then put those institutions into receivership or bankruptcy (as appropriate), give the government and legitimate creditors and investors preferred voting stock, and subordinate the shares of the former bankers, etc. (and they should all be prevented from working in the financial industry in any capacity except as tellers in inner city branch offices for the next 50 years) to the lowest possible preference. That is, they get dividends on their shares after everybody else gets paid back in full. Of course, they would be free to sell those shares on the open market any time they wish. We are, after all, not communists.
Ps. Can you believe this shite?
ZURICH (Reuters) – U.S. prosecutors are expanding their investigation into whether UBS AG helped tens of thousands of Americans avoid paying taxes, the Wall Street Journal said, citing several people involved in the case.
U.S. tax investigators believe the number of American clients that the Swiss bank helped to avoid taxes could be much higher than the previously disclosed estimate of about 17,000, the people told the paper.
Investigators are also looking into whether other parts of UBS besides the wealth-management unit were involved in helping clients avoid U.S. taxes, the paper said, citing the people.
The balance between a tax on dividends and tax on income is an interesting one; in times when it’s better to encourage capital investment by business, the tax on dividends should be high. That’s now; the 15 percent break should end earlier rather than later.
It’s a complex shell game. I had a deep discussion with a group yesterday about whether the team Obama’s chosen can move to new ideas. I think they can, but there’s a lot of doubt out there as they were neck deep in mess creating.
i am shocked, shocked I tell you.
Yet more evidence that the rich get richer.
My cousin landed at UBS when Lehman went belly up. Oopsy. I’ll tell y’all where he goes next so we can short the stock.
Hmm I wish I understood how the system works. There are legal and illegal ways of avoiding taxes and I wish I could understand them.
For the latter, become a Republican.
The way that I heard it is that the difference between Tax Aversion and Tax Evasion is 10-20 years…
USB, the bank of choice for stealing money:
Flashback: Spitzer Looking Into World Jewish Congress
http://www.nytimes.com/2004/12/31/national/31charity.html?_r=1
Just heard Thane is in Switzerland, must be there counting his money.
We wondered why Spitzer became a target. Wasn’t it right after someone blew the whistle on UBS to the IRS?
Presidential campaign flashback:
The Real Reason For McCain’s Friday Night Phil Gramm Dump
To summerize:
The UBS scandal broke overseas… A couple of days later Gramm makes the “Whiner” remark. The UBS scandal breaks here in SCLM. Gramm becomes a McCain campaign Friday night dump for the relatively tame remark – considering the batshit loopy stuff republicans say everyday…
HMMM? The investigation is now expanding, eh?
Any comments from Gramm or McCain?
That article was from 2004….obviously once they took out Spitzer, it was dropped?
Not just that, but at the time Spitzer was still chasing after the mortgage crisis and there was speculation that he was going to out the shadow banks gambling addiction, as well.
The whole timing of it all reeks of another bush crime family political assassination.
I know my flashback was not really relevant to yours, but I just added it there because one flashback deserves another.
This mr. thain? the
genuisslime ball who passed out bonuses that totaled 20% of merrill’s losses for the quarter he was in charge?l suspect he’s well on his way to becoming an ex-pat w/ some cushy digs and massive bank accounts in faraway lands.
laissez faires finest hour, eh.
In Switzerland as we speak.
“We are, after all, not communists.”
Pure Gold!
Thank you for getting the reference. 🙂
You write this as satire, but I think your first suggestion is worth pursuing. I couldn’t be done through taxes, but it should be done as a penalty and condition of further fed funds.
not that it’s likely to cause the fall of the government here in the good old us of a, but the financial crisis has had a massive toll on iceland’s conservative government coalition.
Financial crisis topples Iceland government.
more at reuters: Iceland coalition falls over financial crisis
…“the left wing is likely to get a very good showing in the election”…ya think?
although this crisis was, in large part, the result of toxic derivatives and practices developed here, it’s international in scope. without international cooperation by the G20 members, hopefully led by the obama administration, whatever action is taken here must be supported.
pm gordon brown today issued a warning against financial protectionism.
we haven’t even gotten close to the bottom yet and it appears that there’s a lot of ‘circle the wagons’ attitudes developing around the globe.
UBS AG is just another symptom of a much larger disease.
the very same corporations lining up for handouts have gone out of their way, with the help of both parties l might add, to avoid paying their share. trickle down my ass…voodoo.