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I just read the original document from Wegelin &Co. and you are quite right. Coming from a centuries-old Swiss banking firm, it's a remarkable document, well worth a read.
It's a window into a sophisticated European point of view, of the American reality.
Wow.

Capitalism searches out the darkest corners of human potential, and mainlines them.
by geezer in Paris (risico at wanadoo(flypoop)fr) on Thu Dec 10th, 2009 at 04:59:01 AM EST
Glad you found the diary. You were on my mind while I was writing it.  I agree that following the money on a global scale is essential if we are to be able to fairly tax the wealthy and prosecute fraud and criminality. That is not to say that I am not appalled by the unseemly over-reach by the US Gov. Equally unacceptable is the degree to which the application of these claims is influenced by contributions, etc.

It also seems problematic that Ingvar Kamprad could well end up paying more taxes to the USA than to Sweden. The taxes paid by such "international businessmen" should be based on the amount of business activity from which they benefit in each country, with each country receiving its proportionate share. But that would require a degree of harmonization that is unlikely any time soon.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Dec 10th, 2009 at 02:38:42 PM EST
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