Marine Links Obama’s Libor law Firm to Romney’s Cayman Island Tax

United States Marine Field McConnell has linked Barack and Michelle Obama's erstwhile cronies at the Sidley Austin law firm, to tax shelters allegedly used by Mitt Romney to launder Libor profits through The Cayman Islands Bankers’ Association.

Prequel:
Marine Links Romney’s Leveraged Libor Buyouts to Cayman Tax and Sidley Trap


“Sidley Austin LLP”


“WASHINGTON -- Some tax experts are alarmed by Mitt Romney's apparent admission that Bain Capital set up offshore accounts in the Cayman Islands to help wealthy investors avoid paying U.S. taxes. During an interview with the National Review's Robert Costa, Romney said that offshore sub-companies in the Cayman Islands help foreign investors avoid paying taxes on investments in the United States. Bain Capital currently has 138 such sub-companies headquartered in the Cayman Islands.”

“Bloomberg .. Barclays Corrupts Libor and Maybe a Lot More By Jonathan Weil
July 05, 2012 6:30 PM EDT .. It must do more. For instance, the head of Barclays’s audit committee, Michael Rake, was the chairman of the accounting giant KPMG International when its U.S. affiliate, KPMG LLP [with Sidley Austin], was caught selling fraudulent tax shelters to hundreds of wealthy Americans. That resulted in $456 million of fines by the Justice Department in 2005 and an admission of criminal wrongdoing by the U.S. firm. Although Rake wasn’t implicated in any way, his promotion this week to deputy chairman of Barclays looks like an obvious case of the wrong person for the job at a time when appearances are everything. Barclays’s auditor, PricewaterhouseCoopers, looks more like a public-relations firm than a skeptical watchdog. Last year, as part of its annual “Building Public Trust Awards,” it gave Barclays two runner-up accolades, including one in the category of “tax reporting,” according to the firm’s website.

Talk about a gaffe: Last month a Milan judge ordered 20 bankers and former managers of Barclays and the Italian bank UniCredit SpA to stand trial on tax-fraud charges. The tax probe was linked to a complex investment plan arranged by Barclays known as Brontos, where interest payments on deposit accounts allegedly were made to look like dividends, which were taxed at lower rates, according to a June 5 article by Bloomberg News. Barclays in a statement last month said it didn’t violate any laws. Members of Parliament at this week’s hearing also noted that Barclays’s accounting practices have come under regulatory scrutiny before -- particularly the bank’s use of a Cayman Islands company called Protium in 2009 to transfer several billion pounds of troubled assets off its balance sheet [with alleged kickbacks into Romney tax-sheltered accounts].

“MAY 25, 2010 Sidley Austin Lobbying for Cayman Islands Updated Sidley Austin, which has served as counsel to the government of the Cayman Islands in the past, will now lobby the United States government for those Caribbean islands. A team led by Sidley Austin partner Joseph Tompkins Jr. will represent the Cayman Islands' interests in Washington, according to an engagement letter filed with the Justice Department earlier this month. The letter says the firm will also represent the Cayman Islands in Europe and will assist the island government "in analyzing and addressing proposals made in the United States Congress and the Executive Branch that may have an impact upon the Cayman Islands." The disclosure filing notes that the firm will seek to "correct any misinformation or misperceptions" about the Cayman Islands and monitor legislation that could "affect the ability of U.S. businesses and individuals to conduct business” there. The Cayman Islands are among the nations commonly referred to as tax havens.

The letter of engagement says Sidley’s billing rates on the contract will range from $200 per hour for new associates to $950 per hour for senior partners. Nonlawyer professionals charge between $100 and $315 an hour, the letter said. Tompkins said he has represented the Cayman Islands government in different matters since the mid-1980s, when he worked on a mutual legal aid treaty between the Cayman Islands and the United States [allegedly to set up tax havens for insiders of Bain Capital to launder profits from ongoing Libor frauds] "Our relationship with them is just very special in the sense that they have relied on us for this 25-year period," he said. Tompkins said the new work involves "acting on their behalf broadly" in Washington, as well as in New York, Europe and Asia. In a 2006 piece about the Cayman Islands for the publication Managing Partner, which can be read here, Tompkins mentions his long professional relationship with the Cayman Islands government.”

