Marine Links Obama Law and Libor Lease to Twin Towers Pass Through Fraud
“LOL Romney, Sopranos, Bain & Bankruptcy - Huffington Post (mirror)”
“LIBOR removes Romney and Obama”
“Mitt Romney Scrambles To Hide Cayman Islands 'Loot' as Obama Unveils New Jobs Initiative!”
“Sidley Austin LLP”
“[Spoliation inference that Sidley lawyers helped Romney and his Bain Capital cronies to place illegal Libor profits in abusive Cayman Island tax shelters since 1984 and can therefore entrap and extort him throughout his career as candidate or incumbent for state or federal office] money in Jan 18, 2012 Report: Romney has millions in Cayman Islands .. The Romney campaign says the GOP front-runner is not taking advantage of tax havens in the Cayman Islands. The assets of Romney and his wife, Ann, are also in a blind trust that are managed by a trustee. Here's the statement from Andrea Saul, Romney's campaign spokeswoman: ABC is flat wrong. The Romneys' investments in funds established in the Cayman Islands are taxed in the very same way they would be if those funds were established in the United States. These are not tax havens and it is false to say so. Romney is under fire from his rivals, as well as some allies, to release his tax returns immediately. The former Massachusetts governor has said he will probably do so in April, and drew attention to the issue yesterday when he said his tax rate is close to 15% because of his investments. ABC News reports Romney "has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry." The story says another investment, which Romney has disclosed as being worth between $5 million and $25 million, "shows up on securities records as having been domiciled in the Caymans." The story calls the Caymans "a notorious Caribbean tax haven." http://content.usatoday.com/communities/onpolitics/post/2012/01/mitt-romney-tax-haven-cayman-islands-abc-news-/1“[Spoliation inference that Sidley lawyers have helped the likes of Romney and his Bain Capital cronies to launder illegal Libor profits through Cayman Island tax shelters since 1984 and can therefore entrap and extort him throughout his career as candidate or incumbent for state or federal office] HEDGE funds doing business in the Caymans can find an ample supply of accountants, lawyers, bankers and consultants offering legal and accounting advice. Major American accounting firms like Ernst & Young, KPMG and Deloitte Touche Tohmatsu all have units in the Caymans (and all declined to be interviewed about their operations there). One business ally of the Caymans is Sidley Austin, a Chicago law firm that is a longtime lobbyist on international tax issues for the government, according to lobbying records. In May, Sidley agreed to pay a fine of $39.4 million to the Internal Revenue Service for improprieties regarding tax shelter work it had performed for KPMG clients, but federal prosecutors said that they decided not to file criminal charges against the entire firm for that work. Prosecutors said they made that decision because a single Sidley lawyer, Raymond J. Ruble, was primarily involved with the shelters. Sidley said in a statement that Mr. Ruble began his tax practice while working for a different firm that Sidley acquired. After that takeover, Sidley ordered him to end his tax shelter work, but Sidley said Mr. Ruble circumvented that agreement and concealed his conduct. Mr. Ruble has been indicted on charges of helping create bogus tax shelters. Part of the tax shelter work that Sidley performed in the Caymans involved registering entities there that were used to carry out what prosecutors describe as bogus shelter transactions, according to internal documents in the federal criminal case against Mr. Ruble and former KPMG employees. Sidley declined to comment. A lawyer for Mr. Ruble said his client had nothing to do with actually setting up the Cayman entities but declined to comment further. Since the fall of 2001, as the number of hedge fund registrations there began rising sharply, the Caymans has worked to burnish its reputation abroad. The year before, in 2000, the Financial Information Task Force, an independent international body intended to combat money laundering and terrorist financing, placed the Caymans on an international blacklist of uncooperative money-laundering nations, alongside Russia, the Philippines and various small Pacific territories.”
“[Spoliation inference that Sidley lawyers have helped the likes of Romney and his Bain Capital cronies to launder illegal Libor profits through Cayman Island tax shelters since 1984 and can therefore entrap and extort him throughout his career as candidate or incumbent for state or federal office] 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. Non-lawyer 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 Romney launched Bain Capital and ‘Thomson’ Reuters launched Libor rate rigging], when he worked on a mutual legal aid treaty between the Cayman Islands and the United States. "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.”
