Daily Archives: November 29, 2011

NFL To Welcome Another Tax Cheat to the Robber Baron Club

The Jacksonville Jaguars are being sold. Long-time owner Wayne Weaver is selling his franchise to one Shahid Khan, should NFL owners approve.

Who is Shahid Khan? Well, he tried to buy the St. Louis Rams a couple of years back after Georgia Frontiere died, but it turns out that he was a huge tax cheat:

Khan is one of hundreds of wealthy taxpayers whom the IRS has targeted in recent years for allegedly sheltering hundreds of millions of dollars by using complex financial transactions that were hard to detect on tax returns. The transactions were created by lawyers, bankers and accountants, some of whom have been prosecuted for fraud and gone to prison…

The IRS said in court papers that the Khans hired the Chicago-based BDO Seidman accounting firm and met with tax partner Robert Greisman. The Khans engaged in at least five questionable tax shelters, with names like Son-of-Boss and Dad, and paid BDO $8.5 million in fees, about 10 percent of the alleged tax savings, according to court documents…Yet when the revenue agency questioned Khan about his returns, he was unable to identify what services BDO provided, an IRS agent said in court documents.

And, from Forbes, here’s a description of the tax schemes Khan employed:

Khan used three Son of Boss shelters, which generally cook up phony losses using foreign currency options, and two Distressed Asset/Debt (dad) shelters, in which troubled securities are bought for pennies on the dollar and then written off at their original full value.

That’s how the 1%’ers get away with this crap.

The NFL should not approve this purchase. What kind of message does it send to its fan base when a guy who tried to cheat the Feds out of $85 mill is allowed to buy a team?

Of course, the NFL is full of guys like that. So, I imagine that Wayne Weaver’s words will rule the day:

“This gentleman is absolutely the American story,” Weaver said of Khan.

In the America of 2011, he certainly is.

Senators Coons, Don’t Vote for This

Senate set to pass bill that redefines America as a “battlefield,” authorizes indefinite military detention of US citizens without charge or trial

The US Senate’s Defense Authorization Bill redefines America as a “battlefield” and authorizes US troops to conduct military arrests of civilians on US soil, and to indefinitely detain citizens without charge or trial. The ACLU wants you to write to your senator and demand that this insanity not pass.

Call Senator Coons at (302) 573-6345

The Senate is going to vote on whether Congress will give this president—and every future president — the power to order the military to pick up and imprison without charge or trial civilians anywhere in the world. Even Rep. Ron Paul (R-Texas) raised his concerns about the NDAA detention provisions during last night’s Republican debate. The power is so broad that even U.S. citizens could be swept up by the military and the military could be used far from any battlefield, even within the United States itself.

The worldwide indefinite detention without charge or trial provision is in S. 1867, the National Defense Authorization Act bill, which will be on the Senate floor on Monday. The bill was drafted in secret by Sens. Carl Levin (D-Mich.) and John McCain (R-Ariz.) and passed in a closed-door committee meeting, without even a single hearing.

I know it sounds incredible. New powers to use the military worldwide, even within the United States? Hasn’t anyone told the Senate that Osama bin Laden is dead, that the president is pulling all of the combat troops out of Iraq and trying to figure out how to get combat troops out of Afghanistan too? And American citizens and people picked up on American or Canadian or British streets being sent to military prisons indefinitely without even being charged with a crime. Really? Does anyone think this is a good idea? And why now?

Via Boing Boing

The Christine O’Donnell “Behind-Closed-Doors/I Don’t Know My Own Mind” Primary State Tour

What is the purpose behind this little jaunt?  Raising more money?  Another run for office?

One-time tea party darling and thrice-failed Senate candidate Christine O’Donnell is asking voters in the key early nominating states to help her choose a GOP candidate to endorse for president. […]

“I do believe that some are more prepared to fight against his political machine than others,” she said. “I plan to visit each of the early primary states to hold a private, off the record meeting for all of our supporters and those who consider themselves a part of this middle class movement that is fueling the Second American Revolution.”  [emphasis mine]

She needs help in choosing a candidate to support because it’s, oh so, hard and confusing?  I’m not buying it.  This is about what it’s always about with Christine:  Attention.

Tuesday Open Thread [11.29.11]

These crazy Republicans are really going to do it. They are going to nominate Newton Leroy Gingrich. I love it.

