“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Monday, 23rd November 2009
The Internal Revenue Service has established a new SWAT group, called the “Global High Wealth Industry Group”, to target affluent tax evaders, according to The Wall Street Journal’s Wealth Report.
The new team will examine “trusts, real-estate investments, royalty and licensing agreements, revenue-based or equity-sharing arrangements, private foundations, privately held companies and partnerships”.
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
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