{"id":8585,"date":"2008-09-11T00:00:00","date_gmt":"2008-09-11T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"lehman-ubs-among-firms-involved-in-tax-dodge-us-probe-says","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/09\/2008\/lehman-ubs-among-firms-involved-in-tax-dodge-us-probe-says.html","title":{"rendered":"Lehman, UBS Among Firms Involved in Tax Dodge, U.S. Probe Says"},"content":{"rendered":"<p>Bloomberg &#8211; Lehman Brothers Holdings Inc., UBS AG and Merrill Lynch &amp; Co. are among Wall Street firms that concocted derivatives and stock-loan deals to help offshore hedge funds dodge hundreds of millions of dollars in U.S. taxes, according to a U.S. Senate committee investigation.             <\/p>\n<p>The Internal Revenue Service looked the other way while securities firms sold complicated financial products designed to skirt a law requiring them to withhold U.S. taxes on stock dividends paid to offshore investors, said Senator Carl Levin, chairman of the Permanent Subcommittee on Investigations.     <\/p>\n<p>Levin, a Michigan Democrat, said he wants the IRS to pursue back taxes or penalties against Wall Street firms and their hedge-fund clients that got around a 30 percent dividend tax.     <\/p>\n<p>&#8220;We are going to press the IRS to go after what is obviously a scheme,&#8221; Levin said, while briefing reporters yesterday about the committee&#8217;s yearlong probe. &#8220;The IRS should be going after this. They are not. They have been pussyfooting around this.&#8221;     <\/p>\n<p><strong><a target=\"_blank\" href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.bloomberg.com\/apps\/news?pid=20601103&#038;sid=aik6KD3k1hlc&#038;refer=us\">Read Complete Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg &#8211; Lehman Brothers Holdings Inc., UBS AG and Merrill Lynch &amp; Co. are among Wall Street firms that concocted derivatives and stock-loan deals to help offshore hedge funds dodge hundreds of millions of dollars in U.S. taxes, according to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[88,2622,1943,96,1517,2623,2621,1430,103,1516],"class_list":["post-8585","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-appaloosa-management","tag-asset-growth","tag-giuliani","tag-lehman-brothers-holdings","tag-lehman-brothers-holdings-inc","tag-margin-lending","tag-mi","tag-middle-class-taxpayers","tag-pergam-finance","tag-sailfish-capital-partners-llc"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8585"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8585\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}