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Politically connected Wyly brothers charged in massive fraud

Samuel Wyly and Charles Wyly -- billionaire brothers in Texas who have spent millions funding political campaigns -- committed violations of federal securities laws and fraud by using offshore accounts to secretly trade the shares of public companies whose boards they sat on, reaping more than $550 million in profit, according to a Securities and Exchange Commission complaint filed Thursday.

The politically-active Wylys, who have been generous donors to Republican causes over the years, have faced questions in recent years -- including a Senate probe -- about whether they ran an extensive network of tax shelters.

"The cloak of secrecy has been lifted from the complex web of foreign structures used by the Wylys to evade the securities laws," said SEC deputy director of enforcement Lorin L. Reisner. "They used these structures to conceal hundreds of millions of dollars of gains in violation of the disclosure requirements for corporate insiders."

The SEC alleges that the brothers created an elaborate network of accounts and companies in the Isle of Man and the Cayman Islands that they used to trade more than $750 million in stock in four public companies they served as board members. The SEC charges that they also committed an insider trading violation concerning one of the companies, earning almost $32 million.

The Wyly's attorney and stockbroker were also charged.

"After six years of investigations, the SEC has chosen to make claims against the Wyly brothers -- claims that, in our view, are without merit," says William A. Brewer III, partner at Bickel & Brewer and lead counsel for the Wylys. "It will come as little surprise to those who know them that the Wylys intend to vigorously defend themselves -- and expect to be fully vindicated."

The SEC complaint says the public companies whose shares the Wylys improperly traded include Michaels Stores Inc., Sterling Software Inc., Sterling Commerce Inc. and Scottish Annuity & Life Holdings Ltd.

The SEC alleges that by using offshore accounts to trade shares of these public companies, the Wylys were able to escape filing regulatory disclosures required of board members that they were buying or selling shares. "The Wylys and French also knew or were reckless in not knowing that the investing public routinely uses such disclosures to gauge the sentiment of public companies' insiders and large shareholders about the financial condition and prospects of those companies, relying on those disclosures when making investment decisions," the SEC said in a statement.

The fraud lasted 13 years and the Wylys were able to make gains -- hidden from the public -- of more than a half-billion dollars, according to the SEC.

The SEC's charges, which are civil in nature, seek various financial fines and sanctions against the Wylys and their associates.

By Zachary Goldfarb  |  July 29, 2010; 6:20 PM ET
 
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Next: The Wylys respond

Comments

Another Corrupted REPUBLICAN G.W. Bush donor.

Posted by: Anonymous | July 29, 2010 6:33 PM | Report abuse

Some people just think they're untouchable!I think it's great when crooks get caught. They parade around high and mighty as if they're honored citizens because they've bought their way into everything, and they're just low-down criminals who belong in prison. Most people wouldn't spit on their best part!

Posted by: Maerzie | July 29, 2010 6:35 PM | Report abuse

Where are the pictures? Why did not you place their pictures-very large ones-in at the head of this article?

Posted by: jhsolomon2 | July 29, 2010 6:37 PM | Report abuse

But no jail time, right? No jail for illegally earning half a billion dollars. Sell some seeds, away you go.

Posted by: oo7 | July 29, 2010 6:38 PM | Report abuse

republicans involved in fraud i find that hard to believe. does sarah palin know about this?

Posted by: Anonymous | July 29, 2010 6:48 PM | Report abuse

Strongest possible action should be taken against these people.

Posted by: Anonymous | July 29, 2010 6:51 PM | Report abuse

Dont worry the GOP will make it all go away,they cant afford to lose them.CROOKS!

Posted by: Anonymous | July 29, 2010 6:57 PM | Report abuse

Was Bernie Madoff referred to as a generous donor to Democratic causes over the years?

Posted by: Anonymous | July 29, 2010 6:57 PM | Report abuse

These guys appear to be prime "czar" candidates for the Obama machine. Based upon this article, they're right up there with some of the ones he's got now. Wouldn't it be a wonderful, across-the-aisle gesture to put them as czars in charge of something? Maybe they could advise both Geithner and Holder...oh, wait, these guys have already mastered the tricks these guys are being taken to task for. Never mind!

