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Unfortunately I believe that we are limited in what we can focus on. I think that if we proceed with the partisan sideshow of prosecuting Bush admin. officials, healthcare will get lost in the brouhaha.
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Madoff Misled SEC, Blago Won't Go Quietly, Iraqi Security Officials Detained

POSTED: 10:35 AM ET, 12/18/2008 by Chris Matthews

Good morning, and welcome to Thursday's Daily Read. As always, feel free to comment and let us know if we missed anything.

Madoff Misled SEC in '06» SEC investigators discovered in 2006 that Bernard Madoff had misled the agency about how he managed customer money, according to documents, yet the SEC missed an opportunity to uncover an alleged Ponzi scheme... meanwhile, U.S. Attorney General Michael Mukasey recused himself from the Madoff probe because his son, Marc Mukasey, is representing a top financial officer at Madoff's investment firm. — Wall Street Journal, Associated Press

Blagojevich's Attorney Assails Proceedings » Gov. Rod Blagojevich's attorney attacked impeachment proceedings as "unfair and quite frankly illegal," in a clear signal that the Illinois governor, charged by federal prosecutors with public corruption, will not leave office without a fight. — Washington Post

Iraqi Security Officials Detained, Blackwater Ban» At least 34 Iraqi security officials inside Iraq's Interior Ministry have been arrested, possibly in connection with corruption and working to rebuild an illegal party formed by supporters of Saddam Hussein's Baath Party... meanwhile, the State Department's inspector general has warned in a new report that Blackwater Worldwide, the security contractor, may not be licensed by the Iraqi government to continue to protect American diplomats in Baghdad next year. — Washington Post, New York Times

Judges Delay Swearing-In Of New Citizens» Federal judges in some parts of the U.S. have delayed the swearing-in of new citizens, keeping millions of dollars in fees that would otherwise go to immigration officials if they were allowed to administer the oaths instead. — Washington Post

Feds Adopt Credit Card Rules » In the most sweeping changes to credit cards in decades, federal regulators on Thursday approved new rules to crack down on so-called unfair and deceptive practices by card issuers, such as raising interest rates on existing debt. — USA Today

Software Maker Guilty of Internet Gambling» The founder and software maker of the popular online gaming site, PartyGaming, has pleaded guilty to illegal internet gambling and will pay $300 million in fines. — Wired

FDA Wants Diabetes Drugs Tested» The FDA is now asking all companies looking for approval of new type 2 diabetes medications to undertake studies that determine whether they cause cardiovascular problems. — Washington Post

After the jump...

Best of the Rest
» Grassley Targets Nonprofit Hospitals on Charity Care (WSJ)
» Feds Rate U.S. Nursing Homes (USAT)
» U.S. Reviews Program on Importer Licensing (WSJ)
» U.S. Links Iranian Bank To Fifth Avenue Building (WaPo)
» Obama Team Weighs Up to $850 Billion Economic Jolt (AP)

Madoff's Ponzi Scheme
» Madoff Scandal Shaking Real Estate Industry (NYT)
» Madoff Put Under Curfew (USAT, AP)
» Scope of Alleged Fraud Is Still Being Assessed (WSJ)
» Court Puts Madoff Under Electronic Surveillance (Guardian)
» Madoff's Auditor... Doesn't Audit? (Fortune)
» Madoff's Wife Being Investigated (Reuters)


VIDEO | Raw Video: Madoff Returns From Court

Blagojevich Bust
» Scandal Affects Funding for Care of Sick Kids (WSJ)
» Details of Obama Aides' Contacts with Blago Due Next Week(LAT)
» Feds Seek to Freeze Blago Campaign Fund (CST)
» Illinois Tollway Chief Steps Down (Crain's)


VIDEO | Blagojevich: Can't Wait to Tell My Side

By Chris Matthews |  December 18, 2008; 10:35 AM ET The Daily Read
Previous: Probe Into Madoff's Scam Widens | Next: Clinton Donor List Includes Familiar Names

Comments

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Attached is an article I wrote regarding the US tax implications
of risk management transactions of hedge fund managers. Some of the
tax analysis could apply to Madoff and his foreign investors as well.

.

Selva Ozelli, Esq, CPA

http://www.hedgeweek.com/download/259124/Comment%20-%20Cracks%20in%20the%20facade%20-%20risk%20management%20transactions%20of%20hedge%20fund%20managers,%20by%20Selva%20Ozelli.pdf

Posted by: SOZELLI | December 18, 2008 11:19 AM

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