I think Wild Bill is living in never never land, but I commend him for at least attempting to draft something of value.
We wants to implement a system that looks to have some similiarities to the PBGC (Pension Benefit Guarantee) that the US uses to protect its pension plans. For those that do not know, the PBGC requires US Pension Plans do annual reporting showing their liabilities, assets, and their contributions made during the year). All Plans pay in a flat PBGC annual premium, and underfunded plans pay more. These premiums are used to help make up the shortfall for companies that go under with underfunded plans. The system also strongly encourages underfunded plans to make large contributions to lower future premiums.
Guess what? The system "works" but even with massive auditing, Plans still go under. The administrative work is often onerous, and the administrative cost for all Plans to do the work and pay the Premiums is often high.
Imagine what a total nightmare it would be to try to audit all these offshore books in Costa Rica, the Netherlands Antilles, etc. Never mind they would all be extremely reluctant to open any books to outside auditors. And you don't think they could easily falsify asset information do you? If I was an auditor trying to do so, I think I'd be cursing in Dutch within a month. And thinking to moving on to easier projects, like liberating Iraq.
The ideal system is to have independent groups with no affiliations monitoring to the best of their abilities all offshore books. The best books gets put on the A list. Books that don't answer calls, don't cooperate, and show major problems get put on the F list. I know the monitoring is already being done. What I don't know is whether the monitors are independent, fully qualified, and fully competent.
As an example, Blue Marlin was letting you buy an extra point through 3 for 15 cents. Any competent auditor would red flag this, knowing the sharp players would be able to bury them if they were allowed to play enough volume. It had Aces Gold written all over it.
We wants to implement a system that looks to have some similiarities to the PBGC (Pension Benefit Guarantee) that the US uses to protect its pension plans. For those that do not know, the PBGC requires US Pension Plans do annual reporting showing their liabilities, assets, and their contributions made during the year). All Plans pay in a flat PBGC annual premium, and underfunded plans pay more. These premiums are used to help make up the shortfall for companies that go under with underfunded plans. The system also strongly encourages underfunded plans to make large contributions to lower future premiums.
Guess what? The system "works" but even with massive auditing, Plans still go under. The administrative work is often onerous, and the administrative cost for all Plans to do the work and pay the Premiums is often high.
Imagine what a total nightmare it would be to try to audit all these offshore books in Costa Rica, the Netherlands Antilles, etc. Never mind they would all be extremely reluctant to open any books to outside auditors. And you don't think they could easily falsify asset information do you? If I was an auditor trying to do so, I think I'd be cursing in Dutch within a month. And thinking to moving on to easier projects, like liberating Iraq.
The ideal system is to have independent groups with no affiliations monitoring to the best of their abilities all offshore books. The best books gets put on the A list. Books that don't answer calls, don't cooperate, and show major problems get put on the F list. I know the monitoring is already being done. What I don't know is whether the monitors are independent, fully qualified, and fully competent.
As an example, Blue Marlin was letting you buy an extra point through 3 for 15 cents. Any competent auditor would red flag this, knowing the sharp players would be able to bury them if they were allowed to play enough volume. It had Aces Gold written all over it.
