Thursday, July 4, 2013

TIGTA: IRS Does Not Comply With the Law in 30% of Seizures of Taxpayers' Property

The Treasury Inspector General for Tax Administration yesterday released Fiscal Year 2013 Review of Compliance With Legal Guidelines When Conducting Seizures of Taxpayers’ Property (2013-30-061):
Taking a taxpayer’s property for unpaid tax is commonly referred to as a “seizure.” To ensure that taxpayers’ rights are protected in this process, the IRS Restructuring and Reform Act of 1998 amended the seizure provisions in I.R.C. §§ 6330 through 6344. ... TIGTA is required under § 7803(d)(1)(A)(iv) to annually evaluate the IRS’s compliance with the legal seizure provisions to ensure that taxpayers’ rights were not violated while seizures were being conducted. ...
TIGTA reviewed a random sample of 50 of the 738 seizures conducted from July 1, 2011, through June 30, 2012, to determine whether the IRS is complying with legal and internal guidelines when conducting each seizure. In the majority of seizures, the IRS followed all guidelines. However, in 15 seizures, TIGTA identified 17 instances in which the IRS did not comply with a particular I.R.C. requirement. Specifically, TIGTA found:
  • The sale of the seized property was not properly advertised. (§ 6335(b))
  • The amount of the liability for which the seizure was made was not correct on the notice of seizure provided to the taxpayer. (§ 6335(a))
  • Proceeds resulting from the seizure of properties were not properly applied to the taxpayer’s account or seizure and sale expenses were not properly charged. (§§ 6341 and 6342(a))
  • The balance-due letter sent to the taxpayer after sale proceeds were applied to the taxpayer’s account did not show the correct remaining balance. (§ 6340(c)) 

WikiLeaks says MasterCard lifts 'financial blockade'

MasterCard’s financial blockade against WikiLeaks has been lifted more than two years after the credit card company first took measures to keep their customers from supporting the anti-secrecy website.
WikiLeaks announced in a press release Wednesday that MasterCard
International has reversed its decision to not process payments
for WikiLeaks, and that customers can once again contribute to
the site’s operations.
MasterCard, along with VISA, PayPal, Bank of America and Western
Union, stopped processing donations to WikiLeaks in December 2010
after the website began publishing a trove of classified
diplomatic cables pilfered from the computer networks of the US
Department of State.
WikiLeaks founder and editor Julian Assange has previously called
the embargo “an unlawful, US influenced, financial
” and “an existential threat” to his
organization. With MasterCard once again willing to work with
Assange and his website, however, the future of WikiLeaks may be
revived — and at a time when arguably at its most relevance in a
Whereas the publication of State Department cables brought an
array of critique directed at WikiLeaks at the time, the website
has become of renewed interest as of late following an alliance
of sorts established between Assange and Edward Snowden, the
30-year-old former government contractor who has been leaking
classified National Security Agency documents to The Guardian,
the Washington Post and other media outlets. Assange has said
he’s involved in brokering a deal that could aid in asylum being
granted to Snowden, who is currently wanted by the United States
on charges of espionage, while Assange himself is also awaiting
safe passage to Ecuador where’s he’s been offered assistance
against his own prosecution.
According to an article published on Tuesday by The Washington
Post, Assange has spoken to Snowden’s father and said he could
coordinate an intermediary to exchange messages between the two.
“We are obviously concerned,” Bruce Fein, an attorney for father
Lonnie Snowden told the Post. “If Julian Assange can talk to
Edward directly, why can’t his dad?”
Republished with permission from: RT

RBS: Rothschild to consider good bank/bad bank split

Investment bank to be paid £850,000 to provide advice on transferring RBS’s troubled assets into a bad bank
Investment bankers at Rothschild are to be paid £850,000 for conducting a review, commissioned by the chancellor, into whether Royal Bank of Scotland should be split into a good and bad bank.
George Osborne announced the review in his Mansion House speech and said he wanted the work to be completed by autumn. RBS, 81%-owned by the taxpayer, is expected to pick up the bill.
John Kingman, second permanent secretary at the Treasury, recused himself from the selection process as he was global co-head of financial institutions at Rothschild until September.
He had returned to the civil service last year after joining the investment bank in 2009 after running UK Financial Investments, the body set up during the crisis to look after the stakes in the bailed-out banks.
The outgoing UKFI chief executive, Jim O’Neil, also recused himself from the selection process as he prepared to move to Bank of America Merrill Lynch this year.
Rothschild is to provide advice on transferring RBS’s troubled assets into a bad bank – but the remit does not extend to a wider analysis of breaking up RBS along any other lines.
Slaughter & May, the law firm involved in the 2008 bank bailouts, has been tasked with advising the government on the possible creation of a bad bank.

