It' been what something like six years since the banks took their fall from grace and were handsomely rewarded with buckets of "our" cash and yet not one frog walk to a federal pen for any one of them. Steal a loaf of bread can get you at least a couple of years for a repeat offender and in some states it's life. Steal the whole store chain and get a life of ease and a hefty bonus.
And what better way to make that job easier than to own the rule makers. Can almost hear it now. "Do what we say or next election cycle you'll be out on your can". And it doesn't matter which party you vote for they have them all tied up like a kidnapped victim. Be the party of the people and watch the other side booby trap your plans. Fil is such a Buster ain't he? And don't give me that bipartisan BS either. Break that one down you get "bi" meaning 2, "part" being the body and "I san" or I take away.
This week an agreement was reached or at least part of it about disclosure of those numbered Swiss banks accounts that everybody has talked about since we were kids. The act called FATCA is set to go into effect in 2014. After looking through the finer points of this, one might conclude that nothing will change. And you'd be right. It requires Swiss banks to disclose accounts but not necessarily to the IRS directly. They may choose to do so but that's not a requirement of the Act. They only have to disclose information to their government. It will be up to the IRS to seek the information from the Swiss government. You can just about smell that fishy smell in Geneva can't you? So once again the banksters have gained hold of the government. Maybe this bill should have been called by a better name like FATCAT.
If we think this will change anything it probably won't. They may catch one or two of these tax cheaters but only the ones too slow to get their money out and off to a safe place in the Caymans before the amnesty program hit. And judging by how much our congress is tied up in knots I can only wonder what hold they have on the IRS. Keep your eyes peeled. That could be the next breaking story.