Offshore Banking 101

Fat chance that will ever happen...

"2008 Secrecy Report," and how the Bush Administration is working harder than ever to keep important information from the American public.
http://www.goleft.tv/view.asp?c=7&v=1830

2008 Secrecy Report Card Released
http://www.openthegovernment.org/
The 2008 Secrecy Report Card, our fifth annual report assessing trends in public access to information. This year's report is expanded to cover Mandatory Declassification Review numbers and progress under the Automatic Declassification Review process, and covers legislation in the 110th Congress that would increase openness and accountability. The report also contains updated numbers on requests for National Security Letters, competitiveness of federal contracting, and use of the "state secrets" privilege.

ALSO...

Over 50 Organizations and Advocates Join OpenTheGovernment.org in Opposing Secrecy in Financial Industry Bailout Plan

OpenTheGovernment.org and over 50 open government organizations and advocates wrote to the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services to oppose provisions of the financial industry bail out plan that would make any decisions by the Secretary of the Treasury non-reviewable by courts or administrative agencies. Further, public contracts associated with the proposal could be created outside of existing laws normally governing such actions.

I think some deep fact checking need to be done on this one.

That's another 1000 pounds gorilla roaming the nation...

It should be called for what it is though...

FISCAL EVASION

Meanwhile Godzilla keeps on stomping us all...

PENTAGON SCORES A BIGGER RIP-OFF THAN BAILOUT
http://current.com/items/89342370_pentagon_scores_a_bigger_rip_off_than_bailout

The country has been deep in debate over the $700 billion bailout package for Wall Street since it was announced last week. But almost unnoticed, Congress approved another bill last week for over $600 billion. The Defense Authorization Bill for 2009 was passed by the House on Wednesday and cleared by the Senate on Saturday.

The bill authorizes $612 billion for national security programs in the Defense and Energy departments, including $68 billion for the wars in Iraq and Afghanistan. According to the Associated Press, the bill eliminated language barring private interrogators from US military facilities. It opens the door to a missile defense system in Europe but does not mention troop withdrawal from Iraq and no longer requires congressional approval for a security pact with Iraq.

The bill received no mention during Friday night’s presidential debate. But Senators Barack Obama and John McCain did lay out some of their national security proposals with respect to Iraq, Afghanistan, Pakistan, Iran and Russia.

Beautiful Island shots, but as the character said in the pod you're still subject to taxes if you bring the money into the U.S. it seems like these accounts would probably only be useful if you were going on some long term Caymen Islands trip or if you didn't want your money in US banks. Understandable right now R.I.P Wachovia.

Americans are required to report all income overseas as long as they are a US citizen, resident, or green card holder.

If the offshore corporation makes money, the income is not the owner's income, but if the person spends that money on themselves (e.g. buys a car, house, plane,) it is income and must be reported.

The US is unique in this strictness of this requirement. There is no legal way to spend money for your personal benefit, regardless of whether you "bring the money back to the US."

This video misleads terribly on this point.

I don't have any money, so I have no need for an off-shore account.

I like the clips of girls in bikinis as they talked about capital gains taxes and hedge funds and all that other fun stuff that i don't understand

I AM LOOKING FOR A BANK TO START & DEPOSIT FUNDS FOR MY 503c NON-PROFIT BUSINESS? "SENIOR BANKERS ALLIANCE"
** WOULD THE CAYMENS BE A LOGICAL DESTINATION FOR A NEW NON-PROFIT THAT MAY LATER (3 YEARS MAYBE) BECOME A BUSINESS?

I wonder if the foreign banks in this bail out Paulson wants are in the Caymen's

makes me want to set up a a cafe/bar with drug money. untaxable baby ; ).

great topic for a pod. i could have handled another 2 minutes on how i can set up an account of my own.

Can I live there too?!?!?!