Tuesday, May 03, 2016
KPMG's Mea Culpa
Guess who's no longer in the tax shelter business? Yes, that's right, KPMG. It seems the accounting giant has done a little of the old "duck and cover" after getting caught red-handed conniving a little evasive tax shelter for the fabulously rich in the Isle of Man. One might suspect that the Panama Papers scandal was the straw that broke KPMG's tax dodging back. Apparently the boys in the grey suits don't have much appetite for doing a stretch in the Greybar Hotel.
The executive didn't exactly say just when KPMG stopped selling tax shelters but we'll probably find out more about that and other dodgy deals as the recently leaked documents are analyzed and, with any luck, other firms are hacked.