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View Diary: Frank panel recommends almost $1T in defense cuts (140 comments)

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  •  Good observation (2+ / 0-)
    Recommended by:
    Swordsmith, LillithMc

    But note what is going on below the radar. The Bush tax cuts will soon expire, raising rates on the top brackets. This calls for no action on the part of Obama or Congress.

    Next, track the progress of tax evasion disclosures by the Swiss bank UBS. There likely will be perp-walks by famous/rich people. But UBS is the tip of the iceberg. The US, Euroland and the UK governments are desperate for revenue and will finally start going hard and effectively at the international tax havens. I think the Cayman Islands will be the next target.

    •  At this stage, I cannot picture a perp (1+ / 0-)
      Recommended by:
      Swordsmith

      walk by the ultra rich. Period.

      I feel they are now essentially omnipotent and untouchable.

      •  Agreed to a point (1+ / 0-)
        Recommended by:
        Swordsmith

        The ultra rich, to me meaning billionaires, probably will avoid explicit perp walks. But the centimillionaires and in particular the principals of firms such as Countrywide, Washington Mutual and New Century, are in the crosshairs of the DOJ and the IRS. The poster boy will be Angelo Mozilo of Countrywide.

        •  Yep - agree on that (2+ / 0-)
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          virginislandsguy, neroden

          Some celebs, the visible, the $400 million guys... they'll potentially get a few sharpish slaps on the wrist.

          They're not even the ones who run the show... as you said, the billionaires, the quiet hedge fund guys, they'll be fine.

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