Posted by: 65tarheel | July 29, 2010 6:58 PM | Report abuse

just imagin, theas tea (tweaker) parties are calling Obama and the rest of the libs, commies!! What about the conserves? what would they consider them?

Posted by: MEquals88 | July 29, 2010 7:03 PM | Report abuse

The allegations made in this news story should come as no surprise. Desperate people do desperate things.

Posted by: castleb | July 29, 2010 7:09 PM | Report abuse

The allegations made in this news item should come as no surprise. Desperate people do desperate things. This appears to be true of the power hungry with a desperate political agenda. Family values? Or any kind of values?

Posted by: castleb | July 29, 2010 7:13 PM | Report abuse

"The allegations made in this news story should come as no surprise. Desperate people do desperate things."

Yes, but this only leaves the rest of us wondering just which "desperate people" you're referring to. Spending big money in a futile attempt to influence political sentiments driven by the economic environment as a whole seems pretty desperate to me.

Posted by: Anonymous | July 29, 2010 7:13 PM | Report abuse

These good ol' boys may learn a new meaning to their Freedom Isn't Free bumper sticker.

Posted by: tojby_2000 | July 29, 2010 7:19 PM | Report abuse

They should be held without bail, have their assets frozen, be sent to supermax, etc, etc. Take as many with them as possible.

Posted by: GoodbyeOldParty | July 29, 2010 7:21 PM | Report abuse

Thought Sam was rotting in hell. Last time I saw him (mid 90's) he was getting a couple of temps fired for not opening a side (fire) door for him at Michael's. Evidently the "big guy" doesn't like to have to walk around to the front and go through security.

Insider trading seems right up this creep-skates' alley. Too bad it's not criminal.

Posted by: gannon_dick | July 29, 2010 7:22 PM | Report abuse

Clarification for Anonymous. Pardon the unintententional ambiguity. I was trying to be civil in my condemnation of the
aptly named Wyly (wily?)brothers.

Yes, in my view they were both desperate and wily in their perversion of the democratic process. Shame on them (the Wyly brothers) and their ilk, regardles of party affiliation. That was the intention behind my appaarently cryptic comment. Sorry about that. All clear now?

Posted by: castleb | July 29, 2010 7:24 PM | Report abuse

Ship 'em to Gitmo!

Posted by: Anonymous | July 29, 2010 7:25 PM | Report abuse

Obeying laws is only for "the little people"
Take double thier profits as a fine.

Posted by: Anonymous | July 29, 2010 7:29 PM | Report abuse

It never ceases to amaze me that the wealthy must always have more, more, more. These guys (and yes, you can bet they are guilty of something) have more money than they could spend but they have to get sleazy in an attempt to gain even more. Pathetic.

Posted by: govthawkwp | July 29, 2010 7:32 PM | Report abuse

Mortimer and Randolph deserve to lose their shirts. Offshore accounts? Pay your taxes, you crooks!

Posted by: Anonymous | July 29, 2010 7:37 PM | Report abuse

People like this shouldn't be prosecuted. Their souls should be handed over to the devil and their earthly remains tied on pylons along Wall Street for the buzzards to eat.

Posted by: Anonymous | July 29, 2010 7:38 PM | Report abuse

A Republican bigshot getting brought up on fraud charges???

I'm shocked!

Posted by: abigsam | July 29, 2010 7:40 PM | Report abuse

The only reason they are going after them is because they were giving money to the Repubs and not the Dems.

Posted by: Anonymous | July 29, 2010 7:41 PM | Report abuse

Every penny of fraudulently "earned" money which the Coyotes donated to Republican candidates should be matched by a contribution of the same amount to Democratic candidates. Freeze their assets. Withdraw the funds.
John Roberts thinks it's all fine; after all, they were just exercising their right to use masses of illegally obtained money to drown out everyone else's voice to influence elections, & Republicans are permitted to do that to their heart's content in the opinion of the only 5 people whose opinion really matters- the Republican politicians on the SCOTUS.

