I revoke my previous apology to the Swiss, and reiterate my previous disapproval. As evidenced by the latest outcome in the U.S. tax case involving UBS, we have moved beyond troubling and into something much worse.
...the world’s largest wealth manager in terms of assets, agreed to pay a $780 million fine and disclose information about some of its clients to settle a landmark U.S. tax case.
As I said in my older post: “In direct contradiction to their own legal view of tax evasion. …
For supporters of freedom and markets, the Year of Our Lord 2008 has been close to a disaster. As D:Ream used to sing, things can only get better, surely? Ah, if only…
This was the year that saw two Presidential candidates vying with each other to see who could make the most ridiculous statements on global warming and the financial system (it may be the less ridiculous won). It was a year when one bunch of free-spending economic know-nothings gained complete…
The threat of deflation is so big in the UK, where they have found their version of the financial crisis worsened by the weakness of sterling and the size of government, that a former Treasury adviser is suggesting they need to think about printing money.
Meanwhile, Rich Lowry quotes AEI’s Peter Wallison about Hank Paulson’s latest u-turn:
The problem is that these shifts in direction have caused investors and others to lose confidence that Paulson knows what he’s doing, and that in itself…
So what has Paulson done so far with your $800 billion? He’s rewarded his friends, of course. $70 BILLION has gone to executives and staff. The Guardian reports:
Financial workers at Wall Street’s top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian…
We’re hearing from a variety of sources that Jamie Dimon, the CEO of JP Morgan Chase, has agreed in principle to be Obama’s Treasury Secretary. Dimon worked hand-in-glove with Hank Paulson over the Bear Stearns bailout. The new boss, it appears, will be the same as the old boss.
Looks like the revolving door between Wall Street and the Treasury Department ain’t going to stop any time soon.
In a related note, the excellent Capital Research Center, which has done so much good…
Oh, Happy Day! And it certainly is for all those who value freedom, responsibility and the true free market in which individuals are free to profit from their risks on the condition that they don’t stick the rest of us with their losses.
It’s not hyperbole to say the Republican and Democratic backbenchers who defied both parties’ leadership to defeat this $700 billion package of Wall Street socialism literally saved America. Whatever their reasons, this defeat (or rather victory for freedom),…
My reaction to Lehman Brothers’ declaring of Chapter 11 bankruptcy and the refusal of Treasury Secretary Hank Paulson and others to take extraordinary Bear Stearns-like measures for the government to prop the firm up can be summed up in three words: It’s about time!
Business failure is not only a permissible outcome of capitalism, it’s a necessary one. As the great economist Joseph Schumpeter has written, the process of “creative destruction” is essential for the market to function. For innovation to flourish…
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