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By Dow Jones Business News, June 14, 2013, 10:55:00 AM EDT

ZURICH–U.S. authorities are pressing ahead with efforts to pry information out of Liechtenstein that could come back to haunt Americans hiding money in tax havens.

The Justice Department sought help in April from the Principality of Liechtenstein Tax Authority in gathering a trove of information from firms there that advise clients, according to a letter reviewed by The Wall Street Journal.

A person familiar with the matter said U.S. officials have sent additional letters to Liechtenstein.

U.S. officials indicated that they want information about Americans who might have dodged taxes by using Liechtenstein foundations to hold offshore accounts. “U.S. prosecutors have a strong suspicion that a great many U.S. taxpayers who used Liechtenstein structures, or are associated with Liechtenstein structures as beneficiaries, have not been compliant with U.S. law,” the Justice Department said.

Liechtenstein has relayed the request to various financial firms in recent weeks, according to a person familiar with the matter.

The names of the firms, known as fiduciaries, couldn’t be determined. Katja Gey, the director of Liechtenstein’sOffice for International Financial Affairs, didn’t immediately respond to a request for comment. A Justice Department spokeswoman couldn’t be immediately reached for comment.

The move marks an expansion of the ongoing global tax-evasion crackdown. In addition to the U.S. government’s prod of Liechtenstein, neighboring Switzerland is weighing an agreement with the U.S. that could erode the Swiss nation’s legendary bank secrecy.

The Swiss Parliament is considering a proposal for many of the country’s roughly 300 banks to start handing over data about past dealings with American clients to the Justice Department. Some lawmakers and advocacy groups have criticized the measure as a heavy-handed infringement of Switzerland’s sovereignty.

In the letter to Liechtenstein, the Justice Department said documents it is seeking could establish the amount of funds kept by Americans in undeclared accounts in countries such as Switzerland but managed by foundations in Liechtenstein.

Read more:
U.S. Pressing Liechtenstein on Tax Havens

Road repairs, upcoming projects, the Second Amendment and more are slated for discussion at Tuesday’s regular Town Council meeting.

The council will take time to consider passing a resolution “Affirming the Second Amendment of the United States Constitution,” an item suggested by members of the Paradise Tea Party. The resolution would have the councilmen reaffirm their oaths of office and promise to oppose “any provision infringing upon the Second Amendment or any other constitutional rights granted the citizens of our nation.” It would also have the council recommend that state and national leaders refocus their efforts in gun control to issues of mental health.

Grant money will play into a large number of budgeted items for council approval Tuesday: town staff prepared a finalized disbursement of $22,495 from Community Development Block Grant; the Paradise Police Department issued a request for refurbishing two police cruisers for $51,687 of COPS grant money; and a proposed bid from town staff for a $20,083 contract for quality assurance services in the Pearson Road/Recreation Drive Signalization Project.

Town Council will also evaluate multiple items concerning roads in Paradise, such as a proposal to use Prop. 1B road funds to do “microsurface” repairs to portions of Skyway, and Pearson and Clark roads.

There will also be discussion of whether the council will automatically re-appoint Planning Commissioner Jody Jones at the June 11 meeting or open her position

The Town Council meeting begins at 6 p.m., Tuesday, at Town Hall, 5555 Skyway. The agenda packet can be found at Town Hall or online at www.townofparadise.com.

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Town to hear Second Amendment resolution

The British overseas territory, which wants to shed its reputation for clandestine financial activity, is introducing sweeping reforms that will make public the names of thousands of previously hidden companies and their directors.

In proposals sent to Cayman-based hedge fund businesses and seen by the Financial Times, the islands’ powerful monetary authority, CIMA, has outlined plans to create a public database of funds domiciled on the island for the first time. The database will also list funds’ directors, pending an ongoing consultation process due to close in mid-March.

CIMA, which did not respond to a request for comment, also plans to require directors to undergo a vetting process to ensure they are qualified to act as fiduciaries for investors.

“In the 24 months subsequent to the onset of the financial crisis, the BVI Financial Services Commission, the Central Bank of Ireland, the Jersey Financial Services Commission, the Bahamas Financial Services Board and the Isle of Man Supervision Commission all updated their corporate governance codes, laws and/or regulations,” CIMA said in one document.

