Corb7 International July 2012 Newsletter

“Business Advisory & Publishing Firm”

Feature:

“Random thoughts”

By Jeffrey H. Corbett, International Business Advocate

Maybe it is the summer heat, or perhaps it is the looming US presidential election, but whatever the reason it certainly seems like business owners are becoming persona non grata in many parts of the world. In the midst of a global economy where it is almost a necessity for entrepreneurs to open international markets to survive, bureaucrats from various nations are willing to throw up roadblocks at seemly every turn. So with the EU is on the brink, bankers working as policemen and regulation stifling free enterprise, we offer a few observations to recent events from the perspective of a stanch advocate for free enterprise, personal freedoms and international business.

• Pandering to Ignorance – The 2012 US Presidential Race
  Both sides of the US political isle certainly have plenty of less than memorable recent moments but last week the Obama administration – as the old saying goes – took the cake. Literally dragging Mitt Romney’s Swiss bank account out to every national radio or TV show which would indulge it, their reelection staffers did nothing more than pander to ignorance. Obviously the mere mention of offshore accounts will conjure up a visceral reaction from many. But is there no shame? Should we not demand more from our election officials than fear mongering? By implementing such an approach they have lowered themselves to the lowest common denominator. Didn’t Joe McCarthy follow a very similar tact some 50 years ago also for political gain? History has not been kind to Mr. McCarthy and hopefully these types of political maneuvers will meet a similar end. Frankly, we deserve much better.”Are you now or have you ever been a communist?”
  – Senator Joseph McCarthy

  http://www.youtube.com/watch?v=v4N46jLdhCU

  If Mr. Romney has paid all his taxes – as he has stipulated – then this is much to do about nothing and crosses over to character assassination. There is nothing illegal, immoral or un-American abut having assets held overseas. If he has not paid his taxes then the IRS not the Obama reelection committee which should be involved and he ought to be prosecuted. Frankly, we would be shocked if someone of his wealth didn’t have assets overseas. His investment advisors would almost be negligent not to look for diversification and asset protection. Unfortunately, however, this is not the Obama administration’s first attempt to paint the world beyond US borders as evil and un-American and we don’t imagine it will be the last.

• Renounce Your US Citizenship? – Who cares?
  Last week also saw politicians lining up to express outrage that someone would dare give up their US citizenship when socialite Denise Rich announced that she will do just that. Ms. Rich is one of a handful of relatively well know individuals who have either done so or expressed such a desire. Eduardo Saverin, the 30-year-old billionaire who helped found Facebook also falls into this group.

  http://blogs.wsj.com/totalreturn/2012/07/10/why-denise-rich-gave-up-u-s-citizenship

  Our reaction is … who cares? There are stiff penalties already in place for anyone who wishes to take such drastic action. Unless the US is going to build a wall to keep its citizens in – oh… that was already done somewhere else – then let anyone who wants to leave go! This has no bearing on anything and is yet another shinny object placed in the view of taxpayers to distract.

• Germans Raid Swiss Bank Clients
  As described by a recent story covered by Reuters, German tax authorities raided the homes of Credit Suisse clients as a part of crackdowns on foreigners suspected of evading taxes. In our opinion this is a “no-brainer.” Pay your taxes and especially if you are doing business in Switzerland. The European Union – just like the United States – is desperate for tax revenues and will go to any lengths to collect.

  http://in.reuters.com/article/2012/07/11/swiss-banks-idINL6E8IB7FC20120711

• Crowd Funding
  If you are not familiar with the concept of Crowd Funding it may be well worth your time to become so. Enacted within the US Jobs Act this is model which circumvents many traditional avenues of investment. Crowd funding allows for the selling of equity stakes online to large number of small investors for what are primarily start-up projects. This is one of the more creative ideas to go the road in a long time. Below we have provided a few links to the major players.

  http://www.kickstarter.com
  https://angel.co

• Captive Live USA 2012Now in its 2nd year, Captive Live USA brings together risk managers and risk management professionals from across the United States for education and networking. It will take place September 10th and 11th, at the Fairmont Hotel, Chicago.

  http://www.delegateselect.com/event/captiveliveusa/delegate.html

• ‘7 Habits’ author Stephen Covey dies after cycling accidentWe have been unrelenting in our use and support of the Franklin / Covey organizational system since the early 1990s. So it was sad to hear of Stephen Covey’s passing. If time management and goal setting are objectives that your organization could improve upon then this really is one of the best systems available. We could not give it a stronger endorsement.

  http://www.usatoday.com/money/books/story/2012-07-16/stephen-covey-obituary/56251996/1

Other Recent Corb7 Publications:

If you are successful …YOU will get sued!
Blog Posted On July 11, 2012

Why Own a Captive Insurance Company?
Posted On July 11, 2012

From Russia with Love … Latvia as a Safe Harbor
Posted On July 11, 2012

What is a SICAV and Why are the Irish so excited about them?
Posted On July 7, 2012

Private Trust Companies via the Jersey Shore
Posted On July 7, 2012

Books, Articles & Blogs – Review:

Entrepreneurship and international business is always intertwined with politics, personal motivation and government regulation. Here we offer books, articles and blogs which we think worth bringing to your attention.

The Winner Within by Pat Riley

With the Miami Heat winning the NBA championship we thought it worth looking again at this work by Pat Riley. Widely regarded as one of the greatest NBA coaches of all time, Riley is currently President of the NBA franchise. Written back in the early 1990’s the lessons that he offers within the pages of this book are still relevant. We especially appreciate his perspective on complacency and the evil that it can become to those that strive to achieve great things.

Social Media Marketing For Dummies by Shiv Singh

Social Media Marketing For Dummies is a good resource and a practical guide to accomplish low-cost online marketing strategies. It might not be the most thrilling book you read this summer but it does provide a very clear framework for understanding and approaching social media marketing.

3 Ways to Be a Success on Kickstarter

A blogger’s new analysis sheds light on what may contribute to a funding project’s success or failure.

http://www.inc.com/jillian-donfro/kickstarter-project-analysis-how-to-raise-money-successfully.html

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