The Guardian
The Manhattan District Attorney, the Securities and Exchange Commission (SEC) and the US Internal Revenue Service (IRS) are jointly probing a tax-shelter plan run out of the Isle of Man.The scheme, devised by one of America's biggest banks and used by two billionaire donors to George Bush's election campaign among others, is being probed for possible breaches of securities and anti-money-laundering rules.
The investigating bodies believed that up to $100m (£55m) of tax was saved through one scheme alone, and as much as $700m in taxes may have been avoided over an 11-year period. The scheme involved executives and corporations handing over stock to trusts that they declared they neither owned nor controlled. When the options were cashed in, no tax was payable. However, the IRS changed the rules in 2003 to say that tax should be paid anyway.
In the previous 11 years, tax schemes were marketed by Bank of America to at least 42 corporations. Earlier this year the Manhattan District Attorney, Robert Morgenthau, started probing allegations that some of these trusts were controlled by the people passing on the stock options. Both the IRS and the SEC have now joined in this probe. They have contacted the regulators on the Isle of Man asking for information on one particular scheme used by two Texan billionaire brothers, Charles and Sam Wyly.
The duo, who made their money in computing and retailing, not only gave over $200,000 to President Bush's re-election campaigns, but also bankrolled TV adverts attacking his rivals, John Kerry and Senator John McCain. Sam Wyly describes himself as "the entrepreneur's entrepreneur" and came to prominence when he unsuccessfully tried to oust the board of Computer Associates in 2001 - only a year after the brothers sold their Sterling Software business to the group for $4bn.
Saturday, June 04, 2005
Just in Time for the Summer Tourist Season
BBC
The first scheduled passenger flight between the Iraqi cities of Baghdad and Basra has taken place.
Some 42 passengers made the 50-minute trip from the Iraqi capital to the southern city, including airways officials and the transport minister.
Iraqi Airways intends to operate four flights a week on the route.
Airline officials are encouraging the public to use the flight, which avoids a six-to-seven hour drive through dangerous parts of the country.
The first scheduled passenger flight between the Iraqi cities of Baghdad and Basra has taken place.
Some 42 passengers made the 50-minute trip from the Iraqi capital to the southern city, including airways officials and the transport minister.
Iraqi Airways intends to operate four flights a week on the route.
Airline officials are encouraging the public to use the flight, which avoids a six-to-seven hour drive through dangerous parts of the country.
I Bet We Will Let Saudi Arabia Skate on This.....
Saudi says US human trafficking criticism unfounded
RIYADH (Reuters) - Saudi Arabia said on Saturday it strongly disagreed with a U.S. report naming it as a top offender in human trafficking, a step which in theory might lead to sanctions against the world's biggest oil exporter.
A State Department report on Friday said victims in Saudi Arabia, Kuwait, Qatar and the United Arab Emirates were forced to become domestic servants, labourers and prostitutes and even boy camel jockeys as young as three.
"We are surprised by the contents of the report, and we disagree with most of what has been mentioned," said Prince Torki bin Mohammed bin Saud al-Kabeer, undersecretary for political affairs at the Saudi Foreign Ministry.
"The rules and regulations of Saudi Arabia prohibit exploitation and trafficking of people. Our religion also does not accept this," he told Reuters.
More than 6 million of Saudi Arabia's 22 million people are foreigners working in the conservative Muslim kingdom. Other Gulf Arab states named also have large expatriate populations.
Human rights groups have highlighted trafficking problems in the Gulf for years and President Bush has said he would make rights and democracy a central plank of U.S. relations with countries in the region this year.
The States Department annual report put the four U.S. allies in the lowest category for human trafficking. Such states "do not fully comply with the minimum standards (laid down by U.S. law) and are not making significant efforts to do so."
States in this category could face sanctions if they do not improve their record within three months. But such sanctions have rarely been applied, and even if they were, would not have much effect on the wealthy OPEC oil producers.
RIYADH (Reuters) - Saudi Arabia said on Saturday it strongly disagreed with a U.S. report naming it as a top offender in human trafficking, a step which in theory might lead to sanctions against the world's biggest oil exporter.
A State Department report on Friday said victims in Saudi Arabia, Kuwait, Qatar and the United Arab Emirates were forced to become domestic servants, labourers and prostitutes and even boy camel jockeys as young as three.
"We are surprised by the contents of the report, and we disagree with most of what has been mentioned," said Prince Torki bin Mohammed bin Saud al-Kabeer, undersecretary for political affairs at the Saudi Foreign Ministry.
"The rules and regulations of Saudi Arabia prohibit exploitation and trafficking of people. Our religion also does not accept this," he told Reuters.
More than 6 million of Saudi Arabia's 22 million people are foreigners working in the conservative Muslim kingdom. Other Gulf Arab states named also have large expatriate populations.
Human rights groups have highlighted trafficking problems in the Gulf for years and President Bush has said he would make rights and democracy a central plank of U.S. relations with countries in the region this year.
The States Department annual report put the four U.S. allies in the lowest category for human trafficking. Such states "do not fully comply with the minimum standards (laid down by U.S. law) and are not making significant efforts to do so."
States in this category could face sanctions if they do not improve their record within three months. But such sanctions have rarely been applied, and even if they were, would not have much effect on the wealthy OPEC oil producers.