(Read More: Hedge Fund ‘Sharks Going After’ Paulson: Pro)

The move comes amid a barrage of international criticism for the diminutive tax haven’s minimal disclosure requirements and tough corporate privacy laws in recent years. The Caymans have borne the brunt of attacks on offshore centers from angry US and EU politicians as they struggled to keep pace with fast-moving new global regulations. They even featured in rancorous debates over the tax affairs of US presidential candidate Mitt Romney.

Read more from the original source:
Cayman Islands to Make Public Thousands of Names

Published: Jan. 16, 2013 at 4:05 PM

WASHINGTON, Jan. 16 (UPI) — The conservative activist group Freedom Watch is suing to block the sweeping firearms restrictions recommended by the White House gun violence task force.

Freedom Watch, based in Washington, argues the task force held illegal meetings with lobbyists and gave inadequate public notice, the Washington newspaper The Hill reported Wednesday.

“President [Barack] Obama and Vice President [Joe] Biden have thumbed their nose at the law and instead have been holding closed-door meetings with special interest lobbyists on both sides of the issue,” said Freedom Watch founder Larry Klayman in a written statement.

The group filed a federal lawsuit in Florida, seeking to shut down the task force and block its proposals from implementation, the newspaper said.

The group maintains the task force violated the 1972 Federal Advisory Committee Act requiring presidential task forces to meet in public and publish notice of meetings in the Federal Register 15 days ahead of time.

The White House did not respond to a request for its reaction to the suit, The Hill said.

Obama outlined a package of gun-control legislation he wants Congress to pass and executive actions he intends to take in an attempt to ratchet down gun violence in the United States.

Go here to see the original:
Freedom Watch sues over gun commendations

Now pending on Texas Attorney General Greg Abbotts desk is a request for an opinion on whether senior status federal judges can perform weddings in our state.

Its an interesting question, I guess, especially if youre among senior status federal judges who hear cases in lieu of retiring. But even more interesting is the unintended linkage the request provides to important questions about high school cheerleaders and God.

The opinion request is from Jefferson County District Attorney Tom Maness on behalf of U.S. District Judge Thad Heartfield of Beaumont, a senior status jurist periodically asked to marry folks. And what happy couple wouldnt want to be married by a judge named Heartfield? (I do note, however, that there is a magistrate in that district named John D. Love.)

Heartfield is our link to God and cheerleading and Abbotts recent entry into a courthouse kerfuffle about the combination of those two powerful forces.

A few years back, Heartfield ruled against a Silsbee High School cheerleader forced from the squad for refusing to cheer for a basketball player who had assaulted her. The cheerleaders family sued the school district. Heartfield, in a decision upheld on appeal, tossed out the suit and ordered the family to pay the district $45,000.

His ruling was based on several points, including a conclusion that a cheerleader forfeits individual free speech rights while cheering. In this case, Heartfield said, the cheerleader had no right not to chant her assailants name as required for the squad when he attempted a free throw.

In September 2010, the 5th U.S. Circuit Court of Appeals upheld the ruling, writing, In her capacity as cheerleader, (she) served as a mouthpiece through which (the school district) could disseminate speech namely, support for its athletic teams. Insofar as the First Amendment does not require schools to promote particular student speech, (the district) had no duty to promote (the cheerleaders) message by allowing her to cheer or not cheer, as she saw fit.

Im focused on the ruling that a cheering cheerleader is a mouthpiece for the school, as opposed to an individual student freely espousing personal views. Go team go is a legitimate public school sentiment, one in which a cheering cheerleader might or might not personally concur. Go God go is something else, something a public school should not promote through its mouthpieces.

So lets pivot to Abbotts involvement in a current cheerleading brouhaha (and would we be Texas if we didnt have a current cheerleading brouhaha?).

Abbott has sided with Kountze High School cheerleaders who put biblical references on their signs at football games. (Example: I can do all things through Christ which strengthens.) The practice brought protests from the Freedom From Religion Foundation and a school decision to ban the biblical references, a decision later reversed in court in a battle sure to continue.

