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Why Is Bob Pisani, And By Implication General Electric, Giving Tax Advice On TV?
In a segment earlier on CNBC, the ever cheerful Bob Pisani, whose only recent specialty on CNBC has been to find new and improved concepts that equate with "victories for the bulls" (global thermonuclear warfare, mutated viral contamination of water supplies, mass extinction events?), broke one of TV's cardinal rules by providing tax advice in a market primetime broadcast. In the clip below Pisani describes the tax trap associated with a wash sale. While he did not screw that up, he subsequently went on to describe how one can find other ETFs that would allow the viewer to get around the was sale rule, in essence providing a tax (avoidance) service, and also how viewers can avoid paying taxes. Of course, intent is a part of any comparable transaction, and one wonders whether CNBC cleared this segment in which Pisani comes dangerously close to describing a method to evade taxes, which is a felony offense.
We understand that the administration (and GE) are hell bent on pushing every tax(able) dollar into buying more GE and other toxic stocks, but at some point the government may actually need to collect on whatever meager tax revenue is left, courtesy of ever more bankrupt consumers.
h/t Bruce K.
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This entire post is predicated on the notion that people read the closed-captions on CNBC. Surely no one listens to the non-stop blather.
what a bunch of b.s. you write here zerohedge. everything is negative and a fucking conspiracy to you, go have a drink and relax dude. are we all gonna die tomorrow, too, chicken little, as you probably proclaimed some time ago? if so then who gives a rats ass about pisani and cnbc. seems you are obsessed with watching them, you help their ratings, lol.
curious, if it is all bs, what are you doing here?
He's one of those pesky auditors from Goldman Sachs. He broke ranks and posted today. Bad auditor!
After a hard night of drinking and killing puppies with claw hammers, the Goldman Sachs employee had to make payroll.
Clearly, that Anon poster was Pisani.
I'm glad he reads ZH...
Tyler...you better make nice with your mother-in-law.
Jack Ass!
You're right, Anon. What a bunch of negative Nellies. You know who else was negative? Noah. That bastard thought he was so smug building that fancy boat. What a prick!
How about this? How about you let Zerohedge do their fucking job for people that appreciate them without hassling the contributors? They doesn't knock dicks out your mouth while you're doing yours.
Now, resume your party. Dude.
Just a quick question 120087: If this is all bullshit, why are you waisting time posting here when you should be at the doctor's getting the blockage in your rectum looked at?
CNBC Europe went to commercials just before the FED decision came out and didn't come back until after it. Jesus GE must be desparate for cash. No wonder their viewship is on the slide. Completely useless.
Funny... In the movie Forest Gump, Forest admitted that "Stupid is, as Stupid does." What's dangerous about the CNBC commentators, is that they believe their own bullshit. A con knows when it's a con. These CNBC talking heads actually don't know any better. And we all thought Geithner was dumb. Wow...
Correction. "STUPID DOES, WHAT STUPID IS TOLD TO DO"
that's good +1
Bob Pisani? Gimme a break. Ever listen to him closely? I suggest a new drinking game: Take a good shot every time he says "here". If "here" were removed from his vocabulary he'd be speechless.... Not a bad idea that.
I suspect we'll see a correction/retraction on that tax thingie.
Hey, I gotta get me one of those bags for my head like Mr Anonymous.
Is that de rigueur these days?
CNBC is pretty much a felony in progress. Cramer, the Najarians, various lying CEO's, half of their content is probably actionable but it is now de rigueur to steal and defraud in the open so don't expect much.
Settle down. When you write and post stuff like this it cuts into your credibility.
As a CPA licensed in Texas, there is a very BIG difference between a tax evading scheme (illegal) and a legitimate tax avoidance scheme.
People set up SEP 401Ks and other tax deferred retirement plans to avoid paying taxes.
There is nothing illegal about such actions.
Similarly, selling a stock at a loss prior to year end and buying another one of similar ilk is a legitimate tax avoidance strategy. (Example: One could sell their BOA or C stock, book their losses, and say buy another bank stock.)
This is legitimate strategy and is a FAR cry from a felony.
Yay, a voice of sanity! Please re-read the above comment until it makes sense. Tax avoidance is not tax evasion. Telling people that if they buy savings bonds instead of CDs they can defer taxation on the interest is just tax-aware investing advice, not a conspiracy to evade taxes.
Now, when CNBC starts telling you how to lie on your tax returns, bribe IRS agents, and which countries still don't cooperate with IRS tax investigations, that could be of legal concern.
Since when should reporters be giving ANY advice?
exactly. Report...i dont need to hear your opinions, i've already got plenty of coverage for that.
+1 -- turn off CNBC
pb...you may want to re-read tyler's opening paragraph.
