August 24th, 2009
Tax Analysts published a very long (albeit spot-on) article today which analyzes Mexico's request to the United States to be treated the same as Canada when it comes to exchange of tax information. Basically, the article demonstrates how the United States is an offshore tax haven that is being exploited by (among others) Mexican drug-lords. Of course, the United States just fought Switzerland for having some of the same tax/reporting exemptions that Mexico is challenging. Is the US practicing what it preaches? The short answer is no; it is not. Here's a...
June 18th, 2009
Chairman Dodd, Ranking Member Shelby, members of the Banking Committee. I'm pleased to be here today to testify about the Administration's plan for financial regulatory reform.
June 15th, 2009
Larry Summers and Timothy Geithner co-authored a piece in the Washington Post today which details five issues that need to addressed in the current financial system and details their plan to deal with each issue. The first 4 issues are domestic in nature, and they lay out plans to deal with each; the fifth priority is the issue regarding regulation in the international financial system, and their plan for addressing this issue is less than clear. From today's Post
Fifth, and finally, we live in a globalized world, and the actions we take...
June 15th, 2009
By Timothy Geithner and Lawrence Summers - Over the past two years, we have faced the most severe financial crisis since the Great Depression. The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world.