Bankers Rule the World by Manipulating the Financial System, What You Need to Watch BEFORE The Collapse Read more at

Bankers Rule the World by Manipulating the Financial System
Regime Change in Europe: Do Greece and Italy Amount to a Bankers’ Coup?
The voice of the people isn’t something the markets seem to want to hear these days. First there was Greece, the cradle of democracy itself, where early this month, the merest mention of a referendum offering its citizens a say in a series of severe austerity measures was enough to send the markets into a tailspin. The ultimate result: the collapse of Prime Minister George Papandreou’s ruling coalition, the rejection of any notion of bringing the proposal before the people, and the installation of a caretaker government under the leadership of Lucas Papademos, a former vice president of the European Central Bank and, until earlier this week, a visiting professor at Harvard.
Then came Italy. As Athens threatened to go under, Rome found itself under pressure not so much for its level of debt — which though high is generally considered within the limits of sustainability — as much as for the erratic behavior of its flamboyant prime minister, Silvio Berlusconi. On Monday, investors seemed to make the collective decision that he could no longer be trusted at the helm of the euro zone’s third largest economy and sent Italy’s cost of borrowing up towards crisis levels. By the end of the week, not only was Berlusconi finished, so was the very idea of holding a vote to replace him. The markets had spoken, and they didn’t like the idea of going to the electorate. “The country needs reforms, not elections,” said Herman Van Rompuy, president of the European Council on a visit to Rome Friday.
It is a must to wake up your friends and family so we can ease this landing and perhaps turn it right around.
Information is the only weapon we need against the global elite.
Use info-weapons against the enemy simply by speaking the truth and watch as they run and hide.

We As A Nation Had An Unparalleled, Historic Opportunity To Set Things Right In The Aftermath Of The 2008 Financial Meltdown. Alas, We Blew It.

by Charles Hugh-Smith
We are about to reap the consequences of tolerating the perfection of the Savior State / cartel-crony capitalism’s neofeudal debtocracy.
We as a nation had an unparalleled, historic opportunity to set things right in the aftermath of the 2008 financial meltdown. Alas, we blew it. Instead of tearing down what had failed spectacularly, we chose to do more of what failed spectacularly: cartel-crony capitalism, centralized wealth and power and an expansion of our financialized debtocracy.
Gordon Long and I discussed this epic miss in Window of Opportunity: Blown!
While it’s certainly easy to blame our corrupt, self-serving leadership, we have tolerated their “more of the same.” It’s been said that a people get the government they can tolerate (as well as the one they deserve), and the American people have tolerated an expansion of everything that is systemically destructive because we dared not risk our share of the Savior State swag.
The joke will be on us, because there won’t be any swag when the rotten edifice collapses in a heap. The entire Status Quo response can be summarized thusly: save cartel-crony capitalism and increase central state power by expanding credit and blowing borrowed trillions, i.e. paper over structural flaws with tsunamis of free money and credit.
Let’s check in on the effectiveness of the Keynesian Cargo Cult’s project of borrowing and blowing trillions: Oops, diminishing returns.

Does this trajectory of federal borrowing look remotely sustainable to you?

The Federal Reserve’s number 1 project of bailing out the parasitic financial cartel with trillions of dollars in free credit has also failed spectacularly, as the banks can’t find any positive risk/return in loans except those that are guaranteed by the Federal government (FHA, Fannie Mae, etc.)

The Federal Reserve’s number 2 project of “saving” cartel-crony capitalism and its captured political class of toadies, apparatchiks and factotums by blowing asset bubbles has succeeded in setting up one violent crash after another. You don’t need Technical Analysis 101 to see the megaphone pattern traced out by the three Fed-inflated asset bubbles.

As you no doubt recall, nobody in the Fed, Wall Street or the Savior State saw the inevitable popping of the tech bubble or the housing bubble, and so it is unsurprising that our “leadership” has once again failed to anticipate the endgame of financial bubbles is not “to the moon” but collapse.
“But that can’t possibly happen.” Yes, we heard that in 1999 and 2006, too. What must happen will happen, and we as a nation are about to reap the consequences of tolerating the perfection of the Savior State / cartel-crony capitalism’s neofeudal debtocracy.

Why the whole banking system is a scam

Why the whole banking system is a scam

Fed delays swaps rule for Goldman Sachs -two more years to comply with a requirement that it divest part of its derivatives business

In a major concession, the Federal Reserve on Wednesday gave Goldman Sachs two more years to comply with a requirement that it divest part of its derivatives business to a separately capitalized unit.

