Word: patman
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...chairman of the House Banking and Currency Committee, Texas Democrat Wright Patman has made a career of jousting with U.S. bankers. Last week he thrust at their Swiss counterparts, whose secret subterranean vaults have long been the world's principal haven for nervous money-accounts whose owners are not anxious to admit ownership. After two days of public hearings, Patman called for legislation making it illegal for Americans to deal with any foreign bank that does not allow inspection of its records by U.S. regulatory agencies...
...Patman's probe focused on that mystique-shrouded feature of Swiss banking, the anonymous numbered account. Robert M. Morgenthau, U.S. attorney for the Southern District of New York, testified that such accounts have become increasingly popular with Americans. Some who use them are underworld hoodlums, but many more are otherwise ordinary businessmen who play the Swiss numbers game to cheat Washington out of "tax revenues in the many millions of dollars." The various ways in which such accounts are used to avoid income taxes, said Morgenthau, "are almost as numerous as the ways of earning money" (see box next...
...idea have brought ABC at least 250 members so far, and the number continues to grow, partly because of a bonus paid to those who bring in new members. In fact, the enterprise has become successful enough to attract the attention of Texas' Democratic Representative Wright Patman, whose House sub-committee on foundations has been investigating the whole field for more than five years. One ABC trustee took the Fifth Amendment 83 times when Patman called him, but Managing Trustee Hayes coolly answered many committee questions. Hayes's calm contention throughout was that what...
...that, under existing laws, advance approval by the Internal Revenue Service is not needed to form a tax-free foundation. To start up, all that a hopeful foundation founder has to do is to satisfy a few state-set requirements, and they are usually not very stringent. Says Patman: "The IRS tries to give the impression that it double-checks all foundation operations. Nothing could be further from the truth. Only a very small fraction are checked in any given year." But IRS is now warning that it has "doubts about the legality" of ABC-type foundations and trusts...
...Thank you very much, Harold," replied the chairman of the House Banking Committee. "I'm certainly glad to know you better 'cause I know we have a lot in common." With that, Patman was off and talking...