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Accounting Firm Held Liable for Negligence

The split decision handed down recently by the Supreme Court of Canada (Deloitte & Touche v. Livent Inc. (Receiver of)  ) held the accounting house- albeit conditionally- responsible to extend a duty of care to clients. By negligently conducting the audit, and impairing Livent’s shareholders’ ability to oversee management, Deloitte exposed Livent to reasonably foreseeable risks,…

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Accounting firm for CL Financial in the region.

The split decision handed down recently by the Supreme Court of Canada (Deloitte & Touche v. Livent Inc. (Receiver of)  ) held the accounting house- albeit conditionally- responsible to extend a duty of care to clients.

By negligently conducting the audit, and impairing Livent’s shareholders’ ability to oversee management, Deloitte exposed Livent to reasonably foreseeable risks, including losses that would have been avoided with a proper audit…. Deloitte owed Livent a duty of care, which it breached.

The landmark ruling which started in 1998 will now exert a focus on accounting firms everywhere to be held liability for negligence.

The decision brings into sharp focus the ‘free pass’ accounting firms in Barbados and the region have been given in the CL Financial and CLICO debacle as one glaring example. Clearly the confidence of the public in financial institutions is significantly stoked by the work oversight agencies are expected to deliver. They should represent a solid  line of defense and have a fiduciary responsibility to protect the interest of the public. It s amazing given the revelations coming out of the Colman Commission of Enquiry in Trinidad and Deloitte Forensic Report into local operations of CLICO not a single management letter issued by the accounting firm of CLICO noted any serious breach in the financial affairs that we are aware.

Who will bell the cat?

Related link: – Supreme Court says Livent auditors liable but sets conditions

 

121 responses to “Accounting Firm Held Liable for Negligence”

  1. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    It’s obvious that the FSC is on a collision course with those who controlled them from their inception….= Mutually Assured Destruction…lol….

    John Liesalot…..who cares, the point is there are many countries in Africa, google yaself, there is not only Togo or the 9 that abstained…..am sure there are more than 50 countries on the apAfrican continent, with all those islands off the African coast.,……

    …who gives a shit how many countries in Europe, most are poverty infested with no natural resources anyway….the really poverty stricken ones are used to manufacture guns and ammunition, all types of weapons of mass destruction.

    He can post it GP…but people like myself would not waste time reading it, I never read anything meant to devalue my intellect.

  2. Sargeant Avatar
    Sargeant

    @GP
    I was eagerly reading the article about the three companies until I came to the last paragraph
    ++++++++++++
    Meanwhile, at The Wall Street Journal CEO Council conference in November, most business leaders didn’t seem to have the same intention. When a moderator asked those present whether they would increase U.S. investment if the GOP tax bill passed, only a few raised their hands

  3. Well Well @ Cut and Paste @ Your Service Avatar
    Well Well @ Cut and Paste @ Your Service

    konkie…who cares about russia…you got relatives and friends who live there, do you hold russian citizenship….do you go shopping in russia, does russia have an embassy in Barbados, have you ever worked in russia…i would like to see you try getting a visa to visit russia..

    if everyone thinks like you, no wonder the island is leaking shit.

  4. John Avatar
    John

    https://www.monster.com/career-advice/article/holiday-bonus-1216

    This survey I remember hearing about a while ago.

    Of the 500 companies surveyed, 63% were planning on giving bonuses

  5. Georgie Porgie Avatar
    Georgie Porgie

    RE if everyone thinks like you, no wonder the island is leaking shit.

    THATS AN OBVIOUS NON SEQUITUR
    ONE HAS NOTHING TO DO WITH THE OTHER

    Sargeant December 22, 2017 at 2:18 PM
    ARE YOU SUGGESTING THAT IT IS UNTRUE TO SAY THAT BU IS ANTI-TRUMP

    RE When a moderator asked those present whether they would increase U.S. investment if the GOP tax bill passed, only a few raised their hands

    WHAT DOES THAT HAVE TO DO WITH ME?

  6. Georgie Porgie Avatar
    Georgie Porgie

    SOME AMAZING PATRIOTS PIECED TOGETHER A PARODY OF “IT’S THE MOST WONDERFUL TIME OF THE YEAR” AND IT’S A SIGHT AND SOUND TO BEHOLD!
    Called: It’s The Most Wonderful Time In 8 Years — it recaps exactly why we voted Trump to be our President.

    It starts out with a scene from It’s A Wonderful Life but dubbed in someone else’s voice, pleading with God to help Donald Trump Make America Great Again.

    As for me; I had to watch it a few times as I just found it that great! I laughed each time and I think you will, too.

    Here are the re-worked lyrics for those interested:

    Lyrics:

    It’s the most wonderful time in 8 years
    Yet some kids are protesting
    while Trump fans investing their time with good cheer
    Sing It’s the most wonderful time in 8 years

    It’s the hap-happiest voting season of all
    With each staff member Trump picks, Democrats up to their old tricks …Just trashing them all
    but It’s the hap- happiest election season of all

    There’ll be one party hosting All three branches toasting
    but how low now will the press go
    There’ll spin misguided stories Trying to steal Trump’s glory
    from a playbook written, long long ago

    It’s the most wonderful time in 8 years
    There’ll be much more enjoyment a lot less unemployment
    Cuz Trump will be near
    It’s the most wonderful time in 8 years (go up)

    Hillary’s party’s not hosing they’re no longer toasting,
    Beyonce, Kanye, Cop Killers, Racists and the Muslim Brotherhood
    They ignored true stories of Hillary who wasn’t sorry
    for her crimes now and long ago

    BU IS SO ANTI-TRUMP THAT AFTER FOUR ATTEMPTS TO UPLOAD THE SONG I JUST WILL POST THE LYRICS HERE

  7. Sargeant Avatar
    Sargeant

    GP
    ARE YOU SUGGESTING THAT IT IS UNTRUE TO SAY THAT BU IS ANTI-TRUMP
    +++++++++
    I suggested no such thing, Trump has his fair share of detractors (even within his Cabinet) but he also has some zealous defenders.

    You posted a link that indicates some employers are happy with the new tax bill and as a result will be rewarding their employees with increased remuneration. Are you implying that I shouldn’t comment on the portion of the article that suggest other employers are not being so beneficent?

  8. Georgie Porgie Avatar
    Georgie Porgie

    Sargeant December 22, 2017 at 3:04 PM

    NOTE THAT I POSTED NO LINK AS YOU STATE
    AND NO I HAVE NOT IMPLIED ANYTHING
    YOU MAY COMMENT AS YOU LIKE
    HOWEVER, IT IS TRUE TO SAY THAT BU IS ANTI-TRUMP

  9. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @Sargeant, the fact is that NO employers should be unhappy with this new Act.

    Realistically, several average workers – besides those getting the bonuses – will also be happy with the 20% at the lowest income levels to the 10% and less at the higher levels with their own tax reductions.

    The tax reduction will do exactly as intended: give more disposable income to some middle class tax payers; provide significant benefits to small business owners with reduced taxation; and give astonishing benefits and greater profits to large corps and in particular real estate partnerships/businesses.

    Republican ethos at it’s best and Trump is the cheerleader in chief.

    The pain comes later…

  10. Georgie Porgie Avatar
    Georgie Porgie

    THE JACKASS CALLED de pedantic Dribbler…CANT HELP IT

    FIRST HAVING BRAYED WHAT IS THE ABSOLUTE TRUTH FOR ONCE, BECAUSE IT IS INDISPUTABLE HE COMES TO THE DREGS OF THE SCUM THAT HE IS AND SHITS OUT …………The pain comes later…

    KNOWETH THE FOOL NOT THAT IT HAS BEEN PAIN FOR THE LAST 8 YEARS FOR MOST AMERICANS…….THE REASON TRUMP CAME TO LEADERSHIP AGAINST ALL ODDS, AGAINST THE SCHEMES OF THE MANY AND SUNDRY WAS THE PAIN OF THE LAST 8 YEARS.

    IT WAS HILARIOUS THE NIGHT HE WON TO SEE THE PUNDITS AND NEWS CASTERS MOAN AND GROAN……..AND SO IT CONTINUES THE MOANING AND THE GROANING

    THE PAIN WILL INDEED SOON COME………POST TRUMP …………LED BY ANTICHRIST!
    ,

  11. Georgie Porgie Avatar
    Georgie Porgie

    I DONT POST THE STUFF THAT COMES TO ME OFTEN……..BUT I MUST START DOING SO JUST FOR FUN

    https://ipatriot.com/the-obama-effect/

  12. Georgie Porgie Avatar
    Georgie Porgie

    https://ipatriot.com/left-afraid-president-trumps-success-become-completely-unhinged/

    NOW I AM NOT BLP OR DLP
    NOR AM I REPUBLICAN OR DEMOCRAT
    BUT I LIKE TO LAUGH WHEN I SEE AND HEAR ILLOGICAL BIAS
    MY ALLEGIANCE IS COMPLETELY IN ACCORDANCE WITH PHILIPPIANS 3:30-21 THUS

    For our conversation is in heaven; from whence also we look for the Saviour, the Lord Jesus Christ:

    Who shall change our vile body, that it may be fashioned like unto his glorious body, according to the working whereby he is able even to subdue all things unto himself.

  13. Gabriel Avatar
    Gabriel

    “The most potent weapon in the hands of the oppressor is the mind off the oppressed”
    “Being black is not a matter of pigmentation;being black is a reflection of a mental attitude”
    “Black consciousness is an attitude of the mind and a way of life,the most positive call to emanate from the black world for a long time”
    Steve Biko.

  14. Sargeant Avatar
    Sargeant

    @DPD
    My wording was sloppy, I meant that all employers are happy with this Bill but very few will be rewarding their employees because of Trump’s/Republicans largesse.

  15. Georgie Porgie Avatar
    Georgie Porgie

    HERE IS THE HEADLINE OF A STUPID ILLOGICAL ARTICLE
    Jerusalem church leaders condemn Trump: Move is C, undermines peace, and runs contrary to Christian teachings’

    IN WHAT WAY IS THE MOVE ‘illegal, OR undermines peace”?
    HOW DOES IT run contrary to Christian teachings’? WHICH TEACHING EXACTLY?

  16. Georgie Porgie Avatar
    Georgie Porgie

    RE but very few will be rewarding their employees because of Trump’s/Republicans largesse.

    DO THEY HAVE TO? Trump’s/Republicans largesse is already a significant reward…….especially when you think of Shitbamacare!

    If you like your doctor………you can keep your doctor; If you like your plan………you can keep your plan.
    The premiums which were supposed to go down went up!
    Trump’s/Republicans largesse should result in more dollars in people’s pocket……ah lie?.

  17. Gabriel Avatar
    Gabriel

    Donald Trump’s newly appointed US Ambassador to the Netherlands was caught lying twice on a TV programme in that country.When asked about a statement he made about muslims he denied making the statement,calling it “fake news”.When confronted with the TV clip Ambassador Pete Hoekstra then denied using the term “fake news” a few minutes ago.Trump is appointing idiots to make America the laughing stock of the world,whether to positions in cabinet,the judiciary,education,housing,state or advisers in the whitehouse.This fool cannot hold a light for President Obama.

    https:/www.theguardian.com/world/2017/dec/22/us-ambassador-to-netherlands-describes-own-words-as-fake-news

  18. Gabriel Avatar
    Gabriel

    https://www.theguardian.com/world/2017/dec/22/us-ambassador-to-netherlands-describes-own-words-as-fake-news

  19. Sargeant Avatar
    Sargeant

    @DPD
    Rich people love the bill, Corporations love the bill, the former deficit haws aka Republicans don’t care one way or another as long as they got a bill through. Bob Corker said he was against the bill because it increased the deficit until they threw in a sweetener that directly benefits him (he was against it before he was for it).

    One last thing who said Trump doesn’t care about criticism? After all the criticism about a lack of diversity in his Administration, after all the white faces in the photo ops at the WH, who does he drag front and centre for the speeches after the passing of the bill? None other that Tim Scott the GOP Senatah from NC. Tim should henceforth be named Tim “Window Dressing” Scott.

  20. Sargeant Avatar
    Sargeant

    Lying is a hallmark of the Trump era, one of the year end
    awards is “Liar of the Year”, Trump is a lock for the next four years.

  21. Sargeant Avatar
    Sargeant

    s/b lieing

  22. TheGazer Avatar
    TheGazer

    Like your post Gabriel. The guy is calling stuff he said fake news. Now I am trying to figure out what is fake news.

  23. Georgie Porgie Avatar
    Georgie Porgie

    Gabriel December 22, 2017 at 4:48 PM #
    This fool cannot hold a light for President Obama.
    WHY SHOULD HE SIR? HE DONE SNUFF OUT SHITBAMA’S LEGACY/LIGHT ah lie?
    what the likkle buller struggled to do in 8 years…….the Donald has erased in a few months despite
    1- the fake news biased press
    2- the deep state hold over shitbama operatives
    3- the ever resisting democrats
    4- the never trumpers and RINO’S
    ah lie?

    sARGEANT
    RE None other that Tim Scott the GOP Senatah from NC. Tim should henceforth be named Tim “Window Dressing” Scott.

    YOUR COMMENT IS A GOOD MIRROR OF HOW WE NIGGERS TINK BOUT OTHER NIGGERS ah lie?

    IS IT NOT TRUE THAT THE SENATAH WAS DEEPLY INVOLVED IN THE PROCESS? DOES HE NOT THEREFORE DESERVE TO BE OUT FRONT LIKE EVABODY ELSE?

    AGAIN …YOUR COMMENT IS A GOOD MIRROR OF HOW WE NIGGERS TINK BOUT OTHER NIGGERS ah lie?
    NIGGERS ALWAYS LIKE TO PULL OTHER NIGGERS DOWN…ESPECIALLY BAJAN NIGGERS ah lie?
    BARE MOCK SPORT IN DE RUM SHOP

  24. Georgie Porgie Avatar
    Georgie Porgie

    RE Lying is a hallmark of the Trump era,

    GIVE THE MAN CREDIT……..HE HAS LEARNED WELL FROM SHITBAMA THE BULLER
    REMEMBER If you like your doctor………you can keep your doctor; If you like your plan………you can keep your plan.
    REMEMBER fast and furious?
    REMEMBER benghazi
    REMEMBER the IRS scandal
    REMEMBER the Uranium scandal
    REMEMBER the dossier scandal now being unearthed
    REMEMBER

    ah lie?

  25. Gabriel Avatar
    Gabriel

    And GP the biggest baddest nigger of them all on BU.Ah lie?

  26. Sargeant Avatar
    Sargeant

    @GP
    IS IT NOT TRUE THAT THE SENATAH WAS DEEPLY INVOLVED IN THE PROCESS? DOES HE NOT THEREFORE DESERVE TO BE OUT FRONT LIKE EVABODY ELSE?
    +++++++++++
    Was he? He didn’t show up at all the news conferences explaining the Bill before it was passed, Trump used him as “Window Dressing”. Speaking of how blacks treat other blacks, have you reviewed your past comments about blacks recently? Exhibit 1 -Obama

  27. Georgie Porgie Avatar
    Georgie Porgie

    GABRIEL YOU AINT LIE.
    BUT GP DOES TELL THE TRUTH
    THERE ARE TWO SIDES Ah lie?

  28. Dr. Simple "Riff-Raff" Simon Phd. Avatar
    Dr. Simple “Riff-Raff” Simon Phd.

    Dear GP:

    Have you taken your medicine today?

  29. Georgie Porgie Avatar
    Georgie Porgie

    RE have you reviewed your past comments about blacks recently? Exhibit 1 -Obama
    MOST CERTAINLY SIR. SHITAMA IS SHITE THAT IS THE TRUTH I CANT COVER THAT UP

    Was he? He didn’t show up at all the news conferences explaining the Bill before it was passed,
    I DID NOT SHOW UP AT NEWS CONFERENCES BEFORE THEY PUT THE DECISION TO RUN THE BARBADOS HEALTH SERVICES FROM THE POLYCLINICS EITHER. BUT IT WAS 100% MY IDEA ah lie?
    Trump used him as “Window Dressing”. that is your opinion. others know different. I myself saw him.

  30. Georgie Porgie Avatar
    Georgie Porgie

    re Have you taken your medicine today?
    NO I LEFT IT IN YOUR BED THIS MORNING WHEN I LEFT

  31. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @Sargeant, of course there will be no large scale swath of companies rewarding employees because of direct connection to the tax cut Act…nonetheless there will be much movement on the economy and Trump will claim all benefits from his action.

    Let’s be clear; Barack Obama tenure of his first year saw considerably more comparative economic growth than this first year by Trump…

    And that was made ‘easier’ because he came in on the back of a terrible economic slump…a near 10% unemployment rate as the best example.

    Trump came in on the back of the lowest unemployment in many years and it has continued to be solidly good.

    His tax cut and overall Republican business focused mantra has improved the general business/consumer tone and there is more spending now and will be in the future.

    Take nothing away from the Repubs because they have achieved many of their standard principles in this year DESPITE the utter buffoonery and bombastic behavior by the President.

    If he had any decorum about him whatever the landscape would not seem so desperate.

    Democrats can thank that buffoonery behaviour and folks like Bannon for their successes. They need to get their act together…obviously if they win the House or Senate in Nov. then Trump will be toast…as Obama was!

  32. Georgie Porgie Avatar
    Georgie Porgie

    Barack Hussein Obama, former President of the United States is lurking in the shadows off-stage throwing lies into the discourse thanks to the undying loyalty of major media.
    Mr. Obama is now claiming Mr. Trumps first year 3.0%+ growth in economic activity is due to Obama’s having saved America by setting the table for such growth. Pardon me while I vomit. Nothing could be further from the truth. In his eight years we did not see greater than 1% growth in business activity while the Obama Gang wrote thousands of restrictive regulations enforced by Greenazoid Bureaucrats in Mackinaws and moutaineering boots with clipboards and badges, the perfect nerds that got through high school without a single date, execute crimes against business, commerce, nature and man to advance the dream of international socialism.

    It was the coming of the Obama Presidency that caused the market collapse of 2008. Proof is in the record of our oldest, most august equity index: the Dow Jones Industrial Average, aka “DOW.” It includes 30 leading stocks, which change occasionally, as leaders come and go. The index tracks value and has long been an indicator of our business climate and often a predictor of things to come. It reliably reflects business and economic anticipations.

    In October 2007 the DOW was at 14,000 and the market value over 20 trillion Dollars. As the political season warmed up the DOW wobbled, as it often does before a national election, but on April 24, 2008 when John McCain was nominated the DOW went up (A).

    On June 4, 2008 when Mr. Obama was nominated the DOW dropped making a most dramatic decline at (B) in October as it became clear Mr. Obama was going to be President the market went into free fall (C) that lasted that bottomed at 6500 (D) with Mr. Obama’s inauguration having lost 6500 points or $9.2 trillion.

    Then Fed Chairman Ben Bernanki announced “Quantitative Easing,” a scheme to put more money into circulation. Normally to print money the Federal Reserve has to sell $100,000 “T-Bonds,” often to foreign investors to validate printing more paper certificates. This limits the money in circulation to the value of existing assets and prevents run-away inflation of the kind that destroyed Germany in 1923.

    TRENDING ON IPATRIOT
    The Left is so Afraid of President Trump’s Success, That They Have Become Completely “Unhinged”!
    The Mueller Witchhunt
    Democrat Surrealism
    Democrat Corruption Runs Deep in Federal Agencies
    Fed Chairman Bernanke went to work and the market ballooned, but from a flush of baseless money that appeared first in the equities markets having come from banks as they could invest in equities due to the elimination of the Glass-Steagal Act thanks to Ph.D. economist and Republican US Senator Phil Graham and Democrat Bill Clinton on the idea, “We don’t need that old law any more!” The Bernanke action inflated the equities markets inspiring people to jump in with real money and eventually it was back to over 13,000, but with notes that belonged on a Monopoly board and not in our economy! The amazing fact is that not one of the leading economists criticized this action! Or, if they did it was not published.

    “Quantitative Easing” violates the empirical principles of economics among them our Genesis Curve. a correction of the Laffer Curve. The elected ruling class knows of the Laffer Curve, the King’s Fifth and “Pharaoh’s one in five” of Genesis 47:24. These are educated people, but few know the historic basis of economics now as it is now taught in colleges by men who no longer want to teach truth, but control it.

    When the economy is taxed perfectly the government gets 18.3% of it instead of the 40%+ they take now in federal, state and local taxes. At 18.3% the nation thrives. If they tax more the economy shrinks; tax revenues decline and the government is relatively more powerful as more people are dependent on it. They enjoy greater awe, respect from fear and applause while basking in their power. The drug of power is an addiction far greater than any opiate and quickly acquired by a ruling class.

    Mr. Obama saw to the printing of trillions of Dollars of baseless Bernanke Bucks and Yellin Dollars during his Presidency. Sent to the banks to boost the economy they have done everything but because there was no basis for them. They are fiction; the economy is fact.

    For paper currency to work it has to represent something in the economy or in reserve. Where business people intuitively know the difference they have seen little reason to expand, and more to contract. There has been very little demand for business loans of any kind. Now Mr. Trump has come to re-light the lamp of the “American Dream!”

    This DOW chart is the story of the Obama economy and the crime he committed while in office. Let us pray Mr. Trump can put America on the right track, which we think is possible as we are only 4.5% of the world’s seven billion people and feeding many, but more are hungry. We could feed all if our technology and economic principles were allowed to freely operate everywhere, but the District of Columbia, aka “The Swamp” has not allowed that with people like Barack Hussein Obama. Let us hope and pray that Mr. Trump will have his way.

  33. Dr. