As Haitians continue to reel from the massive earthquake that reduced much of its capital to rubble and killed an estimated tens of thousands of people, Wall Street firms are among the companies pledging millions of dollars to relief efforts.
Yet another private equity tax swindle has come to light. According to Monday’s Wall Street Journal, a leading tax academic has published a paper arguing that so-called “monitoring fees” that PE firms levy on the companies they’ve bought should actually be recognized as dividends for corporate tax purposes. This is is significant because fees are a tax deductible expense to the companies while the dividends aren’t, so the effect of this ruse is to shortchange Uncle Sam, and hence ordinary taxpayers to the PE funds’ benefit.
Michael Johnston submits:Just weeks after a devastating earthquake sparked a humanitarian crisis in Haiti, another natural disaster has hit the South American nation of Chile. Early Saturday morning, a magnitude 8.8 earthquake, the fifth strongest ever measured in the country, occurred off of Chile’s coast, causing massive destruction throughout the region.
The US military has pulled thousands of its troops from quake-hit Haiti because aid operations have improved, a general said, as relief workers raced to boost conditions at squalid camps.There were growing calls to speed up efforts to provide tarps and tents ahead of the rainy season, which threatens to bring more misery to the estimated 1.2 million left homeless by the massive earthquake a month ago.
Quake survivors in Haiti clamored for supplies of food, water and medicine as aid began to trickle in and thousands more US troops were due to join beleaguered relief efforts Monday.Five days after a 7.0-magnitude earthquake flattened much of the impoverished Caribbean nation 70,000 bodies had been buried in mass graves and international aid workers were struggling to cope with the scale of the crisis.Several hundred thousand people have been made homeless and officials fear the eventual death toll could top 200,000.
Former Yahoo engineers Brian Acton and Jan Koum are making millions of dollars per year. They could make hundreds of millions of dollars – maybe a billion or two. All it would take is a relatively brief flurry of paperwork, signatures, and handshakes. But so far, Acton and Koum have chosen not to.
Tiger Woods plans to help with relief efforts in earthquake-stricken Haiti, the president of the Tiger Woods Foundation said Friday.Greg McLaughlin said the foundation staff was evaluating "the most appropriate role" to help the Haitian people."Our plan is be part of the relief effort to help rebuild Haiti by supporting organizations that provide critical resources to young people, which is consistent with our mission and previous efforts regarding Hurricane Rita, Hurricane Katrina and the 2004 tsunami," McLaughlin said in a statement.
Haitians grasped for fading signs of life Friday in the rubble of their quake-hit capital as frustration grew over an aid bottleneck and tens of thousands of bodies rotted in the tropical heat.Looters raided UN food stores in Port-au-Prince in a sign of the desperate situation facing its homeless, scarred and traumatized residents after a 7.0 quake the Red Cross said may have killed 50,000 people.