Posts Tagged ‘Switzerland’

Banking and finance roundup

  • Calvin’s refuge: how Swiss banking confidentiality undermined state despotism [Matt Welch, who also discusses how the gruesome FATCA law is proving to be the first component of an multilateral effort by OECD governments to curtail account privacy]
  • Dodd-Frank compliance costs and the rapid decline of community banks [Marshall Lux and Robert Greene/Kennedy School, Carrie Sheffield, Jeff Sovern with a scoffing view; WSJ]
  • “The IRS seized $242 million based on suspected structuring in more than 2,500 cases from 2005 to 2012.” [Jacob Sullum, new Institute for Justice report (PDF) by Dick Carpenter II and Larry Salzman and summary] More: new structuring case against Dubuque, Iowa widow raises question of whether feds have really followed through on promise not to press structuring charges where income is otherwise legal [AP/WHEC]
  • “House Investigators: DOJ Forced Banks to Donate to Left-Wing Groups” [Joel Gehrke, NRO]
  • “FDIC retreats on Operation Choke Point?” [Todd Zywicki] Rep. Luetkemeyer likely to keep up the pressure on regulators [Kevin Funnell]
  • “Fed Officials Accused of Perjury in AIG Bailout Trial” [Lawrence Cunningham, Concurring Opinions]
  • “Standard & Poor’s Settlement Shows Futility Of Fighting Government Policy” [Daniel Fisher, earlier]

Banking and finance roundup

Banking and finance roundup

  • J.P. Morgan and the Dodd-Frank system: “With Wall Street’s capable assistance, government has managed to institutionalize and monetize the perp walk.” [Michael Greve, related from Greve on the self-financing regulatory state]
  • Harvard needs to worry about being seen as endorsing its affiliated Shareholder Rights Project [Richard Painter]
  • Under regulatory pressure, J.P. Morgan “looking to pull back from lending to politically incorrect operations like pawn shops, payday lenders, check cashers” [Seeking Alpha]
  • Rare securities class action goes to trial against Household lending firm, HSBC; $2.46 billion judgment [Reuters]
  • Car dealers only thought they were winning a Dodd-Frank exemption from CFPB. Surprise! [Carter Dougherty/Bloomberg, Funnell]
  • “Memo to the Swiss: Capping CEO Pay is not an Intelligent Way of dealing with Income Inequality” [Bainbridge]
  • American Bankers Association vs. blogger who compiled online list of banks’ routing numbers [Popehat]

International human rights roundup

Scales of justice: lawyer represented fish after its demise

A noted Swiss animal rights lawyer who’s campaigning for wider assignment of lawyers to represent animals’ interests “once represented a dead fish that had been caught, killed, and eaten” [Global Legal Post via John Steele, Legal Ethics Forum; title courtesy @KenParish1]

P.S. From last year (but new to us), this Jon Stewart segment on the unsuccessful PETA lawsuit against Sea World for holding whales in “involuntary servitude.”

Banking and finance roundup

  • “The Dodd-Frank Say-on-Pay Cases Are on the Brink of Death” [Kevin LaCroix]
  • Kevin Funnell of Bank Lawyers Blog interviewed [Crystal Gimesh via BLB]
  • How taxpayer lending props up business model of banks, fast-food franchisors [Dayton Daily News on SBA via Tad DeHaven]
  • Independent currency = money laundering? “How Bitcoin Dies” [Econ Policy Journal] Or death by trial lawyer? [Coyote, Andrew Sullivan]
  • Nose of the camel: Obama budget plans to limit IRAs to $3 million [Politico]
  • How Swiss bank secrecy protected freedom [Daniel Fisher]
  • Sure, what could go wrong? Obama push for more mortgage lending to borrowers with weaker credit [Gideon Kanner, Coyote] More: Arnold Kling testifies before Congress on housing finance, and feels a resulting “need to scream” [ASKBlog, more]
  • More: Per NYT’s expert, “Shareholders have been demanding” disclosure on corporate political spending. Well, 18% of shareholders anyway [Jim Copland]

Bradley Birkenfeld’s $104 million bounty

By ratting on his employer and clients, the UBS informant greatly advanced Washington’s project of preventing Americans from squirreling assets out of reach of the U.S. tax and legal systems. So it’s no surprise that few in the federal establishment — even among longtime critics of what they deem excessive executive compensation — begrudge him the whopping payout. Among his defenders, of course, is Iowa Republican Sen. Charles Grassley, patron of the whistleblower program: “Need we add that Mr. Grassley’s longtime aide, who actually drafted the whistleblower law, now represents Mr. Birkenfeld and stands to collect an interesting percentage of the award Mr. Grassley so obligingly applauds? If one were rich, if one had a sense of history, one might well wish to move a part of one’s nest egg out of the way of Mr. Grassley and his ilk.” [Holman Jenkins, WSJ]

