Its amazing to me - gotta laugh to keep from crying - how dangerous and inaccessible the simple truth about our world can be...we were talking about that on Friday, Emma Zurer, Christine Shan Shan Hou, Heather Clarke, Austin Alter, and now theres this bombshell article in New York magazine about the apparently common practice of obscuring the true ownership of a lot of the luxury dwellings of NYC: No federal authority, not even the IRS, keeps track of the actual “beneficial” owners behind LLCs, and the more lenient states don’t even require much record-keeping by the firms that handle incorporation. Many of the service providers Baradaran’s team approached asked for no identity documentation and were willing to set up LLCs in even the most suspicious scenarios. Most surprisingly, Baradaran found that the suggestion of foreign corruption actually increased the likelihood that a provider would agree to do business. “It’s really a race to the bottom,” Baradaran says. nymag/news/features/foreigners-hiding-money-new-york-real-estate-2014-6/
Posted on: Tue, 01 Jul 2014 02:40:08 +0000
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