"Senate investigators, stepping up scrutiny of tax-cutting maneuvers, are examining whether Wall Street firms improperly structured transactions that helped hedge funds sidestep dividend taxes, say people familiar with the situation. ... The new Senate probe is significant because it lifts scrutiny of the area to a higher and more public level. ... At stake is more than $1 billion in withholding taxes on U.S. stock dividends that are sidestepped by such trades, accountants say", WSJ, 15 January 2008.
Did the CPAs which "audit" the financial institutions being subpoenaed, Citigroup, Lehman Brothers, Morgan Stanley and UBS find these transactions? If not, why not?
Did the CPAs which "audit" the financial institutions being subpoenaed, Citigroup, Lehman Brothers, Morgan Stanley and UBS find these transactions? If not, why not?
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