Thursday, 18 July 2013

bad bank or off-shoring

While international agreements have framed regulations to persecute and burden smallholders and the domestic business entities and financial houses have employed in order to institution willing to accommodate the routine banking needs of US expatriates or those accidental Yanks, like the Lord Mayor of London, for example, who perhaps has not sufficiently renounced his dual-citizenship (due to being born in America to diplomatic parents) to the satisfaction of the tax-man and competent authorities to be able to forego the reporting requirements, unrequited as they may be, precious little attention has been paid to the lengths and loopholes that they will go to in order to mask their corporate citizenship. Via Boing Boing, here is a very thorough and interactive illustration to show the convoluted network, business apparently not subject to the same kind of scrutiny as the public when it comes to AMT usage or grocery shopping. Maybe a better stress-test (applied to banks operating in the EU exclusively) would be to subject them to a theoretical insolvency and time how long it took to them to make themselves whole, what kind of collateral would take to back up the mortgage against their demur pseudopodia. Such behaviour, faking right and left, is enshrined and even encouraged, not by business culture alone but also by omission on the part of the US government.