Structured Financial Products and Financial Engineering: A Tax Avoidance Investigation

$172.00

Lenora Osborne (Editor)

Series: Business Issues, Competition and Entrepreneurship
BISAC: BUS027010

For the last decade, the U.S. Senate Permanent Subcommittee on Investigations has presented case histories showing how financial institutions, law firms, accountants, and others have designed and implemented complex financial structures to take advantage of and, at times, abuse or violate U.S. tax statutes, securities regulations, and accounting rules.

This book offers yet another detailed case study of how two financial institutions – Deutsche Bank AG and Barclays Bank PLC – developed structured financial products called MAPS and COLT, two types of basket options, and sold them to one or more hedge funds, including Renaissance Technologies LLC and George Weiss Associates, that used them to avoid federal taxes and leverage limits on buying securities with borrowed funds.
(Imprint: Nova)

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Table of Contents

Table of Contents

Preface

Chapter 1 – Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits (pp. 1-114)
Permanent Subcommittee on Investigations

Chapter 2 – Statement of Senator Carl Levin, Chairman, Senate Permanent Subcommittee on Investigations. Hearing on ”Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits” (pp. 115-120)

Chapter 3 – Testimony of Steven M. Rosenthal, Senior Fellow, Urban-Brookings Tax Policy Center. Hearing on ”Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits” (pp. 121-132)

Chapter 4 – Statement of Marty Malloy, Managing Director, Barclays. Hearing on ”Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits” (pp. 133-136)

Chapter 5 – Joint Testimony of Barry Bausano, President, and Satish Ramakrishna, Managing Director, Deutsche Bank Securities, Inc. Hearing on ”Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits” (pp. 137-144)

Chapter 6 – Joint Statement of Peter F. Brown, Co-CEO, Mark Silber, CFO, and Jonathan Mayers, Counsel, Renaissance Technologies LLC. Hearing on ”Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits” ( pp. 145-152)

Chapter 7 – Statement of Gerard LaRocca, Chief Administrative Officer, Barclays. Hearing on ”Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits” (pp. 153-156)

Index

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