The Fed said Goldman Sachs would have until July, 2015 to comply.

Known as the Lincoln Rule, after former Arkansas Democrat Sen. Blanche Lincoln, the measure was set up to have riskier credit derivatives trades take place in a separately capitalized unit so that any trading failure there would not have access to the institution's commercial bank division, which is backed by insured deposits and taxpayers through the Federal Reserve's discount window.

Other agencies last month reportedly notified Bank of America and J.P. Morgan and other institutions that they would have any additional 24 months to comply with the regulations.

In addition, bipartisan bills have started to advance in the House and Senate seeking to transform the provision and allow some commodity, equity and credit derivatives tied to asset-backed securities (such as packaged mortgage securities) to take place in the federally-insured bank.

Portugal and Greece are now vying to be this week’s crisis in Europe

Source: QZ
Portugal’s governing coalition today saw its second major loss in two days, as Paulo Portas, the foreign minister and leader of the Democratic and Social Center-People’s Party (CDS-PP), tendered his resignation.
Meanwhile, EU authorities have given Greece three days to deliver on promises it’s made to the troika—the group composed of the International Monetary Fund (IMF), the European Central Bank, and representatives of European countries, which is monitoring the euro debt crisis.
Clearly, Greece and Portugal are fighting to be the most scary country in the euro this week.


Portugal faces new political unrest with the loss of Portas and CDS-PP’s 24 votes in parliament. Although the failure of the coalition wouldn’t necessarily wrest government control from prime minister Pedro Passos Coelho’s Social Democratic (PSD) party, they would face deeper rivalry from other parties. Coelho accepted Portas’s resignation, but said that he wouldn’t resign himself or call for new elections.
Portas’s resignation comes just on the heels of another: that of Portugal’s finance minister, Vitor Gaspar. An independent, Gaspar was one of the most vocal advocates of fiscal austerity, which has taken a toll on Portugal’s economy. Although he was quickly replaced, the move suggests even deeper unrest at the top.


Not to be outdone, Greece now faces an ultimatum from the troika, one it will have a hard time fulfilling. The IMF has promised that it will no longer cut euro-zone leaders any slack in meeting their commitments to Greece’s €240 billion ($313 billion) bailout plan, because doing so would violate the fund’s rules. So euro-zone officials, unhappy with the progress Greece has made on privatizing state-owned industries and laying off public-sector workers, is dropping a lot of the IMF’s burden over to Greece. It’s unclear exactly how much money the country will have to raise to satisfy its creditors, but some estimates peg the budget shortfall at €3-4 billion.
All in all, not such a great outlook for two of Europe’s weakest economies. That weakness has carried over to the yield on both countries’ sovereign bonds (i.e., the price each would have to pay if they borrowed in the open markets today).
Greece-Portugal sovereign yields

