More Scoops
- » IDT’s Voodoo Economics: Inside Justice Dept’s probe of telecom bribes in Haiti
- » The ICE Age — big banks set up their own credit default swaps exchange
- » CORRUPTION: U.S. banks abetting corrupt regimes, probe finds
- » How multinational, aided by Ernst & Young, tried to launder profits & cheat on taxes through offshore Bermuda shell
- » Former U.S. Attorney Chris Christie, GOP Candidate for NJ Governor, gets $ from IDT, NJ telcom investigated by Justice Dept for bribing Haitian officials
- » Q&A: Tax Havens, Bank Secrecy, and Tricks
- » Exclusive: Florida banking agency helped Stanford set up unregulated office to sell his phony CDs
- » OECD Tax Havens Deal Falls Short, Critics Say
- » IRS on the Track of Tax-Cheating “John Doe’s”
- » Tax Havens in Spotlight at G20 Meet
- » The Real AIG Scandal: How the Game is Rigged at Wall Street’s Casino
- » Cafeteria Kickbacks
- » Exclusive: How One Fund’s Profits Ended Up in the Caymans
- » Geithner – Treasury Nominee Failed to Halt Bond Scam
- » Swiss bank’s crafty strategy shows how difficult it is to clamp down on tax havens
- » Crisis Pits Vatican Against Offshore Bankers
- » AIG’s Past Could Return to Haunt
- » Courter to leave IDT; NYSE threatens delisting; stock in free fall
- » The smoking gun: the IDT-Haiti contract
- » Corruption: Laundromat Royale
- » Evasive Tactics: UBS trolls for tax cheats
- » Off the Trail: IDT chief quits McCain campaign
The American Interest, July-Aug 2010 (Online May 18, 2010) -
As I write this, the U.S. Senate is debating a major financial reform bill in which the credit default swap, a kind of derivative, plays a significant part. An amendment to that bill, proposed by Senators Carl Levin (D-MI) and Jeff Merkley (D-OR), would ban banks from proprietary trading. There are a lot of high-rolling bankers who do not want that amendment to pass, because it will mess up their plans to repatriate foreign profits into the United States, untaxed, by trading in derivatives on their own accounts. The clearinghouse ICE Trust U.S. forms a central part of these plans.
What is ICE Trust U.S., and who owns it? ICE US Holding Co., which was established in 2008 as the parent of ICE Trust U.S., is located in the Cayman Islands. Yet none of the owners of ICE US Holding Co. are based in the Caymans. Among the owners of the Cayman’s company are Citigroup, Goldman Sachs, J.P. Morgan, Merrill Lynch and Morgan Stanley, which are headquartered in New York. Bank of America, which now owns Merrill Lynch, is based in Charlotte, North Carolina.
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Sodexo, exposed by Komisar for kickbacks, agrees to $20m settlement »
July 21, 2010 - The global food services company Sodexo, which I exposed last year for exacting "rebates" from suppliers and charging clients full price, has agreed to a $20 million settlement with NY Attorney...
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Lucy accepts trophy for Loeb award »
June 30, 2010 - Last night I accepted a Gerald Loeb award trophy for the Allen Stanford investigation. The Loeb awards are the highest honors in U.S. financial journalism. I and my colleagues, Miami Herald...
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National Press Club award for Stanford investigation »
June 25, 2010 - Another award for the Stanford investigation, this time from the National Press Club in Washington DC, bestowing the prize for Newspaper Consumer Journalism. The NPC award categories are consumer reporting, Washington correspondence,...
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Lucy wins Sigma Delta Chi award for Stanford story »
May 5, 2010 - I have won the Sigma Delta Chi journalism award for Non-Deadline Reporting (Daily Circulation 100,001+) for “Allen Stanford's Miami Connection.” This is the exposé I brought to the Miami Herald that...
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U.S. civil rights veterans pass torch to younger generation »
RALEIGH, North Carolina, Inter Press Service (IPS), April 27, 2010 - Robert Moses, 75, a legendary leader and organiser in the 1960s U.S. civil rights movement, was huddled with a dozen people discussing plans for...
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IDT’s Voodoo Economics: Inside Justice Dept’s probe of telecom bribes in Haiti »
The Big Money, March 11, 2010 When the devastating earthquake hit Haiti in January, IDT (IDTC), the New Jersey-based global phone company, moved fast to help. It announced it was setting up calling stations at hotels...
1 comment / Read More »The ICE Age — big banks set up their own credit default swaps exchange »
portfolio.com, March 8, 2010 - One year ago, a group of financial institutions quietly launched ICE Trust, a new and theoretically safer way to trade derivatives, a key element of the financial crisis. As...
No comment / Read More »CORRUPTION: U.S. banks abetting corrupt regimes, probe finds »
Inter Press Service (IPS) - Feb 3, 2010 The global bank HSBC may be running offshore accounts for central banks. According to a U.S. Senate investigation, an HSBC subsidiary in London called HSBC Equator Bank had...
No comment / Read More »How multinational, aided by Ernst & Young, tried to launder profits & cheat on taxes through offshore Bermuda shell »
Jan 20, 2010 - In September 2004, David Beringer, the tax director of the $20-billion Noble Group based in Hong Kong, wrote a memo to company officials expressing concern that if Swiss officials discovered that...
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