Monthly Archives: March 2013

French minister in charge of combating tax avoidance resigns over Swiss bank account

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“Jérôme Cahuzac, French budget minister, resigned on Tuesday night following the opening of a judicial inquiry into a secret Swiss bank account allegedly held in his name but which he has repeatedly denied having.  His resignation was announced by the Elysée Palace following weeks of mounting pressure on the Socialist politician. The move by prosecutors to open a full investigation into the Swiss UBS bank account he allegedly used to hide assets from the tax authorities, made Cahuzac’s position untenable and deeply embarrassing for the Socialist government as he was the minister in charge of combating tax avoidance.”

http://dev.thelocal.ch/page/view/french-minister-resigns-over-swiss-bank-account

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Renouncing Your U.S. Citizenship: Is Divorcing Uncle Sam Right For You?

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“The billionaire co-founder of Facebook, the only American member of Monty Python, a Civil Rights Leader with a PhD from Harvard, the founder of Carnival Cruise Lines and owner of the Miami Heat NBA franchise, and arguably the best chess mind to ever live have more in common than you might think. So what do Eduardo Saverin, Terry Gilliam, W.E.B. Du Bois, Ted Arison, Bobby Fischer and thousands of U.S. citizens living in Canada have in common? The answer is all five have renounced their U.S. citizenship.”

http://www.moodystax.com/renouncing-your-u-s-citizenship-is-divorcing-uncle-sam-right-for-you/

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Florida investment adviser charged with selling $8 million of fake Facebook shares

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“A Florida investment adviser was charged Tuesday with selling $8 million of fake Facebook shares ahead of the social network’s highly anticipated public offering, officials said.  The Justice Department said Craig Berkman, 71, was arrested on two separate securities fraud schemes involving Facebook shares.  Berkman received a total of at least $8 million from these schemes, most of which he ‘misappropriated for his own benefit,’ a Justice Department statement said.  Investors discovered the fraud when they tried to redeem their shares in 2012, officials said.”

http://www.rawstory.com/rs/2013/03/19/florida-investment-adviser-charged-with-selling-8-million-of-fake-facebook-shares/

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First Bitcoin Hedge Fund Launches From Malta

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“Similar to a mutual fund or hedge fund for alternative assets, Exante’s Bitcoin Fund permits institutions and high-net worth individuals to access the vibrant bitcoin market with a licensed product.  The fund shares are distributed exclusively through the Exante Hedge Fund Marketplace platform. Authorized and regulated by the Malta Financial Services Authority, Exante offers the Bitcoin Fund with an initial minimum subscription of $100,000 and a 0.5% upfront subscription fee.  However, U.S. persons and U.S. institutions will not be able to access the fund directly; according to the disclaimer, ‘U.S. Persons may not subscribe either directly or indirectly for shares.'”

http://www.forbes.com/sites/jonmatonis/2013/03/08/first-bitcoin-hedge-fund-launches-from-malta/

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What Is Bitcoin? Tom Woods Talks to Erik Voorhees

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What Is Bitcoin? Tom Woods Talks to Erik Voorhees

“Filling in as host of the Peter Schiff Show, bestselling author Tom Woods interviews Erik Voorhees of BitInstant about Bitcoin, and takes listener calls.”

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US regulator: Bitcoin exchanges must comply with money-laundering laws

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“The federal agency charged with enforcing the nation’s laws against money laundering has issued new guidelines suggesting that several parties in the Bitcoin economy qualify as Money Services Businesses under US law. Money Services Businesses (MSBs) must register with the federal government, collect information about their customers, and take steps to combat money laundering by their customers.  The new guidelines do not mention Bitcoin by name, but there’s little doubt which ‘de-centralized virtual currency’ the Financial Crimes Enforcement Network (FinCEN) had in mind when it drafted the new guidelines.”

http://arstechnica.com/tech-policy/2013/03/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws/

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When Governments Take Your Money, Bitcoin Looks Really Good

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“The tiny island of Cyprus became the center of the financial universe over the weekend, after its leaders, facing financial collapse and pressure from EU authorities, announced a plan that would let the government withdraw money directly from citizens’ savings accounts in order to fund a massive bailout. That’s the sound of Pandora’s Box being opened. European officials are now proposing directly picking the pockets of their citizens by going straight for their banking deposits, a move that Reuters says has ‘potentially severe consequences for the rest of the troubled euro zone.’ Incidentally, it’s also turning furious (and fearful) Europeans to Bitcoin.”

http://motherboard.vice.com/blog/cyprus-spain-when-governments-take-your-money-bitcoin-looks-really-good

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Cyprus rejects bank bill which would have forced people to hand over 10% of their savings

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“The euro was plunged into fresh crisis last night as Cyprus flatly rejected plans to raid bank accounts on the debt-ridden island to save its basket-case economy.  In a stunning rebuke to European leaders, the Cypriot Parliament voted to reject draconian plans to seize up  to 9.9 per cent from the bank accounts of islanders, including 3,000 UK service  personnel and 60,000 other Britons who have made their homes there.  Not one MP backed the proposal, which the German government had demanded in exchange for backing a fresh bailout for the bankrupt Cypriot economy.”

http://www.dailymail.co.uk/news/article-2295670/Cyprus-REJECTS-bank-forced-people-hand-10-savings.html

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Is Cyprus a New Energy Battleground?

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“If Gazprom were to control this massive resource, combined with the fact that Russia is beginning to court Israel for its natural gas, Gazprom would become the preeminent player in the Middle East for natural gas… and further increase its stranglehold on European energy.  The government of Cyprus has initially rejected the offer, opting instead to work with the European Union and keep the natural gas to themselves, the Cypriot government could soon find themselves running away from more EU-mandated madness…and straight into Russian arms.  In the next few months, we will definitely see Cyprus become the battleground of the energy cold war.”

http://www.caseyresearch.com/node/41680

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Cypriot finance minister says “no truth” to resignation reports

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“Cypriot Finance Minister Michael Sarris denied reports on Tuesday that he had resigned, as lawmakers in the troubled euro zone member debated a divisive tax on bank deposits to secure an international bailout.  Sarris, who was in Moscow on Tuesday, told Reuters by text message there was ‘no truth’ to the reports, which had further rattled nerves with lawmakers poised to reject the tax.”

http://www.reuters.com/article/2013/03/19/us-eurozone-cyprus-finmin-idUSBRE92I0XO20130319

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