Daily Archives: May 11, 2013

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The man that nobody cares about.

The man that nobody cares about.

BANK OF AMERICA TO ERIC SCHNEIDERMAN: YOU CAN’T SUE US FOR VIOLATIONS OF THE NATIONAL MORTGAGE SETTLEMENT

Bank of America  is pushing back against New York Attorney General Eric Schneiderman, who threatened to sue the bank over alleged violations of last year’s $25 billion mortgage settlement.

In a letter to Schneiderman this week, lawyers for the bank said the attorney general can’t sue until the bank has been given time to cure any of the alleged violations.

“Bank of America has not committed any potential violations…let alone failed to cure those potential violations,” wrote Meyer G. Koplow and Theodore N. Mirvis, attorneys from the New York law firm Wachtell, Lipton, Rosen & Katz.

Schneiderman on Monday announced his intention to sue Bank of America, the second-largest U.S. bank by assets, and Wells Fargo & Co. (WFC) for allegedly violating rules over giving fair and timely service tohomeowners seeking relief under the settlement.
Schneiderman said his office found 339 violations, 129 of which he said were from Bank of America.

“As our letter to the monitor makes clear, we have the right to bring a suit against parties that violate the servicing standards and will do so,” said Damien LaVera, a spokesman for the attorney general.

Rest here…

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Watchdog: Offshore tax haven investigation launches in U.S., U.K., Australia

Watchdog: Offshore tax haven investigation launches in U.S., U.K., Australia

It appears our international investigation of offshore tax havens may have prompted government tax authorities to go public with their own data digging operations in pursuit of international tax evasion. 

On Thursday, the U.S. Internal Revenue Service, along with British and Australian tax authorities, jointly announced that the three nations “have each acquired a substantial amount of data revealing extensive use of such entities [tax havens] organized in a number of jurisdictions including Singapore, the British Virgin Islands, Cayman Islands and the Cook Islands.”  These are roughly the same jurisdictions being investigated using a similar amount of leaked data by the International Consortium of Investigative Journalists (ICIJ), the international arm of The Center for Public Integrity.

As the Guardian reported in a page one story on Friday, more than 100 of Britain’s richest people have been caught hiding billions of pounds in secretive offshore havens, sparking an unprecedented global tax evasion investigation. George Osborne, the British chancellor, warned the alleged tax evaders, and a further 200 accountants and advisers accused of helping them cheat the taxman: “The message is simple: if you evade tax, we’re coming after you.” The IRS said in a statement, “Our cooperative work with the United Kingdom and Australia reflects a bigger goal of leaving no safe haven for people trying to illegally evade taxes.”