The criminal information to which Hertz pled guilty charged, among other things, that Hertz engaged in fraudulent misconduct in connection with the competitive bidding process for the selection of the firms to provide instruments in which municipal issuers, in accordance with federal tax laws and regulations, temporarily invested the proceeds of tax-exempt municipal bonds.

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He also conveyed the FSA's worries about the bank's culture, including the attitudes of its most senior staff to risk-taking, tax laws and banking regulations.

BBC: Sir Alan Budd and Hector Sants on New Year Honours list

He had also conveyed the FSA's worries about the bank's culture, including the attitudes of its most senior staff to risk taking, and flouting the spirit of tax laws and banking regulations.

BBC: Hector Sants

Since corporate tax laws and securities regulations make no sense, executives do not bother to learn the details, leaving interpretation of the cabalistic codes to highly paid experts with many years of training and specialized degrees.

FORBES: Magazine Article

Tax havens are usually characterized by extremely low tax rates, strong banking secrecy laws and flexible regulations in terms of licensing, incorporation and supervision.

FORBES

It is at least as critical as reducing marginal tax rates, repealing onerous and counterproductive laws and regulations, and the cultivation of entrepreneurial activities as identified by the Kaufmann Foundation.

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Yes, there are examples of grotesque IRS abuse, but even the most angelic group of bureaucrats would have a hard time overseeing 70, 000-plus pages of laws and regulations (by contrast, the Hong Kong flat tax, which has been in place for more than 60 years, requires less than 200 pages).

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