Posted by: DoctorB | July 29, 2010 7:41 PM | Report abuse

Now ... lets see what Diebold has to hide.

It's no coincidence that the maker of voting machines was also a large Republican, Bush-friendly contributor.

Posted by: Anonymous | July 29, 2010 7:43 PM | Report abuse

These slime merchants are why we must have full disclosure about who's paying for political ads (remember that McConnell and the Repubs obstructed such legislation a few days ago . . .). And no, requiring persons who fund political speech to be identified does not deny them their first amendment rights to free speech.

And yes, throw these Wyly creeps in the slammer and lose the key (OK, so that's extreme--just give them maximum sentences with no chance of parole).

Posted by: post_reader_in_wv | July 29, 2010 7:45 PM | Report abuse

Conservative crooks. Who would have thought? How about investigating the Walton clan and the Coors family?

Posted by: Anonymous | July 29, 2010 7:46 PM | Report abuse

These are the very same tax-avoiding rich people that have racist, under-educated, poor white folks running around screaming and yelling not to let Democrats make them pay their fair share of taxes.

That's what wrong with America - ignorance.

Posted by: question-guy | July 29, 2010 7:50 PM | Report abuse

Throw them in the same cell with Ensign, Coburn, Vitter, and Cheney.

Posted by: Anonymous | July 29, 2010 7:54 PM | Report abuse

How many times can Zach refer to these guys as being associated with fundraising for the Republicans? Not enough, I guess, to make this appear to be a GOP scandal. Oh, but wait, Charlie Rangel is indicted on 13 counts of ethics violations and it gets regulated to a lesser headline. The WAPO does not disappoint.

Journolist is alive and well. Good work, Joey...I mean, Ezra.

Posted by: BillyBob7 | July 29, 2010 7:54 PM | Report abuse

Let's get that money back, shall we?

Posted by: ravensfan20008 | July 29, 2010 7:56 PM | Report abuse

cant recall The Post printing a headline read "... who have spent millions funding liberal campaigns..."

Posted by: Anonymous | July 29, 2010 7:56 PM | Report abuse

What better example of why we desparately need over-sight and campaign laws! Maybe a special committee should be assembled to investigate the Justices who voted to de-regulate campaign contributions to see if the "Brothers" aren't connected to how the vote went.
Dig..Dig..Dig! Somewhere under all the sleeze are some very big names in the Republican Party. Hey, do you think maybe they are partners with Dick Cheney too?

Posted by: Anonymous | July 29, 2010 7:57 PM | Report abuse

It is interesting that this news item was placed above the Charlie Rangel piece. I wonder if these Texan brothers ever had the amount of power over PUBLIC funds that Rangel had when he was Chairman of the House's Ways and Means committee. In any event, all the parties mentioned about are innocent until proven guilty. That's right losers...INNOCENT UNTIL PROVEN GUILTY. So shut-up!!

Posted by: American Justice | July 29, 2010 7:58 PM | Report abuse

I think you should just give them the tax breaks that they need to be able to live on the measely 500 mil. The gov't is always in these poor guy's pockets. For shame. A little sympathy here folks. These are the people who buy your votes with tons of advertising about how bad medicare is and extended UI for this is socialism. These guys are true capitalists. That is the spirit of America.

Posted by: fransh | July 29, 2010 8:00 PM | Report abuse

Of Course now the SEC charges when the money has already been pillaged used for other illegal bribes to politicians, fixed Congressional Races, damaged the country with ideological divide, polarization, while the SOBs live high on the hog like George W. and the rest of these malignant narcissists conservative republicans with their perversity of inequality.

Posted by: Anonymous | July 29, 2010 8:00 PM | Report abuse

Why is it I'm not surprised? Just the mention of the word "TEXAS" is enough to send me to the toilet.

I don't think there is any state more politically corrupt than the "LONE-STAR STATE."

Don't get me wrong. There is nothing wrong with Texas - just the effluent residing therein.

That, however, can be easily resolved with an enema of Biblical proportions. Get rid of DeLay, Hammer, Gramm, Cornyn, Bush- - -

Lordy! Lordy! I haven't even opened the barrel yet, but y'all get the idea.