Insider Advantage has three new polls out in Iowa, South Carolina and New Hampshire. In South Carolina, Newt Gingrich is destroying the field with 38%, followed by Mitt Romney at 15%, Herman Cain at 13%, Ron Paul at 7%, Rick Perry at 4%, Michele Bachmann at 3% and Rick Santorum at 2%.

In New Hampshire, Mitt Romney just ahead of Newt Gingrich in the first presidential primary state, 31% to 27%. Newt has closed the gap.

In Iowa shows Newt Gingrich leading with 28%, followed by Ron Paul at 13%, Mitt Romney at 12%, Herman Cain at 10%, Michele Bachmann at 10% and Rick Perry at 7%.

Team Obama Strategy to Weaken Romney In Order to Help Gingrich Appears to Be Working

Gingrich is the least popular politician in the country and is probably among the least popular people in the country. Naturally, Team Obama wants to meet him in the general instead of the more telegenic and electable Mitt Romney. But could Republicans possibly be stupid enough to nominate Newt “serial adulterer, lobbyist for Fannie Mae, delivered divorce papers to his wife on her cancer bed, has a million dollar line of credit at a jewelry store” Gingrich?

Why, yes. They could well be that stupid.

Gingrich Leads In New Iowa Poll

A November 28th poll from InsiderAdvantage shows Newt Gingrich with a 15 point lead in the upcoming Iowa caucuses. Gingrich commands 28.1% of the vote, while Ron Paul garners 13.3% and Mitt Romney gets 11.5%.

In InsiderAdvantage’s previous poll of the Iowa caucuses, conducted on November 8th, Gingrich placed third with 14.5% of the vote, compared to 18.7% for Romney and 23.3% for the first place Herman Cain.

Cain has dropped considerably since then, placing fifth in the November 28th survey with 9.8% of the vote, compared to 10.1% for the fourth-place Michele Bachmann.

InsiderAdvantage conducted the poll for the conservative website Newsmax.com.

Ginrich also leads in SC.

Having said that, Anything can happen in a general election. Gore wanted to line up against Bush and got his wish. And fellow Democrats, our candidate isn’t exactly Mr. Popularity.

How unpopular is Obama? So unpopular, that he seems to run against himself in his fist ad buy of the election:

The buy is paying for two separate ads, both of which urge Americans to sign up to join the campaign.

“The 2012 campaign is underway, and the outcome will depend not on what I do, but on what you do,” Obama tells voters in the first ad. “It’s up to you to fight for the values we all share. Don’t sit this one out.”

Eeeesh….. He’s an innocent bystander. You better get out and vote, because it isn’t about anything that he is going to do.

Help Program Tomorrow’s Al Mascitti Show!

El Somnambulo will appear on the Al Mascitti Show this Wednesday, November 29 at 10 a.m. 1150-Newsradio on your AM dial.

For the first time ever, I’m giving you the chance to propose topics for the show. I’ve already got three lined up, but I usually go through five or six in two hours.

Here’s what I’m already doing prep work for:

1. In honor of my favorite DL agent provocateur, I will discuss the nascent ‘Democrats For Kovach’ movement.

2. We will discuss the increasingly-intriguing Wilmington mayoral race.

3. I will discuss a potential political analyst’s wet dream/Democratic Party’s collective wet pants scenario that could well happen in Delaware next year. This is not smoke-blowing, this is already on the radar. And I’ve got a lot of thoughts about what could, and is likely to, happen. A must for political junkies.

I’ve got others on my list, but I will humbly bow to the will of my online follower(s).

As Andy Reid would say, “Time’s yours.”

Whaddayagot?

Who said it, Kovach or Carney? The ‘Burdensome Regulations’ Edition

Who thinks burdensome regulations are killing the economy? Which candidate is seeking your vote based on a policy of freeing corporations from the onerous and burdensome regulations that are choking off economic growth in America?

See if you can tell by playing this week’s- Who said it? Kovach or Carney?

Millions of Americans are out of work and looking for jobs. Businesses trying to grow face the barriers of skyrocketing employee benefit costs and unnecessary delays caused by the government.

Kovach or Carney?

Ensuring that the federal government does not unfairly burden small businesses is a priority of mine. I will continue looking for common sense ways to reduce burdens on small business owners…

Kovach or Carney?

We should also continue to reduce burdensome and unnecessary regulations on small businesses without compromising the basic health and safety standards we need.

Kovach or Carney?

If a business can overcome these barriers they must then overcome the hurdles of cumbersome regulations and an overly complex tax code which causes way too much uncertainty for a business to start, expand, or create new jobs.

Kovach or Carney?