How to Make a $1 Billion Tax Free
The Soc Gen fraud just gets better: Tax Twist in the Trading Scandal - WSJ.com
"When it announced the world's biggest trading loss on Jan. 24, Societe Generale said that Mr. Kerviel for several months had engaged in risky and fraudulent trading that at one point had left the bank exposed by €50 billion. The bank at that time said that Mr. Kerviel's trading positions had fluctuated and that as of late last year, his portfolio showed a "virtual" gain of €1.4 billion.The bank said it hadn't noticed the gain because the trader had hidden it by creating a set of fake positions that generated a €1.4 billion loss.
Now, however, officials have discovered that as of the end of last year, Mr. Kerviel had unwound almost all of his trading positions -- and in fact had locked in a real gain of €1.4 billion for the bank, according to people close to the institution."
Steve Martin knew how to deal with these difficult tax situations.
"You ... can be a millionaire ... and never pay taxes." Then he reasons it out. "You say, 'Steve, how can I be a millionaire and never pay taxes?' Two simple words. Two simple words in the English language ... 'I forgot.'How many times do we let ourselves get into terrible situations because we don't say, 'I forgot'?
Let's say you're on trial for armed robbery. You say to the judge, 'I forgot armed robbery was illegal'."
Now there's only one philosophical dilemma that preoccupies Martin. "Should you," he inquires of audiences, "yell 'MOVIE!' in a crowded firehouse?"
One of the best western movies is Evil Roy Sladewhich also had a philosophical view about accounting that Soc Gen could use.
Evil Roy Slade is leader of bank robbing gang - and Evil Roy needs to break up the gang. He goes to the gang's accountant to find out how to split their money.
"But the gang's unfortunate accountant, Randolph (Billy Sands) has problems with Evil Roy quitting.[There is no money, as Randolph shows Roy in the accounting ledger. But Roy has other ideas.]
Roy: "See that blank space right there? You make a 5, and some zeros, and you make that $50,000. ...So where's the money you got marked down in that book, Randolph?
You owe me $50,000 and you ain't got it?!"
And what did Kerviel respond? Stay tuned.
