19.45 Britain and Germany have signed deals with Switzerland to get at funds hidden there by their citizens and extract tax. Now Italy's Senate has urged its government to do the same.
The move would be the latest step in a crackdown on tax evaders in Italy, which saw an advertising campaign launched in August labeling them "parasites on society" that cost €100 billion a year. telegraph
The End of Offshore Banking
The recent actions by the US Justice Department and the IRS against the UBS highlight the increasing pressure on the so called offshore banking model. Private Banks in Switzerland, Liechtenstein, Luxembourg, Austria, Singapore, and many Caribbean jurisdictions are well known for managing money which has left the home country of his owner without taxation. banking
Greed at the highest levels of Wall Street
NEW YORK (AP) — A former board member of Goldman Sachs and Procter & Gamble surrendered Wednesday after a federal indictment was unsealed accusing him of acting as "the illegal eyes and ears in the boardroom" for a friend who was already convicted in the biggest insider trading case in history. The case, built partially on use of wiretaps for the first time in insider trading, stands to offer unprecedented insight into allegations of greed at the highest levels of Wall Street. yahoo/AP