Feeds:
Posts
Comments

Posts Tagged ‘assholes’

From TPM Muckraker:

An attorney and tax shelter expert we spoke with today says AIG FP was one of the biggest players in the business of engineering offshore tax shelters for corporate and private clients that resembled a multibillion dollar tax evasion scheme called Son of Boss (we don’t have time to figure out why) that thousands of corporations and wealthy individuals used to book phony capital gains losses and evade most or all of their income taxes in the late nineties and early 00s. The mind-numbing litany of esoteric loopholes such tax shelters employ to concoct said phony losses is something you don’t want to hear about at this hour — trust us — but they are generally anchored by a set of exotic unregulated derivative securities whose ‘notional value’ can help fabricate losses that don’t actually exist.

But we don’t have money to pay for health care……

Read Full Post »