Texas IS and HAS BEEN a cess pool that stinks worse than a neglected sewer, and it doesn't look like it's going to change in the near future - politically OR economically!

Posted by: chamateddy | July 29, 2010 8:02 PM | Report abuse

This guys get called names because they donate to GOP causes?
What about Hassan Nemazee who got sentenced to 12 years in Fed prison for defrauding banks of $292 million.

It's a two-way street my friends!

Posted by: Anonymous | July 29, 2010 8:06 PM | Report abuse

Truth is, TRUST NO ONE. Last week when Obama was talking up his extension of unemployment payments in the Rose Garden, he actually had a 'PROP' who was a felon, and lost her job because of fraud!! But in Obama's world, we are suppose to give her money because she got caught?????!!

Becoming convinced that there is no such a thing as an honest politician -- the question is: HOW MUCH WILL YOU HAVE TO PAY THEM???

Posted by: wheeljc | July 29, 2010 8:11 PM | Report abuse

How very Republican of them

Posted by: Anonymous | July 29, 2010 8:13 PM | Report abuse

THE RICH GETS RICHER...
THE MIDDLE CLASS GETS POORER!

Posted by: Anonymous | July 29, 2010 8:17 PM | Report abuse

How interesting...Rangel charges finally made public, then story pushed aside by these SEC charges...coincidence?...I think not.

Posted by: Anonymous | July 29, 2010 8:21 PM | Report abuse

They should be tried and hanged - right after the SEIU,AFL/CIO, and all their ilk.

Posted by: sandynh | July 29, 2010 8:23 PM | Report abuse

The money spent for the "Swift boat lies" is coming to the surface. I wonder did they also pay for the cover-up of W being AWOL from the Air National Guard? Oh, the list could go on and on....But, sometimes retribution is nice!

Posted by: janetal2004gmailcom | July 29, 2010 8:23 PM | Report abuse

Crooked "conservative" billionaires sending ill gotten millions to Republican lawmakers? Gosh, who woulda thunk it? When is the Justice Department going to get serious and prosecute some of these wingnut tax cheats?

Posted by: Anonymous | July 29, 2010 8:25 PM | Report abuse

Corrupt Republican donors, surely you jest!!! Republicans using the Cayman Islands to evade taxes, surely you jest!!! Or is that Shirley? Nail the creeps, they have gotten all the rewards of this country and have tried to avoid paying their fair share of the cost.

Posted by: merrylees | July 29, 2010 8:31 PM | Report abuse

In 1973, I was forwarned about corrupt Texas. Having lived here for some time, I agree. I guess when they say everything is .big in Texas (which is untrue), they mean egos and crooks, for sure. There are more out there. They like to hang out together. They're not called gangs (we have those too). They're the good ol' boys' network. Keep up the good work and find the rest. Martha Stewart shouldn't be the only one. What she did was minor. Women shouldn't have to pay more than men. What they did to her was wrong.

Posted by: Jo5311 | July 29, 2010 8:37 PM | Report abuse

Public financing is the only way to shut down scumbags like these bums.

A good stretch in the pen along with a $BILLION or so in fines would go a long way toward cleaning up the cesspool known as Washington DC.

Posted by: Anonymous | July 29, 2010 8:39 PM | Report abuse

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Jean(True Religion,ed hardy,coogi) $30
Sunglasses(Oakey,c oach,gucci,Armaini) $16
New era cap $15

Bikini (Ed hardy,polo) $25

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Posted by: netetrader84 | July 29, 2010 8:41 PM | Report abuse

Conservatives. Texas. Criminal behavior.

Enough said.

Posted by: Anonymous | July 29, 2010 8:44 PM | Report abuse

Wow a corrupt conservative... that is a redundant term in I ever heard one.

Posted by: dwdave67 | July 29, 2010 8:47 PM | Report abuse

Another corrupt business. Probably gave millions to corrupt Republicans for decades. We won't even remember them or their story a year from now.

The real story is how corrupt, how rotten to the core, American Business has become. Or,.... always was.

