US Ranks as Top Tax Haven, Refusing to Share Tax Data despite FATCA

From Forbes – 


“Over the last seven years, America has flexed its muscles at tax havens everywhere. With Schwarzenegger-like bulk, the U.S. has crushed Swiss banks and rooted out U.S. account holders worldwide. With its ambitious FATCA undertaking, the U.S. has cowed the world into submission. making foreign banks and foreign governments hand over what would be secret bank data about depositors.

Yet ironically, a new report by the Tax Justice Network says that the U.S. doesn’t practice what it preaches. Indeed, the report ranks America as one of the worst. How bad? Worse than the Cayman Islands. The report claims that America has refused to participate in the OECD’s global automatic information exchange for bank data. The OECD has been designing and implementing the system to target tax evasion. Given the IRS fixation on that topic, you might think that the U.S. would join in.”

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Does Dismissal Signal Death Knell for Insider Trading Cases?

From Bloomberg –

“U.S. Attorney Preet Bharara’s dogged pursuit of insider trading cases over the past decade has been a boon for elite white collar litigators. But in the aftermath of a recent ruling significantly limiting liability, insider trading prosecutions are dropping like flies. Last week, the U.S. dismissed its case against former SAC Capital Advisors LP fund manager Michael Steinberg and abandoned charges against six cooperators who’d previously pled guilty.

Is it the end of an era?”

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BofA's Moynihan Lets Slip That Processing Costs Are 90% Lower via Mobile

From Bank Innovation –

“So now we know.

Brian Moynihan, the chairman and chief executive of Bank of America, disclosed yesterday the rate of savings the megabank is getting from its customers shifting to mobile banking for services: 90%.”

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