Tax Shelter News
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Barry H. Berke was named co-chairman of Kramer Levin Naftalis & Frankel LLP’s 90-lawyer litigation department alongside longtime Chairman Gary P. Naftalis.
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President Barack Obama said he is nominating Penny Pritzker, the Chicago businesswoman, philanthropist and Hyatt Hotels Corp. heiress who led record fundraising for his 2008 campaign, as secretary of commerce.
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As Greece lurched toward its first bailout in early 2010, the largest bank in Cyprus was stocking up on Greek bonds.
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A cap that President Barack Obama has proposed on the size of tax-advantaged retirement accounts is seen as potentially pushing savers to another product that limits payments to the government: life insurance.
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Russian First Deputy Prime Minister Igor Shuvalov and his wife, the second-biggest earners among families of Cabinet members, plan to move their assets under Russian jurisdiction to comply with new restrictions.
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The U.S. Supreme Court will use a case involving billionaire Billy Joe “Red” McCombs to decide whether the federal government can impose hundreds of millions of dollars in penalties for the use of abusive tax shelters.
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Regulators cleared Nasdaq OMX Group Inc.’s plan to pay $62 million to compensate brokers for its mishandling of Facebook Inc.’s public debut, dealing a defeat to Wall Street firms that say they lost many times that amount.
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Ernst & Young LLP received the usual kid-glove treatment given to too-big-to-fail enterprises when it reached a settlement with the U.S. Justice Department over illegal tax shelters it sold more than a decade ago. The government chose not to prosecute the Big Four accounting firm, and Ernst is getting off by writing a relatively small check.
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David Parse, a former Deutsche Bank AG accountant, was sentenced to three and a half years in prison for his role in what prosecutors claim is the biggest criminal tax-fraud prosecution in history.
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Former Jenkens & Gilchrist lawyer Donna Guerin was sentenced to eight years in prison and ordered to pay $190 million for her role in what the U.S. called the largest criminal tax fraud in history.
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