tag:blogger.com,1999:blog-1519969502186924526.post8479657575192080773..comments2023-10-24T08:00:53.865-05:00Comments on Federal Tax Crimes: Harvard Business Review Article on KPMG Near Death ExperienceJack Townsendhttp://www.blogger.com/profile/14469823736335455874noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1519969502186924526.post-84907569078764068442010-01-06T11:18:19.290-06:002010-01-06T11:18:19.290-06:00Well Mr. Townsend not only is your statement corre...Well Mr. Townsend not only is your statement correct but an understatement. Of course the KPMG case was even worse as Flynn brought in GW buddy Bennett of Skadden to save KPMG. An internal Skadden memo recounting a meeting between Bennett and the DOJ quotes Bennett as telling the DOJ: “KPMG will do everything possible to help the DOJ indict (and prosecute) the former partners”. This statement as quoted in the Skadden memo came after a long discussion with the DOJ where Bennett negotiated KPMG being allowed to keep all of its government audits (10s of millions in fees) including the audit of the Treasury and the DOJ acquiescing to terminate its investigation into the 100s of other tax strategies KPMG had purveyed many of which had no economic substance at least under the standards applied to FLIPs, Blips, Opis and SOS (noting of course SOS prevailed in at least one court providing the taxpayers $60 million in deductions). Interestingly, another KPMG partner is under indictment right now for one such strategy SLOTs which was going on during KPMG’s period of monitoring by Judge Holmes.Kafkahttps://www.blogger.com/profile/05928708628826513170noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-65623486077747294272010-01-06T10:57:37.748-06:002010-01-06T10:57:37.748-06:00Well Mr. Townsend not only is your statement corre...Well Mr. Townsend not only is your statement correct but an understatement. America is a land of indolent fools who believe whatever the government says not withstanding the laws are incomprehensible, the government uses bribed lying criminal witnesses to make their case and the prosecutors are allowed to lie in court with no consequence. Any other characterization of the so called U.S. system of justice is pure fantasy. Of course the KPMG case was even worse as Flynn brought in GW buddy Bennett of Skadden to save KPMG. An internal Skadden memo recounting a meeting between Bennett and the DOJ quotes Bennett as telling the DOJ: “KPMG will do everything possible to help the DOJ indict (and prosecute) the former partners”. This statement as quoted in the Skadden memo came after a long discussion with the DOJ where Bennett negotiated KPMG being allowed to keep all of its government audits (10s of millions in fees) including the audit of the Treasury and the DOJ acquiescing to terminate its investigation into the 100s of other tax strategies KPMG had purveyed many of which had no economic substance at least under the standards applied to FLIPs, Blips, Opis and SOS (noting of course SOS prevailed in at least one court providing the taxpayers $60 million in deductions). Interestingly, another KPMG partner is under indictment right now for one such strategy SLOTs which was going on during KPMG’s period of monitoring by Judge Holmes. My point, sorry, is those who believe what the government says are insane, at least according to Einstein.Anonymousnoreply@blogger.com