Feds spend at least $890,000 on fees for empty accounts

http://www.washingtonpost.com/politics/feds-spend-at-least-890000-on-fees-for-empty-accounts/2013/04/24/35700728-ac3b-11e2-8559-85e32b44d524_story.html?hpid=z1

It is one of the oddest spending habits in Washington: this year, the government will spend at least $890,000 on service fees for bank accounts that have nothing in them. At last count, Uncle Sam has 13,712 such accounts, each containing zero dollars and zero cents.




These are supposed to be closed. But nobody has done the paperwork.

How Obama Budget Will Affect Retirement Savers

The [Obama] budget proposal would limit an individual’s total retirement account balance including 401(k)s, IRAs, and similar types of tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013.

http://money.usnews.com/money/blogs/planning-to-retire/2013/04/10/how-obamas-budget-impacts-retirement-savers

Stockton plan cuts bond payment and stiff bondholders of $197.5 million

The City of Stockton is acting like Barack Obama. If you remember, the President stole the bond and stocks of General Motors investors and gave them to the unions.




Stockton wants to steal the bonds bought by investors for pension plans and totally stiff them.



“A Stockton bankruptcy proposal does not cut pensions, but the city wants to eliminate $197.5 million in pension bond payments over the next 25 years, a plan opposed by the bond insurer that would be stuck with the tab.



The bankruptcy proposal would end pension bond payments from the troubled city general fund, which pays for most programs and is deep in the red with a $26 million deficit that could balloon if employee lawsuits overturn emergency pay cuts.”



Actually, this might be a good idea. It will teach those who buy government backed bonds that they are suckers and are the cause of the bankruptcies by funding the excessive spending. After this, who is stupid enough to buy a government bond? Just talking about it should send up a red flag. What do you think?

http://capoliticalnews.com/2012/07/23/stockton-plan-cuts-bond-payment-and-stiff-bondholders-of-197-5-million/

dailybeast - cayman islands tax haven list

http://www.thedailybeast.com/articles/2013/04/04/this-is-where-the-world-s-richest-people-hide-their-money.html?obref=obinsite