“[Spoliation inference that Barclays Libor insiders are funding Romney’s candidacy leaving him exposed to blackmail by the Sidley lawyers who helped Barclays set up the abusive Cayman Island tax shelters] Barclays Fallout Hits Washington July 3, 2012 By Laurie Bennett The Barclays [Libor] scandal has laid waste to the bank’s top echelons, with the resignations of the chairman, the chief executive and the chief operating officer. The repercussions have also reached the Mitt Romney campaign, which was relying on former CEO Robert E. Diamond Jr., an American, to co-host a London fundraiser. A Romney spokesperson confirmed to CNN that Diamond had stepped down as co-host of the event, scheduled during Romney’s upcoming trip to the Olympic Games. Consider it among the first, but certainly not the last, reverberations in the U.S. Last week, the UK-based bank agreed to pay $450 million to settle charges that it had tried to manipulate interbank lending rates. The settlement prompted Prime Minister David Cameron to launch an inquiry into banking practices.”
“[Spoliation inference that Barclays Libor insiders conspired with Thomson Reuters and Sidley Austin to thwart Libor class action and plaintiffs’ remedy for the abusive Cayman Island tax shelters] Thomson Reuters News & Insight Alison Frankel’s ON THE CASE … Bank filing: Silly plaintiffs, we didn't conspire to manipulate Libor 7/2/2012 COMMENTS (0) If you were wondering how Barclays' co-defendants in three consolidated antitrust class actions claiming damages based on alleged manipulation of the London interbank offered rate (Libor) planned to cope with the burgeoning scandal surrounding Barclays' admission that its traders did just that, the answer is: in a footnote. On Monday, all of the other banks in the private antitrust litigation -- with the exception of UBS, which is reportedly cooperating with various government investigations -- filed a joint motion to dismiss the class actions. The filing brushed o ff stunning email evidence of Barclays' Libor manipulation in a single sentence: "Nothing in the Barclays settlement alleges any agreement among (U.S. dollar) Libor panel banks to maintain USD Libor at a suppressed level," the banks said. .. Among defense counsel for the banks are Davis Polk & Wardwell; Simpson Thacher & Bartlett; Shearman & Sterling; Hogan Lovells; Sullivan & Cromwell; Sidley Austin; Locke Lord; Katten Muchin; Clifford Chance; Milbank, Tweed, Hadley & McCloy; Flemming Zulack Williamson Zauderer; Paul, Weiss, Rifkind, Wharton & Garrison; Gibson, Dunn & Crutcher; Covington & Burling; Hughes Hubbard & Reed; and Cleary Gottlieb Steen & Hamilton. (Reporting by Alison Frankel) Follow us on Twitter @AlisonFrankel, @ReutersLegal | Like us on Facebook”
“[Spoliation inference Barclays and Bain Capital have been operating as Libor insiders which gives investors such as Romney opportunity for unjust enrichment and protection in abusive Cayman Island tax shelters] Barclays Unit to Buy South African Retail Credit Business for $1.2 Billion BY MARK SCOTT The Absa Group, a South African financial firm owned by Barclays, agreed on Wednesday to buy the retail credit card business of the African store chain Edcon for 10 billion rand, or $1.2 billion. The deal will allow Absa to further tap the growing consumer base in South Africa, a country that continues to record strong growth despite the global financial crisis. Edcon, which was acquired by Bain Capital for $3.5 billion in 2007, operates almost 1,200 stores in South Africa, Botswana and a number of other African countries. Absa said the deal would help strengthen its position in South Africa’s retail credit sector, as well as allow the company to build a closer relationship with Edcon. As part of a larger partnership, Absa will continue provide retail credit for Edcon’s customers, the two companies said in a statement. Edcon said the money from the deal would be used to invest in the business and repay debt. The transaction is expected to close by the end of the year. Absa Capital and the law firm Norton Rose advised the Absa Group on the deal, while JPMorgan Chase advised Edcon.”
