Seven Largest U.S. Banks Have Created Thousands Of Subsidiaries To Avoid Taxes: Fed Report

Seven Largest U.S. Banks Have Created Thousands Of Subsidiaries To Avoid Taxes: Fed Report

On Wall Street, there’s a benefit to developing into something big and complex.

America’s seven biggest banks now have more than 14,500 subsidiaries around the world, according to a new report by the Federal Reserve Bank of New York (h/t Bloomberg). They have hatched more than 10,000 of these subsidiaries since 1991, largely in an aim to skirt regulations and taxes, according to the report.

By stashing assets in foreign subsidiaries, banks can avoid U.S. taxes since the assets are subject to taxes in the country in which they are held. In addition, if the subsidiaries are in tax havens, the companies can pay taxes at a super low rate or, in some cases, not at all.

Rest here…

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4closureFraud.org

Comments
4 Responses to “Seven Largest U.S. Banks Have Created Thousands Of Subsidiaries To Avoid Taxes: Fed Report”
  1. neidermeyer says:

    They need to pay … most of their holdings and so called “trading profits” which was in reality an illegal skim of up to 50% on monies advanced to purchase mortgages for investors such as pension funds went to Cayman and Bahamian subsidiaries and associated banks that they controlled, a small portion that they controlled went to the reported numbers on the 10Q and annual reports.. that is why they could ALWAYS predict what their profits would be because they controlled the amount that would stay in the US … they needed to hide the income somewhere so that their cries for help (bailout cash) would ring true…

    Seize their assetts , jail the leaders and erase them (let me have Hank Paulson!) … let new banks rise up from the regionals..

  2. To Tell The Truth says:

    Have I not been saying more to come? And to check out the banks that they have other companies pretending to be helping the home owner also…banks in these smaller countries in the Caribbean are remodeling and beginning to look like their US counterparts…go figure…

  3. tee says:

    Well let them pay ours for ten years……

    • neidermeyer says:

      Let them decorate lamp-posts … seize everything they’re hiding offshore , it was all obtained illegally anyway …

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