Posted by: flamingliberal | July 29, 2010 8:48 PM | Report abuse

What about the billionaires who fund 3rd world immigration? They are intentionally reducing whites to a minority. Why not charge them?

Posted by: OldAtlantic | July 29, 2010 8:50 PM | Report abuse

This administration will do anything to win, including filing charges against innocent people, which they are until proven otherwise. Vote Republican! Fire the Politburo.

Posted by: Anonymous | July 29, 2010 8:55 PM | Report abuse

Remember what did to dear Martha for supposed inside trading and 50k, these guys made at least half a Billion and besides being behind financial schemes they were pulling the political strings on a national campaign ala Swift boat smear of Kerry (Swift Boat Veterans for Truth and to Set the Record Straight) weren’t they a Pac, a 501(c)4 nonprofit? What kind of jail time are we talking or are they connected to the to big to fail team?
And the massive companies do not want to reveal who they are supporting with their finances thank you to the Supreme Court 5. We need major political financial reform with true transparency, doubt it will happen but at least I can call for it again. Don’t forget this goes on for both sides of the aisle, talk is cheap Congress, make it happen.

Posted by: Anonymous | July 29, 2010 8:56 PM | Report abuse

No wonder Republicans are opposing off shore money safe heavens ban . C R o o k s !

Posted by: rappahanock | July 29, 2010 9:01 PM | Report abuse

And this would be a more important item than the Rangel story because.......

Posted by: hz9604 | July 29, 2010 9:04 PM | Report abuse

No wonder Republicans love off shore tax evaders. C R O O O K S .

Posted by: rappahanock | July 29, 2010 9:04 PM | Report abuse

Typical 'Conservative Republicans' boys.
Make sure you vote them back in office-----y'heah!

Posted by: Anonymous | July 29, 2010 9:04 PM | Report abuse

American business tycoons are basically all crooks but lawyers and judges will say they are legal but unethical.lol.Supreme cout would say the original intention of law does not apply, so the crooks get away.
Democrats and republicans are the same. They all bunch crooks.
Why the law makers in DC let it happen? if the laws are obsolete and why not change them? because they are all alwyers that is how those guys making the big bucks.lol

Posted by: Anonymous | July 29, 2010 9:05 PM | Report abuse

Oh, wow! They're Republicans! I'm sure the Post reporters are wetting their pants over this. I mean, there have never been any Democrats involved in this, I'm sure. Hey! Maybe that's right. Most of the Democrats are on welfare and expect the rest of the world to take care of them.

Posted by: georges2 | July 29, 2010 9:06 PM | Report abuse

S.O.P. Expect more of this as the November elections are looking dire for the Democrats. One of the most dangerous things we have in the US is the selective enforcement of it's laws. It's far more dangerous than whether these guys are guilty or not.

Posted by: Anonymous | July 29, 2010 9:06 PM | Report abuse

Dog bites man.

Posted by: djah | July 29, 2010 9:07 PM | Report abuse

I am shocked. This must be some kind of plot fostered by socialists, communists—worse, it’s the Democrats. No Republican would do such a thing.

Posted by: Anonymous | July 29, 2010 9:09 PM | Report abuse

Zach, you state that they give to the GOP; how much did they give to the liberals who you and the Post blindly support?

Will you do a hit piece on George Soros, Michael Moore, Al (the groper) Gore as well? No...

Liberals are as big on omissions as they are on lies.

Posted by: Anonymous | July 29, 2010 9:09 PM | Report abuse

I am shocked. This must be some kind of plot fostered by socialists, communists—sorse, it’s the Democrats. No Republican would do such a thing.

Posted by: Annandale | July 29, 2010 9:10 PM | Report abuse

Selective enforcement example 1. GGP (now in bankruptcy) Around first quarter 2009 it was about to run out of financing but before that was announced around half the board members sold their stock. Which side did they contribute to?

Posted by: Anonymous | July 29, 2010 9:11 PM | Report abuse

You mean like the fraud perpetrated by Rangel? Or the fraud perpetrated by Jawn Kerry and his multi million dollar yacht?

Or the fraud perpetrated by Obama, et al, in the millions of dollars which came out of nowhere?

What a hoot.

