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Old 12-23-2010, 03:07 PM
 
38,465 posts, read 20,693,386 times
Reputation: 17992

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I'm not a class envy type of guy - but this would be a reason to go in that direction. In reality, it's not class envy - I just hate cheaters.

Deutsche Bank Will Pay $554 Million For Illegal Tax Shelter Activity

Deutsche Bank, Germany’s biggest bank, helped rich Americans report $29.3 billion in bogus tax benefits, mostly losses, on their tax returns and evade $5.9 billion in U.S. individual income taxes, according to a non-prosecution agreement filed in Manhattan’s federal court on Tuesday.

That bold part means that no one is going to jail. No charges will be filed. It's basically a price for doing illegal business.

The bank is worth $32B. $554M is about 1.5%.

Deutsche Bank’s $554 Million Tax Shelter Settlement Highlights Its Greedy Customers

In a statement, Deutsche Bank said it is “pleased that this investigation, which concerned transactions that ceased more than eight years ago, has come to a resolution.”

They perform an illegal tax evading activity, got caught, admitted wrongdoing, and they are pleased with just paying the fine.

Why did Madoff go to jail? Enron personnel? The banks get away with what individuals would get locked up for.

The reason there were no charges?

Deutsche Bank to pay over $550M in fraud probe (http://finance.yahoo.com/news/Deutsche-Bank-to-pay-over-apf-3257528524.html?x=0&sec=topStories&pos=8&asset=&cc ode= - broken link)

In court papers, the Department of Justice agreed not to criminally prosecute Deutsche Bank for any crimes related to its participation in a broad conspiracy to defraud the Internal Revenue Service.

Give me a break.

These guys regulate the banks.
Office of the Comptroller of the Currency (OCC)

Another useless federal bureaucracy.
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