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truth + creativity
The next year, GE hired the senior IRS official who was overseeing the service's transfer pricing program, under which large multinational companies like GE negotiate with the IRS about how to price products and services among subsidiaries. The subject is controversial because it can allow companies to shift profits to lower-tax countries.
Though the tax-lien industry has long been controversial, the Baltimore lawyer’s sworn declaration appears to be the first to mention a bank, or a tax-lien portfolio manager, in connection with allegations of criminal conduct in the bidding process...Reiff stated that a firm formed with his law partners acted to “suppress competition for tax liens by refraining from full competitive bidding.” Reiff and his two partners cooperated with the government and were not charged.
Wall Street Quietly Creates a New Way to Profit From Homeowner Distress... Large bank, hedge fund bundle small tax debts into private investments... When Florida retiree Gladys Walker fell behind in paying taxes on her modest Pompano Beach home, she had no idea one of America’s biggest banks and a major Wall Street hedge fund engaged in frenzied bidding for the right to collect her debt—all $768.25 of it.