Time For Robin and Terry To Amend
Originally published on Passive Activities and Other Oxymorons on February 23rd, 2011.____________________________________________________________________________ This...
OK 2010 This is Really Goodbye
I became interested in accounting in part from reading stories about epic frauds. I doubt anybody will ever top Alfredo Reis. Read the book about him if you don’t believe me. He convinced the British bank note printing company that printed the money issued by the Bank of Portugal that he worked for the bank and got them to print money for him. He used the money to buy stock in the Bank of Portugal which was the only entity that could prosecute counterfeiting. These fellow aren’t in the same league, but given the adverse conditions they were working under (being in prison and all), they really achieved a lot.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.