9/06/2012 2:05pm, #61
9/06/2012 2:13pm, #62
Are they running a ponzi scheme? Or are they lending out that money and paying the interest out of the profits generated from the lending of that money?
If they're not running a ponzi scheme, who and for what do you think they're lending the money?
9/06/2012 2:19pm, #63
9/06/2012 2:20pm, #64
- Join Date
- Mar 2006
Romney is hiding Obama's birth certificate in his Swiss bank.
9/06/2012 2:24pm, #65
9/06/2012 2:25pm, #66
9/06/2012 2:28pm, #67
Oh those crazy Cayman islands...they probably don't enjoy their mythic status as a safe haven for financial crimes, but they sure come close.
One bank in particular (Ugland House) is notorious for shielding the profits for over 18,000 corporations from taxation.
That shielding (including twelve of the Dow Industrial's Average's thirty companies) costs the US billions each year. That's one Cayman bank.
Arrested in 1975, Frank Lucas, the drug dealer who monopolised the Harlem drug market in the 1960s and 1970s (played by Denzel Washington in the 2007 film “American Gangster” had an estimated $52 million in Cayman banks (though at the time money laundering was not a crime in the United States nor in Cayman).
The South Africa apartheid regime tried “Operation Coast” from 1981–1993, with the goal of developing biological and chemical weapons in contravention of the Biological and Toxins Weapons Convention. Their principal companies for this effort incorporated in the Caymans.
In recent years, the Senate Finance Committee held a hearing on 24 July 2008 entitled The Cayman Islands and Offshore Tax Issues. The Wall Street Journal of September 30, 2008 published an article written by former Manhattan District Attorney Robert Morgenthau entitled “Too Much Money Is Beyond Legal Reach.” Morgenthau cited Long Term Capital Management, two collapsed Bear Stearns hedge funds, and BCCI as all being charted in the Caymans. Senator Carl Levin who chairs the Senate Investigations Subcommittee entered this article into the Congressional Record two days later.
Estimates are that Enron established between 400 and 700 subsidiaries in the Caymans. Parmalat’s books showed a balance of $3.9 billion in the account of its Cayman subsidiary which was in fact empty. And much has been made of the Ugland House beginning in March 2004 with an article published in Bloomberg Market, “The 150 Billion Shell Game.”
North Dakota Senator Byron Dorgan stated from the floor of the Senate on April 12, 2010 that Ugland House “in 2004 was the official home to 12,748 corporations … since that time, since 12,748 corporations used that little 5-story house to avoid paying taxes, it has now grown to over 18,000 corporate addresses.” Statements made from the floor of the House of Representatives were similarly critical of Cayman.
Last edited by W. Rabbit; 9/06/2012 2:37pm at .
9/06/2012 3:08pm, #68
I do really love it when people spout off that crap about keeping the taxes low for the rich so they will "create jobs" and keep their money here. I think it's just a massive underestimation of their greed. I would hate to burst bubbles on this, but the stay the course option the republicans keep trying to pass hasn't worked for the past 8 years so why would it work now?? Unless if our entire country is willing to be slave laborers the money will never stay here and neither will the jobs.
Last edited by Bneterasedmynam; 9/06/2012 3:12pm at . Reason: Big thumbs little phone
9/06/2012 3:36pm, #69
- Join Date
- Mar 2006
This is why I'm not paying attention to the campaigns and I'd rather argue about fucking tax law. Because dumbasses pick one side or the other, then lose all sense of reason and just spout whatever shows their "Chosen One" in the best light.
The stay the course option? Yeah, that's what you're getting from both sides. Not just the Republicans. It's plain as day if you pay attention. There's only a **** hair worth of difference between all of them.
9/06/2012 4:00pm, #70