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This is an excellent article on REMICs (Real Estate Mortgage Investment Conduits). It basically says that the 12 dirtiest banks may owe close to a trillion dollars in back taxes. This is because in order to benefit from tax exempt status for their REMICs they must be moved into the trust within 90 days. As we are all aware that never happened in most cases. This is definitely a story to follow.
Aug. 16, 2012, 2:18 p.m. EDT
Oppenheim Law Exposes Wall Street's 'Dirty Dozen' Banks in New Infographic
FORT LAUDERDALE, Fla., Aug 16, 2012 (GlobeNewswire via COMTEX) -- via PRWEB - Confidence in Wall Street is at an all-time low.
It's no wonder considering how many Wall Street executives continue to display poor moral leadership,according to real estate attorney and Yahoo! Homes blogger Roy Oppenheim.
"When Dimon refers to JPMorgan Chase as a 'port of safety' in New York Magazine, right after his trading department lost billions, it proves that he is out of touch," he adds.
Oppenheim, who actually started his career on Wall Street, points to what he calls perhaps the largest industry-wide systemic tax fraud as the latest example of how the banks have become too big to fail.
By sifting through the banks' own annual reports, along with other public data, Oppenheim Law has compiled a list of what they call the Wall Street Dirty Dozen banks.
"This is a group of twelve banks that have perpetrated the most egregious case of deception at the expense of the American people," explains Oppenheim, "It is just the latest unethical practice they have employed, and their only excuse seems to be that every other major bank did it too."
These 'Dirty Dozen' banks could be potentially liable for a trillion dollars worth of back taxes from their use of REMICs (Real Estate Mortgage Investment Conduits) to illegally disguise and manipulate their need to pay corporate income taxes, according to Oppenheim.
Read the rest of the article here.