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...Birkenfeld is caught up in the latest in a series of efforts by the feds to crack down on wealthy tax cheats and the bankers, accountants and lawyers who help - and in fact, often convince - them to set up offshore accounts not properly reported to the IRS. (It is legal to have an offshore account; hiding it is the no-no.) On Thursday the Senate's Permanent Subcommittee on Investigations will hold a hearing on how banks in offshore tax havens may be helping Americans evade taxes. The hearing adds momentum to efforts already under...

Author: /time Magazine | Title: Cracking Down on Tax Evaders | 7/16/2008 | See Source »

...niche businesses. As a private banker at UBS, Birkenfeld traveled from his home in Switzerland to the U.S. to court ultra-wealthy American clients at tennis tournaments and art fairs. He would explain, among other things, how to buy jewels and artwork using funds from their secret Swiss bank accounts while they were overseas. Once, at the request of a client, he bought diamonds with money from an offshore account and smuggled them into the States in a toothpaste tube...

Author: /time Magazine | Title: Cracking Down on Tax Evaders | 7/16/2008 | See Source »

...best way to get to the bottom line is to look at long-term studies where we randomize people to a high-fat/low-carb diet or to a low-fat/high-carb diet and follow them for at least a year or more. That kind of study takes into account the possibility that one kind of diet provides more satiety; so, over the long run you would see more weight loss on that diet. But those studies - half a dozen or more have been done - show quite clearly that the percentage of calories from fat has very little effect on long...

Author: /time Magazine | Title: Which Are Worse: Calories from Carbs or Fat? | 7/15/2008 | See Source »

...administrator, David Hinson, echoed [Pena's] assurances. A former executive at Midway Airlines and McDonnell Douglas, Hinson had always seemed genuinely determined to streamline the FAA and address safety as well as commercial interests. Yet I knew he had to have seen the agency's own account of the differences among air carriers. Hinson had to realize that within a few days of the disaster, records had revealed that the crashed plane was a used DC-9, serial number 901VJ, that had been plagued with faulty equipment and emergency landings since January. Watching Transportation and FAA officials, I realized there...

Author: /time Magazine | Title: FLYING INTO TROUBLE | 7/14/2008 | See Source »

...confirms much of Kurtz's account, but stresses that the situation was far from clear-cut when agents arrived on the scene. "He had a working microbiology lab in his home. He did not have an art exhibit in his home. We also had a dead body," says Maureen Dempsey, spokesperson for the Buffalo field office of the FBI. "We didn't know what was in there. That's why we had to cordon off the house." The bacteria that Kurtz had in his house had been used in the past to simulate dangerous bacteria for research purposes - which...

Author: /time Magazine | Title: When Big Brother Eats Pizza at Your House | 7/14/2008 | See Source »

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