Tag Archives: Grabfest

Spain Issues Retroactive 0.03% Tax on Bank Deposits

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“Spain will retroactively tax bank deposits to January 1, 2014 stating the move will boost growth and job creation.  Guru Huky correctly labeled the tax for what it is ‘More than a tax, this looks like a mini seizure of deposits. Someone likely needs a few million and to balance the books.’  The notion that a tax increase will boost the economy is of course absurd. But don’t worry, it’s only 0.03%, nudge nudge, wink wink … for now.”

http://globaleconomicanalysis.blogspot.com/2014/07/spain-issues-retroactive-003-tax-on.html

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Google Announces $100M Fund For European Startups

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“Google has started a $100 million fund in Europe to invest in tech startups, the seed of what could be large-scale funding for overseas entrepreneurs.  The search giant described the fund, which is managed by its venture capital unit Google Ventures, as ‘initial funding’ to guide and support entrepreneurs with great ideas. The fund will be managed out of a new office in London. The fund positions Google to influence the newest technology emerging from Europe, discover raw entrepreneurial talent in the region and acquire more overseas startups. It is also a nod to the rising influence of European cities including London, Amsterdam, Stockholm and Dublin on the tech industry.”

http://www.siliconbeat.com/2014/07/10/google-announces-100m-fund-for-european-startups/

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U.S. Scrutiny for Banks Shifts to Commerzbank and Germany

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“State and federal authorities have begun settlement talks with Commerzbank, Germany’s second-largest lender, over the bank’s dealings with Iran and other countries blacklisted by the United States. The contours of a settlement are expected to include at least $500 million in penalties for Commerzbank. The bank would most likely face a so-called deferred prosecution agreement, which would suspend criminal charges in exchange for the financial penalty and other concessions.  A potential deal with Commerzbank, 17 percent owned by the German government, is expected to pave the way for a separate settlement with Deutsche Bank, Germany’s largest bank.”

http://dealbook.nytimes.com/2014/07/07/u-s-scrutiny-for-banks-shifts-to-commerzbank-and-germany/

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U.S. Regulators Mull Yanking Access To USD As Punishment For Banks

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“BNP Paribas is expected to plead guilty in the coming weeks to charges that it processed payments for companies and countries that were subject to United States sanctions.  BNP Paribas is also expected to pay financial penalties of about $8 billion, which would leave a sizable, though manageable, dent on its balance sheet.  Despite those potential punishments, some regulators want to do more.  Specifically, Benjamin M. Lawsky, New York State’s top financial regulator, is considering whether to temporarily suspend BNP Paribas’s ability to process dollar payments, according to people briefed on the settlement talks.”

http://dealbook.nytimes.com/2014/06/03/regulators-explore-options-for-suitable-penalties-in-bnps-sanctions-inquiry/?_php=true&_type=blogs&_r=0

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77,000 Foreign Banks To Share Account Info With IRS

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“Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans’ assets overseas.  Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers.   The law requires American banks to withhold 30 percent of certain payments to foreign banks that don’t participate in the program — a significant price for access to the world’s largest economy.  The withholding applies to stocks and bonds, including U.S. Treasurys. Some previously owned securities would be exempt from the withholding, but in general, previously owned stocks would not.”

http://bigstory.ap.org/article/77000-foreign-banks-share-tax-info-irs

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Facing the Onset of A Global Taxation Regime, Take Human Action

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“What does surprise us about GATCA is the speed at which it is being introduced and formalized. The start-date, from what we can tell, may be as soon as 2016. This is in keeping with other campaigns launched by the power elite of late. We’ve commented a number of times on the speed with which cannabis decriminalization is moving around the world, for instance, and there are numerous other evidences of increased elite urgency as well. In this case, those behind GATCA are not even bothering with a popular consensus: They are simply promoting the regime from the top down, seeking a political consensus and assuming that will [be] acceptable.”

http://www.thedailybell.com/news-analysis/35363/Facing-the-Invasive-Onset-of-GATCA-Take-Human-Action/

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U.S. Gov. Gets $2.6 Billion In Credit Suisse ‘Money Laundering’ Case

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“Credit Suisse is the largest financial company to plead guilty to the non-crime of ‘money laundering’ in 20 years.  The plea marks the end of an era. One of the shell entities implicated, according to the government, dated back a century – or just after the creation of the federal tax code and the income tax.   Of the $2.6 billion fine, The Department of Justice will receive $1.8 billion and New York State’s top financial regulator, Benjamin Lawsky, will receive $715 million of the stolen loot.  With the FATCA coming into full effect on January 1, 2016, and the US government actively prosecuting banks, only savvy Americans will be able to find financial institutions abroad to service them.”

http://www.thedailybell.com/editorials/35327/Jeffrey-Berwick-The-Age-Of-FATCA-Is-Upon-Us-Credit-Suisse-Admits-Guilt-For-Money-Laundering/

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Google Glass targeted as symbol by anti-tech crowd

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“The $1,500 device, which displays Web content on a tiny screen, signals its wearer as a likely member of an affluent tech elite. And Glass also can discreetly shoot photos or video, which some people view as invasive.  That’s caused unease for some folks and, in some cases has led to arguments, altercations and even attacks against people wearing the technology.  It’s relatively new for Glass to be targeted, either over privacy concerns or as a presumed symbol of the tech industry as a whole.  In late February, a woman says she was attacked at a bar on San Francisco’s famous Haight Street after fellow patrons began heckling her and trying to rip Glass off of her face.”

http://www.cnn.com/2014/04/14/tech/mobile/google-glass-attack/

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Protesters target Apple for offshore tax shelters

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“SEIU USWW, the union that organized the march, represents security guards and janitors at many companies, not just tech, in San Francisco and the East Bay.  But Tuesday’s event appealed to tech companies’ moral goals, which have become more relevant as other activists call for the rapidly growing companies to give back to the cities they affect, ranging from other union demonstrations outside of Twitter to activist-led marches on Google employees’ houses.  ‘We’re trying to have a little fun on Tax Day and show how Apple’s unpaid tax revenues could help Bay Area infrastructure,’ said Alfredo Fletes, the union spokesman.”

http://blog.sfgate.com/techchron/2014/04/15/protesters-target-apple-for-offshore-tax-shelters/

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An Economist’s Call For A Global Tax on Wealth

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“His main proposal is a comprehensive international agreement to establish a progressive tax on individual wealth, defined to include every kind of asset. He hedges a bit on the precise numbers but suggests that wealth below 200,000 euros be taxed at a rate of 0.1 percent, wealth between 200,000 and one million euros at 0.5 percent, wealth between one million and five million euros at 1.0 percent, and wealth above five million euros at 2.0 percent.  Piketty has nothing to say about the practical difficulties, distorting effects, and potential for abuse that would inevitably accompany such intense government control of the economy.”

http://www.foreignaffairs.com/articles/141218/tyler-cowen/capital-punishment

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