Tag Archives: tax fraud

Silicon Valley Is Suffering From A Lack of Humanity


The genius of Steve Jobs lies in his hippie period and with his time at Reed College, the pre-eminent Liberal Arts college in North America. To his understanding of technology, Jobs brought an immersion in popular culture. In his 20s, he dated Joan Baez; Ella Fitzgerald sang at his 30th birthday party. His worldview was shaped by the ’60s counterculture in the San Francisco Bay Area, where he had grown up, the adopted son of a Silicon Valley machinist. When he graduated from high school in Cupertino in 1972, he said, “the very strong scent of the 1960s was still there. After dropping out of Reed College, a stronghold of liberal thought in Portland, Ore., in 1972, Mr. Jobs led a countercultural lifestyle himself. He told a reporter that taking LSD was one of the two or three most important things he had done in his life. He said there were things about him that people who had not tried psychedelics — even people who knew him well, including his wife — could never understand.

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Rich, Young “Fuerdai” Chinese Are Buying Overseas Properties on Their Smartphones – WSJ


The truth is that for all of the tough talk from Li Xinping about stopping the massive outflows of capital from China, some of it probably dark money obtained from dubious enterprises and kickbacks, nothing has changed in China or in the Western cities eager to share in the wealth. Rich, Young “Fuerdai” Chinese Are Buying Overseas Properties on Their Smartphones. Millennials acquire real estate in other countries as hedge against a weakening currency, homes for their own children when they study abroad

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Vancouver Real Estate Foreign Money Laundering: Nothing Has Changed


Despite all of the revelations of the sources and methods of the Vancouver housing bubble over the last two years, the situation remains largely unresolved. Ditto in Toronto. The foreign buyers’ tax has had only a limited effect and has problems. Fueled by dark foreign money housed in anonymous offshore shell companies like those disclosed in the Panama Papers, the money is managed by local financial manipulators at the behest of unidentifiable persons overseas. The foreign buyers continue to enjoy the weakest enforcement jurisdiction in Canada

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Canada’s Open Door to Tax Fraud, Money Laundering


How many shell companies exist in Canada? How many legal trusts? Who are the beneficial owners protected by such unnecessary veils of secrecy? No one knows because in most cases there is no legal requirement to disclose actual ownership even to regulators. In fact, more information is required to get a library card than to set up a company in most jurisdictions in Canada. What we do know is that Canada ranks near the bottom among our OECD partners in terms of corporate disclosure requirements to fight money laundering and tax evasion. A recent report from Transparency International detailed the dismal situation and why our country has become a haven for dubious offshore property speculation.

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Joseph Stiglitz Resigns As Panamanian Government Advisor on Panama Papers Scandal


Nobel Prize-winning economist Joseph Stiglitz has quit an advisory panel to Panama’s government set up after the Panama Papers scandal. Some 11.5m documents, leaked from Panama law firm Mossack Fonseca, revealed huge offshore tax evasion.The government appointed a panel to look at Panama’s financial practices. But Mr Stiglitz and and Swiss anti-corruption expert Mark Pieth, who also quit, said government interference in their work amounted to “censorship”. The seven-person panel also included Panamanian experts. “I thought the government was more committed, but obviously they’re not,” Mr Stiglitz told Reuters news agency. “It’s amazing how they tried to undermine us.”

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How Canada Got Into Bed With Tax Havens


How Canada got into bed with tax havens 1980 treaty with tiny Barbados paved way for billions to legally flow offshore By Zach Dubinsky, CBC News Canadian companies have flocked to Barbados with their cash for decades in order to legally avoid paying Canadian taxes. (The Associated Press) On a cold December afternoon in 1980, with […]

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The Panama Papers and Thomas Piketty


I am sharing this because of its particular relevance to the ongoing revelations about connections between global tax evasion shell companies and real estate markets: London, Miami, New York City, San Francisco and Vancouver.

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The Rules of Sewage


This is a metaphorical essay on personal ethics, worthy of a serious read and contemplation. When I saw the title I was intrigued but suspected it had something to do with Andy Grove’s adage, “sewage flows downhill,” which means “if anything bad happens it will eventually flow down to you.” This is about ethics. The points made here are particularly apt in light of the huge number and sheer scale of recent business frauds: the Volkswagen fraud, LIBOR, Lehman Brothers, Bernie Madoff’s pyramid scheme, Conrad Black in Canada, Olympus in Japan, Bernie Ebbers and Worldcom, Tyco International, stretching back all the way to Enron, Michael Milken’s junk bonds, and the 1980’s savings & loan debacle.

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Getting Rich Off The Recession: “The Big Short” Comes to Hollywood


Liar’s Poker is one of those books one of your friends strongly urges you to read. A short little book, the recommendation I got from Bill Howe, my Canadian Intel colleague in Europe, was that it was a hilarious read. And so it was. It reads like Animal House. Michael Lewis also recently wrote The Big Short, his analysis of the 2008 financial meltdown. Liar’s Poker has been described as a comedy, and The Big Short as a tragedy, which seems very apt to me if you have heard Michael discuss both books. Many may know Michael best for his recent success with Moneyball.

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Four KPMG Senior Execs Arrested on Tax Evasion Charges


Four senior executives from the Belfast office of international accountancy firm KPMG have been arrested on tax evasion charges. KPMG acknowledged in a press release that four of its top executives in Northern Ireland were arrested Wednesday.

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