Thursday, April 7, 2016

do-nothing Congress... again

Interesting to think: The same U.S. Congress that gaily throws billions at the Department of Homeland Security -- the agency that attempts to foretell the future of a kid with a backpack who MIGHT be a 'terrorist' -- is unlikely to try to plug the potential for illegality posed by laws that allow depositors in off-shore accounts to hide their money (or perhaps launder it) and avoid onerous taxes.

So-called off-shore accounts were recently outed in a newly-publicized hack of an accounting firm in Panama, though many of the same rules apply in, say, Delaware.

Such accounts, which hide the true beneficiary, are not illegal, but the potential for money-laundering is written all over them.

The problem for the Congress that can wave the flag for "homeland security" is that too many high-profile companies and individuals benefit from hidden ownership. Plugging the loopholes that may benefit those voting for such action is ... well "dubious" seems to be a kindly word.

Wait a week. It'll all die down....

Though in the meantime, China's censors give some indication of the anxiety rippling through the waters of the well-heeled.

1 comment:

  1. Homeland security will protect wealth, as does the rest of our government.