...And what two prominent lawfirms are implicated in signing off for the dodgy tax shelters that got Quellos in hot water in the first place? Here's a hint. The go by CSM and BC in the indictment. See the AMLaw Daily for more.

--MDT

Labels: Quellos, tax shelters

And they're willing to sue their bank (UBS) to prevent it. Given that the case was filed in Zurich disclosing the names of the plaintiffs would be a criminal offense. Man, rich people know all the angles.

How will this effect UBS's planned disclosures to the U.S. Justice Department of 50,000+ potential high-dollar tax cheats? We shall see...

-- MDT

Labels: tax evasion, tax havens, tax shelters, UBS

Following a decision by a U.S. District court to toss out a case against 13 former KPMG executives, the Justice Department has made an effort to tout its conviction record. At the same time embattled US AG Alberto Gonzales was decrying the KPMG verdict, DOJ number two, Deputy Attorney General Paul McNulty was attemoting to focus attention on the Department's 1,236 convictions in corporate fraud cases since 2002. Click on through to this IHT article for further details on the KPMG verdict as well as for further comment from the DOJ on life after Enron.

-- MDT

Labels: Alberto Gonzales, corporate scandal, DOJ, KPMG, Paul McNulty, tax shelters

Take it back to June 2005. KPMG executives meet with federal prosecutors in an attempt to avoide the fate that befell former big five accounting firm Arthur Anderson. With the outcome uncertain and the future of the firm in the balance it is hard to understate the importance of the negotiations. Due to notes from those meetings recently made public, we now have a ringside seat to how things went down. The notes, taken by KPMG attorney, Joseph Barloon of Skadden Arps reveal the strategies that aided KPMG in striking a deal with prosecutors.

Get further details at The Ledger.

-- MDT

Labels: accounting fraud, Enron, KPMG, tax shelters