Corb7 International October 2010 Newsletter

Featured Articles

• Foreign Tax Cheats Find U.S. Banks a Safe Haven
• Swiss Banking Regulation Leads the Field
• Guernsey Welcomes First Film Finance Fund
• Global Markets: Venture Capital Has Its” Evils
• Critical Thinking

A Note from the Publisher

Dear Readers,

There are rumblings and they are getting louder. The United States is quickly becoming known internationally as an anti-business State. A recent article which ran in Forbes entitled “Obama”s Problem with Business” tagged “Barack Obama as the most anti-business president in a generation, perhaps in American history.” Let”s keep in mind that this is not Fox News but Forbes Magazine. The article was penned by Dinesh D”Souza, who is an author of numerous New York Times best selling books and a well known public speaker. Mr. D”Souza is of India descent, educated in the United States and is most certainly a conservative but no matter your personal political leanings the premise of this article is disturbing. He goes on to blast Obama as “running up taxpayer debt not in the billions but in the trillions while expanding the U.S. government”s control over home mortgages, investment banking, health care, autos and energy.” If you missed it this is a very worthwhile read. Click here to view.

The image (or reality) of the United States being a bad business environment does not, however, begin with the recent administration. On the contrary, it more likely has its origins in the environment immediately following 9-11. During this time when our nation was grieving those infamous events a power grab by bureaucrats was going on. It was swift and insidious. The result being behind the cloak of national security citizens lost rights, banks became policemen and international business said no thank you. This is not to be taken lightly since over regulation will kill international business as entrepreneurs seek more attractive alternatives. Governments compete for both direct and indirect foreign investment and the United States is dependant upon it. We have all but lost the manufacturing sector with more moving offshore every year. As a service driven economy – how can the US compete with its hands tied?

Best regards,
Jeff Corbett

Foreign Tax Cheats Find U.S. Banks a Safe Haven

By Ken Stier, TIME.com

But for all the bluster about cracking down on Americans who hide money overseas, the U.S. turns a virtual blind eye to foreign tax cheats who are parking money in the U.S. banking system. In particular, the U.S. effectively serves the role of Switzerland for Mexico, which suffers from rampant tax evasion – rates go as high as 70% among professionals and small businesses, and 40% among larger businesses. Much of the estimated $42 billion a year of illicit funds flowing out of Mexico each year (not including drug cartel money) ends up in U.S. banks, according to Global Financial Integrity, an advocacy group in Washington.
To read more Click Here.

Swiss Banking Regulation Leads the Field

Switzerland has long required its biggest banks to adopt a larger safety net against bad risks than other countries. But Monday”s announcement has opened up the gap even further, leading some to fear that Switzerland may have gone too far.
To read more Click Here.

Guernsey Welcomes First Film Finance Fund

By Amanda Banks, Tax-News.com, London

A new film fund launched by a local investment manager is believed to be the first investment fund established in Guernsey to specifically invest in film production, marketing and distribution. Confiance Fund Services Limited has worked closely with UK-based investment adviser High Fliers Film plc, and local law firm AO Hall as legal adviser, to launch Confiance Film Products PCC Limited, which will invest in both big budget and small budget movies.

To read more Click Here.

Global Markets: Venture Capital has its Evils

By Jeffrey H. Corbett

O.P.M. which is defined as “other people”s money” remains an old and often desired source of funds. Venture Capital can come to a business owner in many forms. Personal contacts, wealthy investors, hedge funds, banks and speculators are just a few of today”s potential providers of private equity… Click Here to read more.

First Published In C&K Magazine Vol. #2 – Issue #3, Date 2007.

Critical Thinking

By Jeffrey H. Corbett

Monday was laundry day. At the start of every new week, you did your washing and ironing. That”s the way it was. On a bright and sunny day, if your clothes were not hanging by clothespins outside, a neighbor would call over and see if you were ill… Click Here to read more.

First Published In C&K Magazine Vol. #2 – Issue #3, Date 2007.

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