Harness Racing Picks for 06-04-05
Record since 04-26-05
Win (43)
Place (15)
Show (4)
Out of the Money (12)
****************************
Cal-Expo
Race # 7
Horse: LEAVNONA JATEPLANE
Post Position: # 2
Race # 10
Horse: TRUE BELIEVER
Post Position: # 4
********************
The Meadowlands
Race # 12
Horse: HE’S ALL THAT
Post Position: # 7
********************
Northfield Park
Race # 3
Horse: CAMBEST PRINCE
Post Position: # 5
*******************
Pompano Park
Race # 10
Horse: TIPS ANOY
Post Position: # 4
****************************
Scioto Downs
Race # 11
Horse: NATURALLY NOBLE
Post Position: # 6
****************************
Woodbine
Race # 10
Horse: LEADING X AMPLE
Post Position: # 7
Win (43)
Place (15)
Show (4)
Out of the Money (12)
****************************
Cal-Expo
Race # 7
Horse: LEAVNONA JATEPLANE
Post Position: # 2
Race # 10
Horse: TRUE BELIEVER
Post Position: # 4
********************
The Meadowlands
Race # 12
Horse: HE’S ALL THAT
Post Position: # 7
********************
Northfield Park
Race # 3
Horse: CAMBEST PRINCE
Post Position: # 5
*******************
Pompano Park
Race # 10
Horse: TIPS ANOY
Post Position: # 4
****************************
Scioto Downs
Race # 11
Horse: NATURALLY NOBLE
Post Position: # 6
****************************
Woodbine
Race # 10
Horse: LEADING X AMPLE
Post Position: # 7
'Prophet' Summons UFO for Camera
An ABC-TV affiliate in Las Vegas broadcast images of a UFO summoned by a self-styled "prophet" who predicts many more will be seen throughout the area next week.
Video link
Video link
Friday, June 03, 2005
Harness Racing Results for 06-03-05
Record since 04-26-05
Win (43)
Place (15)
Show (4)
Out of the Money (12)
****************************
Cal-Expo
Race # 2
Horse: WILDER ECHO (Place)
Post Position: # 3
Win (43)
Place (15)
Show (4)
Out of the Money (12)
****************************
Cal-Expo
Race # 2
Horse: WILDER ECHO (Place)
Post Position: # 3
Dogged by protesters, Schwarzenegger Opts for Less Public Venues
SACRAMENTO -
He has been trailed since early in the year by a committed band of detractors, a vocal mix of teachers, nurses and unionized public employees opposed to one or another of Schwarzenegger's proposals or policies. They have been a constant feature at his public appearances, even showing up at some of the governor's out-of-state appearances.
The protests reached a zenith May 25 when an estimated 10,000 demonstrators encircled the state Capitol and several thousand more packed Pershing Square in downtown Los Angeles on the same day.
An event in early May, for example, was designed so Schwarzenegger could drive up to a Sacramento County election office before a line of TV cameras and drop off petitions for one of his ballot measures. Organizers had dozens of young school children on hand, the kind of carefully prepared stagecraft that has been a trademark of many Schwarzenegger events. They were dressed in bright red "Go For It Arnold" T-shirts, ready to help the governor deliver the petitions in bright red wagons.
But also waiting for Schwarzenegger's arrival were dozens of union demonstrators who chanted loudly and rushed up close to the governor when he parked. Schwarzenegger stepped out of the vehicle with an uncomfortable smile. Instead of a well-choreographed media event, he was faced with a throng of shouting demonstrators.
He has been trailed since early in the year by a committed band of detractors, a vocal mix of teachers, nurses and unionized public employees opposed to one or another of Schwarzenegger's proposals or policies. They have been a constant feature at his public appearances, even showing up at some of the governor's out-of-state appearances.
The protests reached a zenith May 25 when an estimated 10,000 demonstrators encircled the state Capitol and several thousand more packed Pershing Square in downtown Los Angeles on the same day.
An event in early May, for example, was designed so Schwarzenegger could drive up to a Sacramento County election office before a line of TV cameras and drop off petitions for one of his ballot measures. Organizers had dozens of young school children on hand, the kind of carefully prepared stagecraft that has been a trademark of many Schwarzenegger events. They were dressed in bright red "Go For It Arnold" T-shirts, ready to help the governor deliver the petitions in bright red wagons.
But also waiting for Schwarzenegger's arrival were dozens of union demonstrators who chanted loudly and rushed up close to the governor when he parked. Schwarzenegger stepped out of the vehicle with an uncomfortable smile. Instead of a well-choreographed media event, he was faced with a throng of shouting demonstrators.
Coin Dealer Contributions Went to Gov. Cyborg
California Gov. Arnold Schwarzenegger won't return $10,000 in contributions he received from a coin dealer at the center of an Ohio investment scandal, a spokesman said Friday.
Coin dealer Thomas Noe gave the money last year to a Schwarzenegger fund that supports the Republican governor's legislative priorities, such as limiting state borrowing to balance the budget.
Ohio's Inspector General is investigating Noe's investment of $50 million in state money in rare coins, while federal authorities are investigating whether Noe bypassed election laws in donations to Bush.
Noe's attorney said May 26 that $10 million to $12 million is missing from the fund, which was given to Noe by the state's Bureau of Worker's Compensation to raise money for the bureau by investing in rare coins.
Coin dealer Thomas Noe gave the money last year to a Schwarzenegger fund that supports the Republican governor's legislative priorities, such as limiting state borrowing to balance the budget.
Ohio's Inspector General is investigating Noe's investment of $50 million in state money in rare coins, while federal authorities are investigating whether Noe bypassed election laws in donations to Bush.
Noe's attorney said May 26 that $10 million to $12 million is missing from the fund, which was given to Noe by the state's Bureau of Worker's Compensation to raise money for the bureau by investing in rare coins.
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