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Category Archives: economy

IRS Seizes Assets on Suspicion Only

For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. For just as long, she deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account, almost $33,000.

Critics say this incentive has led to the creation of a law enforcement dragnet, with more than 100 multiagency task forces combing through bank reports, looking for accounts to seize. Under the Bank Secrecy Act, banks and other financial institutions must report cash deposits greater than $10,000. But since many criminals are aware of that requirement, banks also are supposed to report any suspicious transactions, including deposit patterns below $10,000. Last year, banks filed more than 700,000 suspicious activity reports. Owners who are caught up in structuring cases often cannot afford to fight. The median amount seized by the I.R.S. was $34,000, according to the Institute for Justice analysis, while legal costs can easily mount to $20,000 or more.

In one Long Island case, the police submitted almost a year’s worth of daily deposits by a business, ranging from $5,550 to $9,910. The officer wrote in his warrant affidavit that based on his training and experience, the pattern “is consistent with structuring.” The government seized $447,000 from the business, a cash-intensive candy and cigarette distributor that has been run by one family for 27 years.

http://www.nytimes.com/2014/10/26/us/law-lets-irs-seize-accounts-on-suspicion-no-crime-required.html?_r=1

 

 
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Posted by on November 11, 2014 in banks, business, economy

 

Rajat Gupta, another big fish gets hooked for insider trading…

Gupta, whose net worth was once estimated at around $130 million, is fighting to save from forfeiture his many properties, including a waterfront home in Westport, Connecticut that once belonged to the co-founder of J C Penney that he bought for more than $6 million. Legal stratagems include moving his domicile to Florida, which has more lenient bankruptcy laws that protect personal property.

Read more here…

 
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Posted by on June 18, 2014 in business, economy, investing

 

Dying Shopping Malls

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Here is an incredible photo book “Black Friday” by Seph Lawless as he travels the USA capturing eerie pictures of abandoned shopping malls.

 

 
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Posted by on May 3, 2014 in economy

 

Denmark bans kosher and halal slaughter

The change to the law, announced last week and effective as of yesterday, has been called “anti-Semitism” by Jewish leaders and “a clear interference in religious freedom” by the non-profit group Danish Halal.

European regulations require animals to be stunned before they are slaughtered, but grants exemptions on religious grounds. For meat to be considered kosher under Jewish law or halal under Islamic law, the animal must be conscious when killed.

more details at independent

 
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Posted by on February 20, 2014 in economy, think, tourism, trends

 

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Finance And Economics Comparison

Economics and finance are both business degrees. The difference is 5 or 6 classes taken at the end of college.

Here is a brief comparison…

Management Profession economists are hired as consultants by private and public sector. Finance is managed by individuals in families or by banks or other institutions.
Related Courses Philosophy of Economics, Laws and Economics, Political Economics. Accountancy, Chartered Financial Analyst and other
Definition Economics is a social science that studies the management of goods and services, including the production and consumption and the factors affecting them. Finance is the science of managing funds keeping in mind the time, cash at hand and the risk involved.
Branches Branches of economics include macro and micro economics. Branches of finance include personal finance, corporate finance and public finance.

Although they are often taught and presented as very separate disciplines, economics and finance are interrelated and inform and influence each other. Investors care about these studies because they also influence the markets to a great degree. Here we take a look at finance and economics, what they can teach investors and how they differ.

 
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Posted by on December 26, 2013 in banks, business, economy, education

 

rich folks using food stamps to buy filet mignon!!!

some interesting articles from around the web

http://www.npr.org/blogs/thesalt/2011/12/15/143786950/when-the-formerly-rich-need-help-buying-food

County Administrator Dave Gully says the county’s Human Services employees were upset because they recently were required to issue $500 a month in food stamps to a person who has lost their job, but has $80,000 in the bank, lives in a $300,000 house that is paid off, and drives a new Mercedes.   The family qualifies under a special federal category called “Categorical Eligibility,

http://ulocal.wlwt.com/service/displayDiscussionThreads.kickAction?w=223314&as=62688&d=185671

 

 

 
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Posted by on November 24, 2013 in economy, trends

 

Kitimat, Canada

Few investors have heard of Kitimat, Canada. But this town of just over 8,000 people looks to be at the epicentre of a multi-billion dollar boom.

The reason is LNG. A topic that’s becoming big news in western Canada.

Especially after last week. When the government of Malaysia announced it plans to spend $35 billion constructing a gas liquefaction terminal and associated infrastructure on the Canadian coast near Kitimat.

Malaysian state firm Petronas will almost certainly feed the LNG development with gas from the British Columbia properties it acquired by buying Progress Energy Resources last year. A theme now becoming common–shale gas in BC looks to be for real. And a number of companies are eying this high-potential area as feedstock for Pacific LNG shipments.

http://piercepoints.com/?p=489

 
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Posted by on October 16, 2013 in economy, investing, money

 
 
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