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The Chinese shadow banking giant whose liquidity crisis has fanned fears about financial contagion is planning to restructure its debt and has hired KPMG to conduct an audit of its balance sheet, sources said. ....
(Bloomberg) One of China’s largest private wealth managers is triggering fresh anxiety about the health of the country’s shadow banking industry after missing payments on multiple high-yield products.Most Read from BloombergAmerica’s Fastest Growing City Is Embracing ‘Yellowstone’ ManiaOutsider Milei Upends Argentina’s Election With Primary WinGoldman Pencils In First Fed Rate Cut for Second Quarter of 2024The Fed Is Playing a Waiting Game to Try to Avoid a RecessionUS Steel Starts Review as ....
what i can t figure out here is what benefit an average resident of south dakota gets from this. probably not much of a benefit at all. in a small state there are probably 500 people who work in the trust industry. those are good paying jobs, i assume those people pay some income tax. otherwise there s not a lot of benefit to the people of south dakota. in some ways there s a vulnerability, they re exposing themselves now to criminal wealth from around the world because they have essentially become accomplices to that wealth heist, if you will. so how do we and i know you re making this argument that we re trying to on the one hand, as i just noted at the beginning, we re trying to be a leader in trying to not have a race to the bottom on corporate taxation policy around the world. at the same time, when it comes to wealth inequality, you know, are we, you know are we putting our money where our mouth is. do we need to change our laws at the federal level to prevent ....
A tax giveaway and here we are in the united states. give us a history lesson here. how did south dakota become essentially one of the world s great tax havens? well, south dakota s secret sauce is that they don t disclose who the beneficiaries are of the trust. secondly, they don t charge any taxes, income tax or taxes on the trust assets. and the third important ingredient is you can have a perpetual trust in south dakota. starting in 1983, the trust industry went to the state and they changed the laws to eliminate a provision of property law that basically says a trust has to wind down within a generation or two. those three components basically make south dakota a real destination and attraction for what we call dynasty trusts, people who want to park and sequester billions of dollars forever. ....
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