“[Spoliation inference Barclays has been setting up illegal Libor instruments with Sidley Austin which give investors such as Romney opportunities for unjust enrichment and protection in abusive Cayman Island tax shelters] Sidley Austin Advises Barclays Capital on £918,862,000 GEMINI (ECLIPSE 2006-3) PLC CMBS November 30, 2006 London – The London office of Sidley Austin has advised Barclays Capital on its recent £918,862,000 GEMINI (ECLIPSE 2006-3) PLC UK CMBS transaction, one of the largest sterling CMBS issuances undertaken this year. The transaction is the seventh issuance in Barclays Capital's CMBS conduit programme, which is branded "ECLIPSE", but it is the first occasion on which Barclays Capital has instructed Sidley Austin as its counsel. The transaction involved the offering of £918,862,000 notes by GEMINI (ECLIPSE 2006-3) PLC. The notes offered were backed by a single loan secured over a portfolio of 36 commercial real estate assets (comprising office, industrial, retail and leisure assets) located across the UK. Sidley Austin also acted for Barclays Bank PLC as lender in the origination of the loan which was made in early August of this year. Partners in the Sidley Austin Finance Group Debbie Carslaw, Mark Menhennet, Graham Penn and Partha Pal led the team handling the origination of the loan, assisted by a team of associates including Paul Gray, Sharon Smith, Pamela Clarke, James Bucke, Kirsten Bradby and Sunil Desaur. Partha Pal led the team handling the securitisation, assisted by associates Lisa Avellini, Alex Campbell, Paul Gray and Michael Killourhy. Partner Andrew Bliss advised Barclays Capital Mortgage Servicing Limited as Master Servicer and Special Servicer on the transaction. Partner John Russell advised The Bank of New York as Trustee on the transaction, assisted by Sarah Murphy. Partner Graeme Harrower advised on UK taxation for all aspects of the transaction, assisted by Kate Aubury.”
“[Spoliation inference that Thomson Reuters Libor insiders use Sidley Austin to stay out of jail] Securities class actions form the backbone of Sidley Austin LLP’s ‘smart and strategic’ financial services practice. JPMorgan Chase & Co is a longstanding client of the firm (as are various entities therein), and it has instructed the team on numerous disputes concerning MBS and the securitization of collateral mortgage obligations. Litigation arising from IPOs has been one of the key drivers of work for this ‘thorough and professional’ practice in recent years, and it has defended numerous financial institutions in the US District Court for the Southern District of New York. Robert Pietrzak, Andrew Stern and Dorothy Spenner helped underwriters Merrill Lynch and UBS to achieve a $13m settlement with Chinese investors who claimed for $1bn of American depository shares issued following Giant Interactive Group’s IPO. Stern and Nicholas Crowell represented BlackRock Mortgage Investors before the US Bankruptcy Court, in a case concerning a credit default swap with Lehman Brothers. This ‘creative’ duo also acted for Japanese client The Norinchukin Bank in 20 LIBOR class actions. On the regulatory and enforcement side, Paul Gerlach and Barry Rashkover are recommended, and both have served at the SEC. Gary Bendinger is a key resource for accountancy firms entangled in securities disputes and is ‘a particularly strong strategist’.”
“[Spoliation inference that Barclays Libor insiders used Sidley Austin to stay out of jail] April 15, 2012 9:13 pm Global taxation: Fiscal frustrations By Megan Murphy and Jeff Gerth A clampdown on a tax structure used by banks will test US efforts to curb cross-border schemes An investigation last year by the Financial Times and ProPublica, a New York-based nonprofit investigative news organisation, first detailed how Stars produced tax benefits for US banks. In all, six banks – BNY (now Bank of New York Mellon), BB&T, Sovereign (now a unit of Santander), Wachovia (now part of Wells Fargo), Washington Mutual and Wells Fargo – participated in Stars deals with Barclays between 1999 and 2006. Five of those banks are now challenging IRS rulings that disallowed foreign tax credits generated in those transactions. WaMu has settled a dispute over its own Stars structure in bankruptcy court by agreeing to forgo $160m in claimed tax credits. In total, the IRS says, the Stars deals created $3.4bn in foreign tax credits. … “Barclays understood that BNY was highly receptive to a wide range of tax-based ideas, and had targeted BNY for an SCM ‘tax product’ after discussions with BNY senior executives,” the IRS said in its filing. The IRS also described KPMG as a pivotal player to the deal. The accounting firm provided a US tax opinion blessing the structure for Barclays and sold Stars to BNY for a fee of $6m, according to the IRS filing. David Brockway, then of KPMG, was engaged to provide the firm’s opinion on Stars and is expected to testify at trial, according to the IRS. Mr Brockway, a leading US tax lawyer, left KPMG in April 2005 amid scrutiny of the firm’s previous sales of potentially abusive tax shelters. Raymond Ruble, formerly a partner at Sidley Austin in New York, is another lawyer named by the IRS as a key adviser on the structure. Convicted of multiple counts of tax evasion in a separate tax shelter case involving wealthy taxpayers in 2008, he is incarcerated in a federal prison in Lewisburg, Pennsylvania. http://www.ft.com/intl/cms/s/0/9a20dac8-8480-11e1-b6f5-00144feab49a.html#axzz20GqJXMjT”
More to follow.
Presidential Mandate
Abel Danger
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