John D. Beatty

Ben Stein: Big Brother and Your Taxes
"Recently a friend of mine, who lives in a city in Northern California, called me, extremely upset. She said she had just received a letter from the California Franchise Tax Board, the ruthless entity that collects taxes in sunny California. "The letter referenced her 2006 taxes, asking her how she had the means to buy a certain very expensive car she owns. She was asked to document how she had the money for it and why they saw no sign of that income on her 2006 return."

Apr 20

Mark-to-market’s strange accounting benefits for Citi and BofA - The Curious Capitalist - TIME.com
"On Friday I noted that Citigroup wouldn't have reported a profit if it hadn't been for a $2.5 billion derivatives valuation adjustment "mainly due to the widening of Citi's CDS spreads." Citi's CDS spreads widen when traders think Citi is more likely to default. So basically, Citi was able to report a profit because fears grew that it would go under. Weird, huh?"
FT.com / Comment / Opinion - Ten principles for a Black Swan-proof world

Apr 19

Apr 18

Apr 16

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