I suggest that you parse the words closely and carefully.
+1
TD et al,
Enough already; any mention of CNBS detracts from the great site you've got here. Let them die the quiet death they so richly deserve. Stuff like this is beneath you.
couldn't agree more - (even though their screwups are entertaining) - the best sevice Zero and others could perform is to shut out that financial prop machine
Maybe he's got a job lined up with H&R Block once the NBC sale is finalized?
Tax avoidance = Legal
Tax Evasion = Illegal
This is generalized information and as such doesn't constitute tax advice. IMO
I'm glad Bob provided this helpful segment - I just sold my GE to take the capital loss and replaced it with CIT - substantially identical?
that's some funny shit!
Boob Pastrami with gold trading around $350: "Trust me, folks, gold is going nowhere!"
Do you mean this Boob Pastrami?
Go figure. "The video you are trying to access is unfortunately unavailable at the moment."
No mercy for pump monkey central until they stop lying, BSing and incompetent blather.
They are effectively a much greater wealth destructor than Bernie's ponzi scheme.
They aggressively dismissed the subprime meltdown for at least 9 months. How much did that cost the average investor who relied on them?
This site could develop enough pressure to put a stop to their complete BS if enough informed people continue to speak out.
Guilty or not, under current circumstances Pisani works for GE which is covered under the policy of judicial exclusion. Pisani knows that as long as he is covered under the GE/government umbrella he can pretty much do whatever pleases him.
http://en.wikipedia.org/wiki/Bob_Pisani
http://www.usma.edu/bicentennial/images/NYSE_PisaniSupeCadets.jpg
Who would ever think that such a knowledgeable and reputable source would incorrectly reproduce such important information...
TD, have you ever heard the expression that you're only as strong as your weakest argument? There are plenty of things to pound CNBC over but suggesting that little segment borders on a felony is ridiculous.
Hardly. I dealt with individuals imprisoned within the federal prison system who were convicted for doing much less. There is a big difference under the rule of law between discussion and advocation. The simple fact is that this difference is lost when referencing persons enjoying exclusion from justice.
Agreed.
I find it really funny that a guy like Pisani actually thinks he works in finance, rather than entertainment. Look at his hair. This is no finance guy.
How would you classify Donald Trump's hair: Finance, or entertainment?
http://www.battleagainstbald.com/photos/uncategorized/2008/06/10/hair404...
Electric
dissapearing
I haven't seen a do like that since Bill Murray as Big Ern McCracken in Kingpin.
http://www.youtube.com/watch?v=ci6YPGQedr0
The wash sale rules did not anticipate the complexity of ETFs.
But if you think the IRS is dumb and blind you are wrong. Thank Bob P. This issue is now a Flag Item for the irs. They have big computers.
Say you follow Bob's advice. You avoid the wash sale and the tax for say $200k. You do the research and leg into the trades.
And then one day you are sitting in a room with an IRS lady and she looks at you and says,"Did you enter into these transactions in a deliberate effort to avoid taxes?"
There are only two answers. You say yes and you pay taxes and fines and get on the shit list. You say no, and you lie to the IRS.
Two terrible outcomes. Bad advice Bob.
Agreed and to add that the IRS is saying "a wash sale is selling stock at a loss, and buy or sell substantially identical securities (not necessary the same security) within 30 days before or after the sale". Aren't similarely structured ETFs "substantially identical"??
CNBC, is that the daily health care show that runs a ticker tape?
Not to worry. While tax evasion is a crime, tax avoidance is our civic duty.
I gotta love it here. Ive watched a few reruns of old Cheers episodes lately , I get the same feeling here listening to you guys. I dont understand all of it but what are some of guys ? Economic and political scientists? I feel like Norm or Cliff Clavin the postman. Anyhow Ill tilt one to you. That ZH dissenter must be one of the dumb luck sum bitches that bought and held in March and figures the system is just a working little wagon. Probably wont even know how to short when the worm turns.
I'm finding it hard not to respond with...
Who gives a shit what Bob Pisani has to say about ANYTHING, And why this fascination with CNBC??
Hi Digalert, whatcha got in the wheelbarrow?
I imagine after GE sheds the networks you'll find a lot of these CNBC people explaining the economics of easy pay on QVC or HSN.
I wonder how many CNBC employees have been directed to show up and post here to try an counter the plain obvious truth that the vast majority of even semi-literate investors regard CNBC (in the US time zone) as being nothing but "pump monkey central"?
How long do think it will take for CNBC to mention that Goldman had only one loss day and over 30 100 million dollar days last quarter in their propriety trading operations?
Pisani is correct in this case.
Fraud requires intent .... I doubt think Pisani has that ... he probably heard the story and like a news reported is reporting it.
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