The billionaire

[jainen]

The billionaire owner of the New York Jets football team, Robert Wood Johnson IV, is testifying about tax cheats today before the Senate Permanent Investigations Subcommittee. (It seems he is a victim, having been tricked by his accountants into not paying his taxes!) The report being investigated says illegal off-shore tax shelters are now so big that even the U.S. Government can't get it all. (It doesn't say the government is trying, just that it couldn't if it wanted to.)

It describes one brokerage, the Quellos Group in Seattle, that was so blatant in making up fake capital losses that they didn't even bother having the investors buy anything. "They just wrote down numbers on paper and claimed losses," said Senator Levin who headed the investigation. "It was just like fantasy baseball."

I was thinking I might be able to expand my practice along these lines.

[BOB W]

Go for it.

It seems like easy bucks. Please be sure to sell everything you own and find a good off-shore location to move to. You have about 3 years to complete everything.:

[geekgirldany]

Smartest Guys In The Room

If you guys haven't seen this DVD then rent it. I believe it was shown on HBO originally. Name of it is "Smartest Guys In The Room". Very good documentary about Enron. I never fully understood what happened until I saw this dvd.

So interesting. They made partnerships and dump debt into them to make Enron look more financially stable. Thats how I took it. Other things they did along the accounting lines was so unethical and illegal... well it was just a bomb waiting to go off. I am taking a auditing class right now. Enron and Arthur Anderson are mentioned heavily as well as Adelphia.

THe Jets owner did just like the Enron guys... he just went along with it playing dumb. I think anyone with common sense could figure these things out. You can't continue to take losses if there is no money coming out ot your pocket.