Chillin' out till it needs to be funded
Lehman it seems has not only lived with Accounting practices regarding moving assets off the balance sheet at quarter closing, where it seemed obvious that others much bigger had more such tricks up their sleeve, Our e ntire credit system involved in a list of practices to clean up the balance sheets before publishing them..While theater and movies take support from real life events to emphasise Enron and “Wall Street” these accounting practices hunt up and down the same exchange, with 166/167 the latest one bring a lot of assets online, many more in IFRS, and more in GSEs like Freddie and Fannie Mae.
Regulation finally unseemingly has slipped in a reprieve for the lawmakers with the CFPRA coming under the Fed itself and Fed’s dilution losing teeth even in appointee Directors while all $50bn plus entities get government approval for bailouts with the Fed..change of heart?
On the income tax side, things remain equally tough throughout the world., Dick Fuld again leading in being reported for underreporting comensation by $200m, Our tax breaks hidden for 3 years in the budget because of previous tax breaks continuing in measures that are so thinly delineated that there are gaping holes in the way an expert accountant or KPMG can serve you.
A Singapore and a Canada which survive on one flat rate of income tax or publicc healthcare without any possibility of misinterpretation, doughnuts and otherwise seem to be much siimpler idylls. The Swiss Banks which offer tax havens for example ( and others thrice the size of the $4T in Switzerland) are hit by one day of tax wakening by a loss of 25% of $300bn in Deposits fr UBS itself in just six months after US compliance action and a change in policy by the bank, requiring “tax friendly” relationship managers to find new jobs..The Singapore tax rate as I remember does not exceed 15% at any time and thus applies to everyone, and the government has a cute surpls it has been running as a PE fund for a decade now