The Internal Revenue Service issued new rules on Tuesday that would allow victims of Ponzi schemes like the one run by Bernard Madoff to recoup some money by claiming theft losses on their tax returns for 2008. Investors in Madoff's scheme would theoretically have been paying capital gains taxes on the profits they made from
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Scenarios being considered U.S. lawmakers are proposing various options to try to recoup millions of dollars in bonuses paid to executives of insurer American International Group Inc <AIG.N> after it got billions of dollars in government aid. Here are a few ideas that lawmakers have floated, some of which could be considered by the U.S.
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By Lisa Baertlein Ron Barnard is throwing in the towel. Like a growing number of the 8.3 million American homeowners who owe more on mortgages than their homes are worth, he's ready to just walk away. Barnard and others like him are starting to worry market experts and economists, who fret that the growing trend
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U.S. Treasury Secretary Timothy Geithner on Tuesday said taxpayer bailout recipient AIG would be forced to pay the government to compensate taxpayers for $165 million in employee bonuses as a condition for receiving a further $30 billion in government funds. "We will impose on AIG a contractual commitment to pay the Treasury from the operations
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Asian stocks drifted higher on Wednesday as banks extended gains, while Japanese government bonds rose after the Bank of Japan sharply increased the amount of government debt it would purchase to support the economy. U.S. Treasuries also edged up on speculation the Federal Reserve may take the unorthodox step of buying government debt to push
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More than 1,000 leftist unionists marched through Athens on Tuesday to demand protection of workers' rights as the global crisis hits Greece. Members of the leftist PAME group waved red flags and chanted "No sacrifice for plutocracy" and "Their world is a fraud" on their way to parliament. Greece has been hit by a series
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Cypriot Chamber of Commerce and Industry and the Turkish Cypriot Chamber of Industry singed here today a project entitled ''Interdepedence,'' in a bid to boost business relations between Greek Cypriots and Turkish Cypriots. The signing ceremony took place in the presence of Cyprus President Demetris Christofias and Turkish Cypriot leader Mehmet Ali Talat, who both
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The European Parliament's central election campaign aims to bring the European voters to the polls to choose their Parliament in the world's largest transnational election, said the head of the European Parliament Office in Cyprus, Tasos Georgiou. Speaking at a press conference, Georgiou said the campaign would be carried out in the 27 member states
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Tax revenue collected by the Inland Revenue Department (IRD during the period January – February 2009 declined by 7.2% year-on-year to EUR 318.8 bln. The decline in revenue is mainly attributed to the significant decline in revenues from Capital Gains Tax which plummeted by 83.2% to EUR 9.6 mln, owing to the decline in demand
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Marfin Popular Bank Public Co Ltd (CPB, MARFB) announced that as of 16 March 2009 it has been notified that “Tosca Fund Asset Management” has decreased its stake in CPB from 5.03% to a stake of less than 5.00%.
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