How foreign based banks who help defraud the US public purse are going to plunder more funds c/o Hank the bank.
We reported that the Senate permanent subcommittee on investigations released a report on July 15th 2008 saying that UBS’s offshore practices helped American citizens hide an estimated $18 billion in 19,000 accounts from the Internal Revenue Service. see Sunday, July 20, 2008
Massive UBS scheme to help US taxpayers to defraud IRS of tax on at least US$18 Bn.
We had also reported Tuesday, July 22, 2008 Deutsche Bank's role in questionable tax shelters - fire destroys bank and records - LMDC and it's interesting people - explaining how Deutsche Bank arranged "taz Shleters" for US citizens...
In August, KPMG reached a $456 million deferred-prosecution agreement with prosecutors and admitted criminal wrongdoing over four types of shelters, some of them ones that Deutsche Bank worked on. A smaller German bank, HVB, has also settled with prosecutors.
The bank has said in the past that the transactions it arranged for tax shelters were regular and ordinary.Prosecutors are examining how Deutsche Bank helped to make and sell a digital option shelter called Cobra (currency options bring reward alternatives Ho.Ho.Ho.),to more than 1,100 wealthy investors around 1999 and 2000, according to the people who have been briefed on the inquiry.
Now this is all grist to the busy bankers day ... but DB and UBS are banks headquartered in a foreign country, and now they can sell off their septic debt to the US taxpayer, via Mr Paulsen's hastily drafted in "experts" on valuing worthless pieces of shit, called SIV's etc.,
Is this a wise/ sensible way to apply the worker's dollar ?
When Butch and Sundance were robbing banks, it was the banks that were robbed ... now we have a socilaised capitalism where the Banks are sanctioned by law to rob the people ... and any act the US Treasury makes is beyond the law.