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Reply #44: Ahhh. Your case is a little different because the G is involved. [View All]

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Hassin Bin Sober Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 12:21 AM
Response to Reply #42
44. Ahhh. Your case is a little different because the G is involved.
Edited on Thu Jun-30-11 12:30 AM by Hassin Bin Sober
Yeah, I've heard of that trick. My neighbor, who is a CPA/CFO for a small mostly family invested hedge-fund, schooled me on those tricks. She used to live/work in Cayman.

When we fantasize about winning the lottery and what to do with that awful problem of where to stash the cash until we can spend it, she says Goldman - because they will always get theirs should the shit hit the fan. We both bank at Citi and she says no way would she put an uninsured sum in that bank. Just my luck, I would deposit the 20? 30? million and Citi would bust the day my funds would become available.

She tells me her boss, 38 years old worth 500 million all inherited, deposited 10 million in a savings account of a bank going IPO just so he would have first dibs on he offering. So yeah, rich people put money in bank accounts.

Unfortunately, the 15% piddly tax rate for hedge fund managers (if this is David Tepper's receipt), doesn't even make it worth their while to hide the dough.
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