Wednesday, August 24, 2005

U.S. Justice Dept. Almost Ready to Indict Former KPMG Partners

About 15 former KPMG partners will soon be indicted in their role involving dubious tax shelters. The announcement of indictments will dovetail with the offical announcement of the agreement (announced yesterday by the Washington Post) where KPMG agreed to a $300-$500 million payment. The case appears to center around the use of BLIPS (bond linked issue premium structures), which the IRS contends would defraud the U. S. Government. Key witness is German banker DeGeorgio.


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