Monday, April 19, 2004

Last week on Air America Radio, Al Franken interviewed New York Times reporter David Cay Johnston, author of Perfectly Legal, a book that exposes our rigged tax system. During the discussion, Johnston specifically mentioned a particularly disturbing tax evasion idea hatched just one month after the 9-11 tragedy by Ernst & Young. It involved an inversion process whereby a corporation would reincorporate in Bermuda and eventually become a tax-free entity. E & Y's big concern at the time was the appearance of a lack of patriotism. However, E & Y partner Kate Barton stated, "A lot of companies feel that . . . the improvement on earnings is powerful enough to say that maybe the patriotism issue should take a back seat."

Outrageous, right? Yet, when you attempt to find news articles about this item via Google News, using "ernst & young" and "inversion" as keywords, you get nothing. Apparently, this egregious bit of news was not worthy of being reported. Nice to see the liberal media hard at work!

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