Politics roundup

  • “Someone tell Gov O’Malley that Swiss bank UBS is helping build a Maryland bridge.” [background; State of Maryland, PDF, via Dan Alban] Dems’ trade xenophobia escapes ire aimed at GOP’s purported immigration xenophobia [Barro] “Buried in the 2012 Democratic platform: Official declaration of war on Switzerland.” [@daveweigel]
  • Are you better off than you were four years ago? Kyle Graham traces that question back to 1900, and no doubt it’s older [ConcurOp]
  • Fact-checkers snooze during Dems’ Lilly Ledbetter show [Ted Frank/PoL, Hans Bader/Examiner] Read in full context, Obama’s “you didn’t build that” remarks “would inspire largely the same reaction.” [Larimore, Slate]
  • Former Florida Gov. Charlie Crist is least surprising Dem endorser of the year, as Overlawyered readers have reason to know [Betsy Woodruff, NRO, on Morgan & Morgan connection]
  • Great Society legacy: tax-funded nonprofits play key role in NYC corruption [Steven Malanga, WSJ]
  • “Details of the Auto Bailout You Won’t Hear in Charlotte” [Dan Ikenson, Randal O’Toole, Cato; Tim Carney, Washington Examiner (“Here’s the truth: what Romney proposed for Detroit was more or less what Obama did”); Shikha Dalmia on Gov. Jennifer Granholm]
  • HHS welfare waivers: fact-checkers, check thyselves [Kaus, more, Steve Chapman]

Financial roundup

  • New York plaintiff wanders the South looking for ATMs out of compliance with federal fee sticker regulation [Kevin Funnell, Bank Lawyers’ Blog, earlier]
  • In the mail: Stephen Bainbridge, “Corporate Governance After the Financial Crisis” (Oxford, 2012), with blurb from NYT “Deal Professor” Steven Davidoff: “an important book for those seeking to understand the theoretical and practical implications of Dodd-Frank, Sarbanes-Oxley, and the federal government’s foray into corporate regulation.”
  • American lawprof understandably unpopular trying to defend FATCA to the Swiss [TaxProf, earlier here, etc.]
  • Bank is trustee for mortgage holders, says loan servicers are responsible: “LA Files Big-Bucks Suit Against ‘Slumlord’ US Bank, Blames Lender for Condition of Foreclosed Homes” [ABA Journal]
  • “Swiss Banks Face ‘Slow Death’ As Foreign Powers Chase Undeclared Assets” [Giles Broom, Bloomberg/Business Insider]
  • “A comprehensive list of hyperinflations in history” [Steve Hanke/Nicholas Krus, PDF, via Ian Vasquez, Cato]
  • Warning: regs could “wipe out community banking industry by end of this decade” [Cam Fine, ICBA via Iain Murray]

July 25 roundup

  • Town of Gold Bar, Wash. (pop. 2,100) brought to brink of bankruptcy by multiple lawsuits following political feuds; “We are going broke winning lawsuits,” says mayor [Monroe Monitor via ABA Journal]
  • “No one in Youngstown Ohio has a Swiss bank account…except maybe that big new Swiss employer in town?” [Matt Welch, earlier] William McGurn: FATCA and the IRS’s reach abroad [WSJ via TaxProf, earlier here, here] Politicians and lawyers demand “improvements” to IRS bounty-paid-informant program, but what if anything they improve may depend on your point of view [TaxProf, earlier]
  • A human rights professor endorses a new model of residential facility that comes with names like “Freedom Place.” But what’s that on the door — could it be a lock to prevent escape? [Maggie McNeill] Romney spokesman says he’ll smite smut, Gov. Gary Johnson takes a more libertarian view [Daily Caller]
  • New Mark Herrmann book on in-house lawyering [Victoria Pynchon, Scott Greenfield, Paul Karlsgodt]
  • Mortgage eminent-domain seizure plan raises serious constitutional concerns [Andrew Grossman, earlier here, here]
  • Central casting? Send over one “business basher,” please: Sidney Wolfe says $3 billion Glaxo settlement too lenient [CL&P, earlier]
  • Ted Frank pre-vets the possibilities for Romney VP [PoL] Romney’s law and legal policy team [Brian Baxter, AmLaw Daily]