Posted by: Anonymous | July 29, 2010 9:14 PM | Report abuse

Understanding these are only allegations and must be proven in court, which is very difficult in security fraud cases, it appears some SEC lawyers believe where there is smoke there is fire.

And, we wonder why business interests would like to have an easier regulatory and oversight climate? Easy. So they can steal more. Not all businessmen are like these two but a system which allows fraud and manipulation is going to be exploited by those who do not have the same moral compass as the majority of businesspeople who do abide by the law.

Unfortunately, white collar crime does not carry stiff enough sentences. These two supposedly stole half a billion. If found guilt they may spend a few years at a Club Fed. A junkie who sticks up a bodega and gets a couple hundred gets twenty to life in Attica.

Posted by: bobfbell | July 29, 2010 9:15 PM | Report abuse

The corruption on "all sides" will cause the eventual fall of this great experiment - The United States of America. Sorry folks. The end is in sight! May the Lord help us all.

Posted by: macmcginnis | July 29, 2010 9:16 PM | Report abuse

nobody measures up to soros who destroyed the economies of hundreds of countries to feed his ego...

Posted by: DwightCollins | July 29, 2010 9:16 PM | Report abuse

how political are these charges...
after all the dems use the judicial system...
to go after innocent people...

Posted by: DwightCollins | July 29, 2010 9:25 PM | Report abuse

Dear Sirs,
President Reagan's budget director, David Stockman, was indicted for stock fraud when his company declared bankruptcy within a week of his resignation.
Bush's DOJ dropped the charges.
Politics, as usual?
Clifford Spencer

Posted by: yankeefan1925 | July 29, 2010 9:27 PM | Report abuse

This story is placed above Rangel's? Give me a break!

Posted by: Anonymous | July 29, 2010 9:31 PM | Report abuse

Zach, you state that they give to the GOP; how much did they give to the liberals who you and the Post blindly support?

Will you do a hit piece on George Soros, Michael Moore, Al (the groper) Gore as well? No...

Liberals are as big on omissions as they are on lies.

Posted by: Anonymous | July 29, 2010 9:31 PM | Report abuse

Research needs to be done here, is it possible the degree of their conservatism borders on the development of the 4th Reich? Or, as many so called politically correct people call it, "The New World Order". I'm sure if the Federal Reserve were truly audited, you would find many parallels to this type of activity. I really think what they were doing with the money, where it was being distributed is of utmost importance. As rich as these people were, they would not throw it all away unless they were doing something very important in their minds, to take such a risk.

Posted by: mfritz0 | July 29, 2010 9:32 PM | Report abuse

Now that Christopher Cox (R) no longer is chairman, all these frauds are now discovered.

Posted by: Anonymous | July 29, 2010 9:36 PM | Report abuse

I SEE ALL THE LIBERAL DUMB AS$ ARE OUT IN FULL FORCE TONIGHT. THEY ARE NOT CHARGED WITH ANY ELECTION VIOLATIONS YOU IDOTS. AS STATED ABOVE, DID WASHINGTON STORY ABOUT BERNIE MADDOF STATE HE WAS CONTRIBUTOR TO DEMOCRATIC CANDIDATES OVER THE YEARS? OF COURSE NOT. THAT WOULD NOT FIT THE WASHINGTON RAGPOSTS NARRATIVE. DONT WORRY LIBERALS, YOU WILL HAVE PLENTY TO CRY ABOUT COME NOVEMBER WHEN OUT OF POWER. LIBERALS SUCK!

Posted by: Anonymous | July 29, 2010 9:43 PM | Report abuse

We all know that scumbags give money to politicians. And nice people too. The red flags come up when someone gives A LOT of money to any politician. Then the burden falls on the politician. Did Charlie Rangel do anything for a big contributor? That's the real issue. But not a big one because Rangel only got real power in 2007 and he was already under the microscope. Did Bush do anything for the Wyleys? That's the real BIG issue. I think Karl Rove has some worries tonight.

