Tax Fraud

Police Seize Over 5,000 Ounces Of Silver From Man's Home

Last week in the Australian state of Queensland, federal police confiscated a whopping 5,465 ounces of silver (worth roughly $106,000) from a man’s home. This was part of a larger series of police raids instigated by the Australian Tax Office against individuals suspected of tax evasion. Two obvious lessons come to mind which bear repeating...

Frontrunning: June 29

  • Global stocks gain as Brexit nerves settle (Reuters)
  • Draghi Wishes for a World Order Populists Will Love to Hate (BBG)
  • Merkel Says No Way Back From Brexit as Cameron Regrets Loss (BBG)
  • EU leaders meet without UK to plot Brexit response (FT)
  • Division, confusion as EU rethinks future without Britain (AP)

Germany Shuts Down Canadian Bank Tied To Money Laundering

For the first time since 2012, Bafin - Germany’s banking regulator, which for a minute looked like it might actually accuse Anshu Jain of lying about LIBOR - has closed a bank. All financial transactions by Maple Bank of Canada’s German subsidiary have been halted due to "imminent over indebtedness."

Frontrunning: January 28

  • Unease over Fed rate path dents European stocks (Reuters)
  • Global Stocks Pressured After Fed Statement (WSJ)
  • Japan's Economy Minister Amari to Resign Over Graft Scandal (BBG)
  • Authorities working to clear remaining protesters in Oregon occupation (Reuters)
  • China Sharpens Efforts to Halt Money Outflow (WSJ)
  • Eurozone January Economic Sentiment Falls Sharply, Hits 5-Mth Low (MNI)

Washington Unveils Investigation Into "Russian Meddling" In The EU

News broke last Saturday evening that the US is to conduct a "major investigation" into how the Kremlin is "infiltrating political parties in Europe" amid "mounting concerns" of a new Cold War. The exclusive, which was published by the UK’s Telegraph newspaper, revealed that James Clapper, the US Director of National Intelligence has been instructed by Congress to begin the major review into Russia’s "clandestine" funding of EU parties over the last decade. Hypocritical? Oh, let us count the ways...

Frontrunning: January 11

  • David Bowie, musical legend behind Ziggy Stardust, dies at 69 from cancer (Reuters)
  • With No Powerball Winners, Jackpot Grows to Estimated $1.3 Billion (ABC)
  • Stock Gains Short-Lived as Chinese Volatility Hurts Oil, Metals (BBG)
  • China's yuan spikes higher, but stocks tumble (Reuters)
  • Arch Coal Files for Bankruptcy (WSJ)
  • Yuan Loan Rates Soar in Hong Kong as PBOC Halts Currency's Slide (BBG)
  • China stocks close down at lowest level since September (Reuters)
  • Fed Eyes Margin Rules to Bolster Oversight (WSJ)

The Good Ol' Days: When Tax Rates Were 90 Percent

It’s quite interesting indeed when both progressives and conservatives seem to be nostalgic for those good ol’ days in the 1950s, for different reasons, of course. Conservatives want to go back to the nuclear Leave It to Beaver family and what not while liberals like to talk about those 90-percent tax rates that we owe our prosperity to. Or something like that. However, what a tax rate is and what is actually paid are two very different things.

Moscow Furious After Both Belgium And France Freeze Russian State Assets

Both France and Belgium have moved to freeze Russian state assets on Thursday, prompting an angry response from Moscow and serving to further inflame tensions between Russia and Europe amid escalating violence in Ukraine and an increasingly aggressive stance towards the Kremlin on the part of Washington and NATO.

Overeducated Writer Explains Why He Defaulted On His Student Loans, Asks "If He Is A Deadbeat"

There are some valid points raised in Lee Siegel's 1100 word rant against college loans (if not so much against college education). There are some bad ones. But two things are is clear: the words "personal" and/or "responsibility" were used precisely zero times, and the op-ed writer, who described himself as "the author of five books who is writing a memoir about money", is hardly a glowing advertisement for an education attained (funded with either debt or equity) at one of the Ivy League's "best", Columbia University... that, or the return on money after wasting nearly a decade in university and taking out tens of thousands in loans to achieve a Master of Philosophy degree.

Frontrunning: April 14

  • Shale Oil Boom Could End in May After Price Collapse (BBG)
  • Oil above $58 on U.S. shale output report, Mideast (Reuters)
  • Ackman Says Student Loans Are the Biggest Risk in the Credit Market (BBG)
  • Alibaba Disputes U.S. Group’s Claim it Tolerates Fake Goods on Taobao (WSJ)
  • Petrobras takes steps to avert a technical default (FT)
  • Yen’s Drop Is Approaching Its Limit, Says Abe Adviser Hamada (BBG)
  • 'Slicing and dicing': How some U.S. firms could win big in 2016 elections (Reuters)
  • Fed official warns ‘flash crash’ could be repeatedv (FT)

Germany Generously Offers To Freeze The Bank Accounts Of Wealthy Greeks

Germany has been kind enough to provide an idea where the foundering Greek "radical leftist" government can find some additional funds: by freezing and raiding the bank accounts of wealthy Greeks. Of course, the legal loophole provision is that only those suspected (not convicted) of tax fraud would be eligible for such an asset  freeze, however since in Greece virtually nobody pays the amount of tax they should, this is essentially a carte blanche to freeze and raid the funds of the wealthiest Greeks who have bank accounts in Germany (and soon in all other European nations) no questions asked.

Following "Worst Election In 25 Years" Court Finds Rajoy's Ruling Party May Have Had Secret Accounts

It has not been a good week for Spain's embattled Prime Minister Mariano Rajoy. Following what Bloomberg calls "its worst election result in 25 years," in Andalusia (the nation's most populous region); the corruption scandals re-rear their ugly head:


Spanish bond risk widened 4-5bps on the day as both events confirm the rise of anti-EU parties Podemos and Ciudadanos.