Jewish Day Schools Put the Squeeze on State Governments for More Aid

Seek New Funding Streams Amid Spiralling Tuition Bills

courtesy of lippman school


Each year, when Frank Halper is faced with the state tax bill for his accounting business in Providence, R.I., he has a choice.
He can write a check for the amount owed by his company or, as part of a state tax credit program, he can send a check to a foundation that provides tuition scholarships to students at Providence’s two Jewish day schools. His tax bill will be credited for 90 percent of the contribution.
For the last five years or so, his firm has opted for the latter.
“We’re in favor of supporting these schools,” Halper said. “We feel Jewish education is the future of the Jewish people.”
Tax credit programs are among the growing number of ways that private Jewish day schools and yeshivas nationwide are corralling hundreds of millions of dollars of taxpayer dollars annually. The money is helping to defray operating costs, provide teacher training, assist students with tuition bills and enhance educational offerings.
A decade ago, few Jewish schools were aggressive about pursuing federal and state funding. But as day school tuition rates have climbed, outpacing inflation and the ability of recession-weary parents to pay, schools have become much more effective not only at accessing government money but in lobbying state government for more.
“The financial crisis of 2008 had a huge effect on tuition and affordability — I think that was really the game changer,” said Darcy Hirsh, director of day school advocacy at UJA-Federation of New York, which in October 2011 became the first federation in the country to create a position for day school advocacy. “Families that were able to afford day school are no longer able, and schools’ financial aid has grown tremendously over the last five years.”
The haredi Orthodox Agudath Israel of America long has taken the lead in lobbying for government aid for Jewish schools. Two years ago it was joined by the Orthodox Union, which began hiring political directors in a half-dozen states to organize Jewish schools and lobby legislators.
In New York, the state with the largest day school population, Agudath Israel and the O.U. have been joined in their lobbying efforts by an unusual coalition that includes UJA, the Sephardic Community Federation, the Jewish Education Project and Catholic groups.
While media attention has focused on the alleged abuse of government funding programs by Jewish schools, suspect allocations represent just a trickle of the government funding flowing to Jewish schools.
The methods used by private schools to get government money differ from state to state and range from the complex to the Byzantine.
In Rhode Island, the tuition scholarship tax credit, which is available to families with incomes of less than 250 percent of the federal poverty level, is capped at $1 million statewide and open only to corporate donors. The credit is calculated at 75 percent for a single year and 90 percent if they donate for two, up to a maximum of $100,000 annually. The statewide cap is usually reached annually on July 1, the first day applications may be submitted.
In Florida, a similar program last year was capped at $229 million.
In New York, a lobbying effort two years ago resulted in legislation extending an exemption from a transportation payroll tax of 0.34 percent to private and religious schools — a seemingly small change, but one that saved an estimated $8 million per year.
“Figuring out how to do better at this is going to be one of the big keys to the whole tuition crisis,” said Rabbi Binyamin Krauss, principal of SAR Academy, a large Jewish day school in Riverdale, N.Y., where tuition and fees can run as high as $30,800 a year. “We’re looking to provide a quality education, Jewish and secular, and I think the solution will have to be to increase revenues. Government funding is going to need to be a major piece.”
Like many Jewish schools, SAR has dedicated staffers whose job is to garner the government funds. They range from reimbursement for administering state exams and taking students’ attendance — state-mandated tasks for which New York Jewish schools received $42 million last year — to funds for security programs, textbooks, busing, health services, computer software, teacher training and small-group tutoring in various subjects.
Jewish schools in New York also have been able to secure some $300 million per year in therapy and counseling services for students with special needs, according to Martin Schloss, director of government relations at the Jewish Education Project. The money goes directly to pay for the services, not to the school’s bottom line: Outside professionals come to the school and work with students who have been deemed eligible by the Board of Education.
“Our schools are aggressive in terms of utilizing opportunities,” said Schloss, whose organization helps 300 day schools in New York secure government money. “We’re not asking for a penny more than we ought to be getting, but not a penny less either.”
Underlying the new advocacy effort is a shift in attitude among some mainstream Jewish organizations. Jewish federations, which once opposed government funding for parochial schools, are now trying to secure government support for them. Both the Jewish Council for Public Affairs and the American Jewish Committee are reconsidering their long-held opposition to such funding.
“Overall, the Jewish community has moved much closer to our side on this issue over the last few years,” said Rabbi A.D. Motzen, national director of state relations for Agudath Israel, which has been lobbying for government money for parochial schools since the 1960s.
In addition to financial pressures, a few other factors have fueled the day school advocacy effort.
The growing momentum of the so-called school choice movement, which aims to give parents more control over where and how their kids are educated on the government’s dime, has helped create more favorable conditions for private school funding. A landmark Supreme Court decision in 2002 upholding parental rights to use government tuition vouchers at private religious schools helped pave the way for voucher and tuition tax credit programs in 23 states.
But these programs are not available in many of the states with the biggest Jewish day school populations, including New York, New Jersey, California, Illinois and Massachusetts. Two notable exceptions are Florida and Pennsylvania.
After the Rhode Island program began in 2006, Providence’s two Jewish day schools were able to get nearly $400,000 of the $1 million pot. As awareness has grown, their share has fallen to about $270,000 — still a respectable sum in a state where Jews account for less than 2 percent of the population.
“By and large we’ve done fairly well in getting what we can,” said Rabbi Peretz Scheinerman, dean of the Providence Hebrew Day School. “With all these things, you have to know what’s coming to you and be on top of that.”

10 Advantages to Buying Ancient Numismatic Coins Over Gold and Silver Bullion Coins

And Why I choose to invest in numismatic coins as opposed to gold and silver.

