Monday, May 30, 2016

Connecticut's Golden Geese Cash In

New Jersey's Tax Problem is that a few taxpayers make so much money they become golden geese – the State treasury can scarcely get along without them.

It's happening in Connecticut, too, as Jim Gust commented.

Bridgewater Associates headquarters, Westport, Connecticut
Connecticut's golden geese include Ray Dalio, the founder of the world's biggest hedge fund. Last year Bridgwater's chief enjoyed an income of $1.4 billion. Two of his lieutenants each made $250 million.

With immense incomes comes king-size clout. The State of Connecticut has come up with $20 million to discourage Bridgewater Associates from moving out of state.

Tuesday, May 17, 2016

The Case of the Dixfield Cats

In a modest trailer in Dixfield, Maine live a lucky group of homeless cats – lucky because they are looked after by the Dixfield Cat Ladies.

Twelve years ago one of the Cat Ladies died. She left most of her estate, about $150,000, for the creation of a corporation or trust "for the purpose of providing shelter, food and health care for abandoned and unwanted cats in the Town of Dixfield."

Are the Dixfield cats living in luxury and organic catnip? Not yet. Predictably, bequests to animals produce more snarls than purrs.

Wednesday, May 11, 2016

“The Wallaby of Wall Street”

Road Town, Tortola
The Road Town, Tortola, office of Mossack Fonseca, the Panama Papers law firm, served as the registered address for Globe Trade Services, a company set up via instructions from Hong Kong. All shares in Globe were owned by its sole "director," a company with a P.O. address in Belize.

The man behind the curtain? The Australian Wolf of Wall Street.

Jeffrey Revell-Reade specialized in "boiler rooms" selling worthless stocks. He worked his "industrial-strength fraud" via Madrid, routing funds conned from hapless British investors (something like $100 million in total) through Globe.

As investing goes global, so do the hazards. Happily, investors may get some of their money back as Revell-Reade is divested of his yacht, Wimbledon mansion and other assets.

Saturday, May 07, 2016

Jodie Foster Takes On Wall Street's Money Monsters

What if  CNBC's Jim Cramer was good-looking – really good-looking, like  George Clooney?

What if a poor soul who lost big on a stock tip decided to blow Cramer to smithereens? On live TV?

For answers we'll have to check out "Money Monsters," starring Clooney and Julia Roberts and directed by Jody Foster. Jody deems the film major enough to entitle her, after 50 years in show biz, to a gold star. (Yes, 50 years. She started at age 3.)