Posted by: phoneranger | July 29, 2010 9:50 PM | Report abuse

Wow, these rich guys were actually avoiding paying taxes? I'm shocked. Give 'em the worst possible punishment -- throw 'em in a cell with fellow ridiculously wealthy tax cheat and former Democratic presidential nominee John Kerry. Unbelievable.

Posted by: Anonymous | July 29, 2010 9:52 PM | Report abuse

Go get em, Obama!! and prosecute the dirty crooks.

Posted by: angie12106 | July 29, 2010 9:55 PM | Report abuse

The Wylys are, in the scheme of things, minimal donors to Repubklican causes.

http://www.washingtonpost.com/wp-dyn/articles/A12803-2004Sep10.html

Posted by: OttoDog1 | July 29, 2010 10:04 PM | Report abuse

I hope the air is cleaned and these two are Swift Boated. It's time For The US Government to Tax All Income from all sources including offshore accounts. It is also time that US based international corporations pay US Federal Income Tax on earnings abroad when earned rather then repatriated back to the U.S.

Posted by: ModerateReader | July 29, 2010 10:56 PM | Report abuse

Note that I am not so cruel as to demand they share a cell with Charles Rangel, Democratic Representative and one time Chairman of the House Ways and Means Committee. I do wonder, though, if the Rangel and the Wylys used some of the same offshore tax shelters. Food for thought.

Posted by: Anonymous | July 29, 2010 10:57 PM | Report abuse

...
And, we wonder why business interests would like to have an easier regulatory and oversight climate? Easy. So they can steal more. Not all businessmen are like these two but a system which allows fraud and manipulation is going to be exploited by those who do not have the same moral compass as the majority of businesspeople who do abide by the law.

Unfortunately, white collar crime does not carry stiff enough sentences. ...

Posted by: bobfbell | July 29, 2010 9:15 PM |
=================================
As I've said, just as many times as I've been called "anti-business" not coincidently ...

Business harbors sociopaths like the Vatican harbors pedophiles. Certainly pedophilia is very rare in the Priesthood, but extremely unlikely NOT to find, because Priests fit the profile. The only saving grace, if you'll excuse the expression, is that non-perverts don't have a lot of trouble not being perverts, even one day at a time.

Business Schools teach 1) maximize profits, and 2) minimize labor costs. That the profile of a Business Hero might be satisfied by a thief who tortures small animals is never directly addressed. As with pedophile Priests, it would be very unlikely NOT to find people like that.

Posted by: gannon_dick | July 29, 2010 11:00 PM | Report abuse

nobody measures up to soros who destroyed the economies of hundreds of countries to feed his ego...

Posted by: DwightCollins | July 29, 2010 9:16 PM |
====================================
Holy Hyperbole Batman,

The UN only has 180 something, WIPO too. Has anybody noticed they're missing ? I'm guessing that Halliburton built the Embassies and Xe guards them. Thank God for Patriots like that.

Posted by: gannon_dick | July 30, 2010 12:16 AM | Report abuse

Opening up Switzerland proved the NSA,IRS.FBI,FRB,and SEC can work together.The smae thing can be done with the Cayman Islands and Channel Islands.
If they want to get AIG they have to break down Bermuda.
Everything was fine when the market was going up,the real estate mark was rising,the deficit was lower.
But most of these factors turned against the Wylys especially when other members of their various boards lost money in these Wylys short sales.Those who lost money
wanted to find the hedge funds and cash behind these sales.

Posted by: TarheelChief | July 30, 2010 12:52 AM | Report abuse

Screw the civil case. Charge these bastards in criminal court and send them away for the rest of their stinking lives,and in general population.

Posted by: Anonymous | July 30, 2010 1:54 AM | Report abuse

Darned Repubs.
If they were Dems they'd have a shot at being Obama czars.

Posted by: miriamac2001 | July 30, 2010 6:42 PM | Report abuse

The vitriol dripping from the fangs of these Libs surely must make them feel big and mighty and puff their ideas of their poor pathetic selves. We'll never recover from what is being done to us now. Not one of these AH will be able to sit for the rest of their weak lives on the reamed out areas of anatomy they are suffering without recognizing it

Posted by: Anonymous | July 31, 2010 12:12 PM | Report abuse

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