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5d 14h 20m
PHILIP I 247AD Viminacium Sestertius LEGIONS Authentic Ancient Roman Coin BULL-$29.70
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16d 14h 32m
MEGARA in MEGARIS 307BC Galley Ship Dolphins Authentic Ancient Greek Coin i31962-$29.97
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1d 15h 54m
King Aretas IV Queen Shaqilat Nabataean 9BC Ancient Greek Coin i30814-$29.97
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2d 9h 13m
Thessalonica Ancient Greek Coin JANUS CENTAURS half horse half man i24819-$29.97
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2d 10h 41m
Constantius II Constantine I the Great son Ancient Roman Coin Wreath i27991-$29.97
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7d 16h 4m
JUSTINIAN I 527AD Huge Authentic Ancient Byzantine Coin LONG CROSS i23871-$29.97
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8d 11h 12m
King Aretas IV Queen Shaqilat Nabataean 9BC Ancient Greek Coin i24061-$30.24
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2d 9h 21m
CONSTANS Constantine I son Ancient Roman Coin GALLEY Phoenix CHRIST i25696-$30.24
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8d 20h 18m
Claudius II 317AD Deification under Constantine I Ancient Roman Coin i17549-$30.24
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17d 20h 28m
THEODOSIUS II 423AD Authentic Ancient Roman Coin VICTORY Nike i20680-$30.24
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22d 15h 57m
By Ilya Zlobin of #1 Ancient coin market is so small that is not being manipulated like the gold and silver market. The example being, as many whistle-blowers have pointed out, that the current gold and silver prices are based on "paper" futures, meaning they are selling gold and silver that has not even been mined yet. #2 Ancient coins are valued by collectors for their aesthetic beauty and history as opposed to their intrinsic, or in other words the precious metal content therein. #3 Not everyone knows that ancient coins exist for sale, and if they did, that would lead to a meteoric rise in prices for ancient coins. This is where I come in. As my  knowledge of coins and marketing increases, my coins will have even a higher value than any other coins out there. #4 There is such a huge variety of ancient coins to collect. From more famous names such as Julius Caesar, Alexander the Great, Constantine the Great, there is such a wonderful variety of ancient coins to collect. #5 Ancient coins preserve our connection to the past. By owning ancient coins, we can learn a lot more about ancient history and bring it to life in our own hands. #6 Make great teaching aids for learning about ancient history Growing up and reading books about history, I now realize how wonderful it would have been to hold an ancient coin from the time period of the Greeks or the Romans. And how much more motivated I would have been to learn about it, if the actual coins were in my hands! #7 Ancient coins make great gifts! There is something thoughtful about going into a selection of thousands of ancient coins and picking out the right ones for your friends and loved ones. Imagine giving a coin with a lion to a person of the Leo astrological sign, Mars or Ares for Ares sign, a coin with a Capricorn, and so much more. Maybe a coin of Alexander the Great for a person named Alex or Alexander. Or Philip II for a person named Philip. Or Mark Antony for a person named mark. Capricorn Ancient Coins Aquarius as symbolized by the River-Gods depicted on Coins Pisces as symbolized by coins with a fish on them, you may want to select the check-box "in titles and descriptions if no results are yielded" Ares as pictured on ancient Greek coins as Ares or on Ancient Roman coins as Mars Taurus Astrological Sign Ancient Coins, depicted as a Bull on Ancient Coins Gemini coins as depicted on ancient Greek and Roman coins as the Dioscuri Cancer astrological symbol, possibly as depicted on ancient coins as Cray Fish on Ancient Greek coins of Apollonia Pontika Leo astrological symbol on ancient Greek and Roman coins, depicted as a Lion Virgo ancient Roman coins as by the attributes of Vesta, the goddess who had Virgins dedicated to her or the Roman goddess Juno Libra ancient coins as depicted on ancient Greek and Roman coina as Nemesis standing holding scales Scorpio astrological symbol, possibly as depicted on ancient coins as Cray Fish on Ancient Greek coins of Apollonia Pontika Sagittarius as depicted on Ancient Roman and Greek coins as the Centaur #8 Ancient coins transport us to places where we dream to be Ancient Greece, Rome, Egypt are all accessible now to you from the comfort of your own home. #9 Ancient coins have a great resale value. The idea is that you can resell ancient coins in the future to buy other things, get your money back or maybe even realize a profit. I cannot guarantee any prices you resell things for, but I would like to paraphrase Robert Kiyosaki when I say that you make money when you buy, not when you sell. So that is why ancient coins are great as you can acquire them at low prices, especially in my store, where you can make offers and receive a bargain. #10 A lot of value in a small package Think about the advantages of having ancient coins as it allows you to pack a lot of value in a small package. People buy various things, such as art and antiques, but nothing is as compact and transportable as ancient coins. Put it in your pocket and go! About Ilya Zlobin World-Renowned Ancient Greek Roman Biblical Byzantine Coin expert and Trusted Dealer Ilya Zlobin is an avid coin collector, numismatic expert and dealer of ancient Greek, Roman, Biblical, Byzantine and medieval ancient, along with world coins. He has personally identified over 32,000 authentic ancient coins and artifiacts and is a Powerseller on eBay with a store featuring over 6000 authentic ancient cois. He runs his website called where you have access to information researching ancient coins, with rich histories and biographies, along with real certified authentic ancient Greek and Roman coins avaialbe for sale at his online coin shop. Contact him by clicking here