BBA Libor associates [include Sidley Austin, Allen and Overy law firms which allegedly set up Romney’s Libor tax shelters with The Cayman Islands Bankers’ Association]

Accenture
ADT Fire and Security plc [Twin Towers security for investors in Libor leveraged lease]
Allen & Overy [Structured Thomson’s acquisition of Reuters and its Libor services]
Allied Bank Philippines (UK) Plc
Automated Financial Systems, Inc.
avantage (UK) Ltd
Bank Monarch Ltd
Bank of England
Bankersalmanac.com
BDO LLP
Brown Brothers Harriman & Co
Business Control Solutions plc
Callcredit Limited
Capital One (Europe) plc
Clifford Chance
DBRS
Deloitte
DLA Piper UK LLP [Structured HSBC trademark for Libor SOS Children’s Villages]
EDB ErgoGroup
Equifax plc
Ernst & Young
Eversheds LLP
Exasoft Plc
Experian
Farrer & Co
Freshfields Bruckhaus Deringer
G4S [Olympic money laundering]
Genpact
Government Banking Service
HCL Great Britain Ltd
Herbert Smith
Hinduja Bank (Switzerland) Ltd
Hogan Lovells
Huntswood
IBM
ICICI Bank
ING Direct NV
Innovative Systems, Inc.
Isle of Man Bankers’ Association
Jersey Bankers Association
Kinetic Partners
KnowCo Limited
KPMG [Pattern of the Times on 9/11 http://www.youtube.com/watch?v=aItdAk5Qemo]
Kurt Salmon
Linklaters LLP [Repoed Lehman Brothers with Libor loans!!!]
Logica
Mayer Brown
Misys
MORS Software
Morton Fraser LLP
National Savings & Investments
Norton Rose
Oracle
Ordnance Survey
Pannone LLP
Premier European Capital Ltd
Protiviti
PwC
ReD
Selftrade
Shearman & Sterling LLP
Sidley Austin LLP [Structured Romney’s Libor tax shelters in Cayman Island]
SJ Berwin LLP
Slaughter and May
Speechly Bircham
Standard & Poor’s
SunGard
Tata Consultancy Services Ltd
The Banking Association of South Africa
The Cayman Islands Bankers’ Association [Laundered HSBC Fast and Furious]
The Post Office Ltd
Thinkbanking
VocaLink
Wolters Kluwer Financial Services
Worksmart Solutions Limited
Worldpay
Wragge & Co LLP”

“US Senate Discovered That HSBC Gave Money To A Saudi Bank With Suspected Links To Terrorist Organizations Such As Al-Qaeda - Bulk Cash: HSBC’s Mexican Bank Shipped $7 BILLION In Bulk Cash To The Firm’s U.S. Bank In 2007 And 2008 (Bloomberg) - US Senate Report: HSBC Acted As Financier To Clients Seeking To Route Shadowy Funds From The World’s Most Dangerous And Secretive Corners, Incl. Mexico, Iran, The Cayman Islands, Saudi Arabia And Syria THE UK’s largest bank HSBC could be formally dragged into the Libor investigation for the first time after it emerged links between one of its traders and peers at other banks were at the centre of investigations by financial regulators.”

“Welcome to bbalibor. Here you will find information on one of the fundamental benchmarks for global financial markets. It is calculated each day by Thomson Reuters, to whom major banks submit their cost of borrowing unsecured funds for 15 periods of time in 10 currencies. A trimmed average of the collected figures is then taken to create bbalibor. For more details, click here. bbalibor is a benchmark used by banks, securities houses and investors to gauge the cost of unsecured borrowing in the London interbank market.”

“How are we governed? The BBA is governed by the Board, which meets 4 times per year and comprises the BBA Chief Executive and the Chief Executives of the largest banks operating in the UK, both retail, wholesale and from overseas. The Board represents the whole of the BBA membership. In addition to this the BBA Council meets twice yearly. The BBA Board is made up of senior executives from: Barclays Bank plc .. BNP Paribas .. Citibank NA … Credit Suisse .. Deutsche Bank AG .. Hampshire Trust plc .. HSBC Bank plc … J.P. Morgan Europe Limited … Lloyds Banking Group .. Santander UK plc .. Standard Chartered Bank … The Royal Bank of Scotland plc http://www.bba.org.uk/about-us/ ”

More to follow.

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