23 Oct '12, 2pm

Singapore bank to Uncle Sam: 'Stick it where the sun don't shine...' via @thesovereignman

Singapore bank to Uncle Sam: 'Stick it where the sun don't shine...' via @thesovereignman

Singapore bank to Uncle Sam: ‘Stick it where the sun don’t shine…’ Simon Black on October 23, 2012 October 23, 2012, Singapore I never thought I’d see the day. Two years since the HIRE Act, FATCA, and Dodd-Frank became law and threw global finance into a tailspin, two foreign banks have finally stood up to Uncle Sam. Let’s review briefly. The HIRE Act was originally drafted in the early days of the post-Lehman crisis. Official unemployment (before they just stopped counting people) was the highest in decades, and politicians had to ‘do something’ to get the economy moving. Of course, what better way to boost the economy than to pass more laws? It’s genius! HIRE ended up being a bunch of bizarre tax rules and pet infrastructure projects… the usual stuff. Of course, they have to pretend to pay for all of this. So they invented FATCA, which stands for ‘Foreign Account Tax Com...

Full article: http://www.sovereignman.com/expat/singapore-bank-to-uncle...

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