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Wednesday’s Daily News Digest

December 22nd, 2010

Deutsche Bank to Pay $554 Million in Tax Shelter Case Bloomberg, December 22, 2010

Deutsche Bank U.S. tax fraud deal opens floodgates Reuters, December 22, 2010

Opposition Rally Chokes Central Delhi as Singh Battles Corruption Claims Bloomberg, December 22, 2010

Editorial: A taxing world Financial Times, December 22, 2010

Supertaxman can’t avoid the leakers Financial Times, December 22, 2010

Protests in Athens before austerity budget vote AFP, December 22, 2010

4 charged in Romania over (EURO)44 million tax evasion AP, December 20, 2010

Man facing UK fraud charge wins...

Casinos are contentious. They often pose economic problems for many communities they operate in because of increased crime and the costs of prevention; the drain on public services, such as sewers and roads; and the social concerns associated with increased compulsive gambling within the community. While proponents of casinos argue they bring a community revenue through tourism, others note there is a substitution effect, which means casino patrons (whether residents or visitors) simply decrease their spending on other goods and services. Economic studies put this range anywhere from 100%, which indicates gambling is mostly of “convenience”...

The Big 4 – time for the resumption of the exercise of judgement

December 21st, 2010

The FT has noted:

New York state prosecutors could file civil fraud charges against Ernst & Young for allegedly helping Lehman Brothers hide debt, according to a person familiar with the matter. The office of Andrew Cuomo, the New York attorney general who will be sworn in as the state’s governor next month, could file a lawsuit as early as this week, this person said. If a lawsuit is filed, it would be the first allegations involving Lehman since the bank filed for bankruptcy in 2008, and the first charges against an accounting firm in...