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18 Nov 2008
Deutsche Bank AG was named yesterday in an unsealed indictment against a lawyer trained in accounting, as the unnamed foreign bank reportedly playing the key role in a fraudulent tax shelter.
US federal prosecutors indicted John Ohle, accusing him of selling questionable tax shelters under the name of Homer, the name for the lead character of the television show 'The Simpsons', and helping wealthy Americans avoid paying more than $103m(£68.5m) in taxes, New York Times reports.
Deutsche Bank, which has been under criminal investigation from the late 1990, was identified in the indictment as 'Bank B' which had arranged the financial transactions Ohle sold, enabling wealthy clients generate bogus tax losses of almost $420m.
Prosecutors have been examining Deutsche Bank for its role in two related, abusive tax shelters which were sold to investors and involved collaboration between banks, law firms and accounting firms.
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Visitor comments Add your comment
So Many Experts and so Little Knowledge.
On an International scale, it is a very simple manoeuvre to avoid any obligation to pay Taxation to our Country of Residence.
As things stand today, I see no Duty to observe any obligation to any elected Government at Westminster.
The stupidity of politicians and the fraud allowed by the failure of "Lord Turner" and his like at the FSA., is enough to turn the stomach of any honest man. (Indepenence for the Bank of England must be the joke of the Century).
I am of an age, when I am able to sit back and watch the antic's of the guilty and the dishonest. And observe the painful writhings of the victims as they are caught on the hooks of dishonest Politicians. What a sad crappy lot of people we have, now running this once beautiful Country.
Once, in my young life, I used to watch the Red squirrels in the trees in Knaphill, Surrey. Now a red squirrlle is an event.
Unless you, or we, or I, undo this disasterous welfare state and benefit system, Britain, and most likely the rest of Europe, are done for.
Globalisation as seen by this load of garbage in Westminster and Whitehall, will make Accountancy redundant and all truth will be just a matter of one and one are two. Two and two are six. Don't laugh, these Bankers have been practising; and you could be next. Like my sister, now long dead, all we will need is book keepers. Who now remembers Ken Woods??? Kenwood. Kitchen equipment. My sister was his Bookkeeper. Old Woking. Probably, 1959/60. Golden Days of long ago. Or should we go back even further, The Lion Works, Industrial Packaging. I remember sailing into Columbo, Celyon in the 1950's. And across the roof of one very large warehouse was the legend, LION WORKS. Who now remembers the Christmas bonus?? Just £3/4/or£5 bonus. And that was magic.
What I'm doing,is examining the past and seeing how many steps can be put in place to secure our future.
But first, I must stress that Politicians have had their day as far as any spending policy is concerned.
The future of Taxation and Spending, Must now be a Duty of the Taxpayers only.
Politicians may advise, but Taxpayers will Decide.
Enough for now, Kind Regards, ATFlynn, "Norfolk's Mutineer"
Posted by: ATFlynn, 19 Nov 2008 | 00:00