Original post:
Herman: Cheering for God and the First Amendment

Posted on: 7:32 am, September 14, 2012, by Meredith Forrest Kulwicki, updated on: 08:20am, September 14, 2012

A federal court will hear arguments regarding a case addressing free speech on public sidewalks on Friday.

The ACLU of Utah is challenging Brigham Citys free speech ordinance on behalf of the Main Street Church of Brigham City.

The Main Street Church of Brigham City intended to distribute flyers on the sidewalk near Brigham Citys LDS temple during its open house. They say when they obtained a permit under the citys free speech zone ordinance on Aug. 20, they found out they could not be on the sidewalk areas where most people walk to and from the temple.

On Thursday, Brigham City agreed to not enforce its Free Speech Zone Ordinance, however, the agreement did not suspend the lawsuit filed against the city, according to a press release from the ACLU.

The statement said: Main Street Church and the ACLU of Utah have not conceded that any past enforcement of the ordinance was constitutional. They also continue to contend that the ordinance is unconstitutional on its face and that it should be completely struck down by the court.

Brigham City had previously released the following statement:

The City`s free speech zone ordinance was developed by city officials and city attorneys based on Utah laws and other municipalities` ordinances throughout Utah. To Brigham City`s knowledge, this ordinance has been upheld as constitutional by the courts.

A spokesman for the LDS Church declined a request for comment.

Read this article:
City’s free speech ordinance challenged in federal court

GALVESTON – The Texas Supreme Court’s decision weakening the state Open Beaches Act has become a key issue in the race for one of the two contested Supreme Court seats in the Nov. 6 election.

San Antonio attorney Michele Petty stood in front of a battered beach home in Surfside last weekend to criticize her opponent, Justice Nathan Hecht, for siding with the majority in Severance v. Patterson, the case that led to the controversial decision.

“Texans have shown their love for their beach and they want access to the beach, and the Texas Supreme Court has ignored that,” said Petty, who would be the only Democrat on the court if she defeated Hecht. Hecht did not respond to a request for comment.

The Open Beaches Act historically has been interpreted to allow the public beach to move landward with erosion, a concept known as a “rolling easement.” The court said the rolling easement does not apply if the erosion is sudden, as in the case of a storm. Although the decision applied only to West Galveston Island, it potentially could affect other areas of the coast.

“We now have private beaches in Texas where the public can be excluded,” Land Commissioner Jerry Patterson said after court issued its 5-3 decision in April. The ninth justice, Chief Judge Wallace Jefferson, did not participate.

Patterson, a Republican, would not go as far as supporting Petty, but said, “It’s an issue and the voters need to be aware of it.”

Unpopular decision

The decision was widely opposed by state officials, including state Attorney General Greg Abbott, who said it was based on “nothing.”

Petty is hoping to tap in to popular support for the Open Beaches Act. An overwhelming majority voted to make the act part of the Texas Constitution in 2010.

Hecht and Judge Don Willett are the only two judges up for re-election who sided with the majority in the Severance case. Willett is unopposed. Incumbent Judge David Medina, who dissented, is in a Republican primary runoff election July 31 with John Devine, a former district judge from Harris County.

Here is the original post:
Open beaches an issue in Texas Supreme Court race

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed the ratings on the following Virgin Islands Water and Power Authority (WAPA) bonds and removed the bonds from Rating Watch Negative:

–$156.47 million senior lien bonds at ‘BB’; –$109.34 million subordinate lien bonds at ‘BB-’.

The resolution of the Rating Watch primarily reflects the authority’s improved near-term liquidity, following the sale of $69.14 million electric system bonds in April, with a portion of the proceeds used to repay working capital lines of credit and reduce the amount of an outstanding term loan. Fitch previously assigned the authority’s $17.39 million electric system revenue refunding bonds series 2012A (tax-exempt) a rating of ‘BB’ and the $51.75 million electric system subordinated revenue bonds series 2012B (federally taxable) and 2012C (federally taxable) a rating of ‘BB-’.

The Rating Outlook on the outstanding bonds is Negative, which takes into account Fitch’s continuing concerns about the authority’s longer-term ability to address its high operating costs, increased leverage and more limited financial flexibility.

SECURITY

The senior bonds are secured by net electric revenues and certain other funds while the subordinated bonds are secured by net electric revenues on a subordinate lien basis. Lines of credit are junior to the payment of all obligations under the senior and subordinated resolutions. Debt service reserve funds are available for both series of bonds. The senior and subordinated bonds are not subject to cross-default provisions.

KEY RATING DRIVERS

SIGNIFICANT NUMBER OF RISK FACTORS: WAPA’s financial ratios have declined significantly in recent years, due to higher oil costs, a softer economy, an increased dependence on short-term debt and growing sums due from the Water System. The 2012 bond financing and moderation of fuel prices lessens near-term financial liquidity concerns, but the ability of WAPA to consistently meet its financial obligations and stabilize its fiscal position remains uncertain.

EXPOSURE TO OIL: The authority’s generating plants are oil-fired, limiting the system’s operating and financial flexibility. HOVENSA’s decision to close its St. Croix oil refinery and end oil deliveries to the authority by year end 2012 will necessitate a change in oil suppliers; this is currently being addressed by senior management through a request for qualifications process to secure fuel supply by Jan. 1, 2013.

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Fitch Affirms Virgin Islands WAPA Sr Lien Bonds at 'BB' & Sub Lien Bonds at 'BB-'; Outlook Negative

Feb 29, 2012 4:24pm

UPDATE at 5:30 p.m. ET: A campaign spokesman says Romney has two shotguns.

COLUMBUS, Ohio At a town hall here, GOP presidential candidate Mitt Romney said, in response to a question about gun control, I have guns myself.

I believe in the second amendment, Ill protect the second amendment, I have guns myself, Romney said today at the town hall meeting at Capital University. Not going to tell you where they are. Dont have them on myself either, alright.

But in 2007 after Romney claimed that he did have guns he later retracted his statement, saying that he himself does not have guns but his sons do.

During a virtual debate with the Boston Globe in 2007 Romney said, I have a gun of my own. I go hunting myself. Im a member of the NRA and believe firmly in the right to bear arms, to which the interview corrected him, Ah, excuse me, but isnt that son Joshs gun?

Romney responded, Um, well, yes, but so what? He has several guns out at our vacation place in Utah, and I use them from time to time.

So, did Mitt Romney buy a gun in the last five years?

The campaign did not immediately respond to a request for a comment as to whether Romney does now own his own firearms.

He did at the town hall meeting today offer this explanation for why people should be able to buy guns.

Continue reading here:
Did Mitt Romney Buy Some Guns?

A little over a month ago, the Democratic National Committee lambasted Mitt Romney for not initially reporting funds in “notorious tax havens” scattered around the world.

It turns out a campaign “bundler” for President Obama is in the business of helping people, like Romney, who are looking to take advantage of offshore tax law.

Marjorie Rawls Roberts, who according to the Obama campaign volunteered to raise between $100,000 and $200,000 for the president’s re-election effort, is an attorney in the U.S. Virgin Islands who offers clients guidance on the islands’ perk-filled tax system.

According to her bio, she “specializes in the areas of tax, investment, and offshore funds.” This includes helping clients on tax planning and “qualification for one of the economic incentives available in the U.S. Virgin Islands.”

The Obama campaign has not responded to a request for comment for this story.

The Obama White House, though, has decried the use of “offshore tax havens” to avoid paying higher tax rates.

The U.S. Virgin Islands does not have the same international notoriety as a tax haven as, say, the Cayman Islands — where Romney was parking some of his investment money, though the Romney campaign has said the money was taxed just as it would be in the U.S.

But the Virgin Islands offer substantial benefits to those who qualify.

Businesses, for instance, that meet certain conditions are legally eligible for a 90 percent tax cut.

It’s also the only place under the U.S. flag where a non-American can set up a tax-free company.

Read the original post:
Obama 'Bundler' Works on Virgin Islands Tax Perks

U.S. District Court Judge Catherine Eagles last Tuesday granted a request for a preliminary injunction that temporarily blocks a provision in North Carolina’s new abortion-restriction law that would require women seeking an abortion to view an ultrasound image of their womb within four hours of the procedure.

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First Amendment vs. N.C. abortion law

A federal judge in Wichita will hear arguments next month on a request for a preliminary injunction in a free speech case involving a yard sign.

See the rest here:
Judge sets hearing in Kan. free speech case | State & Regional …



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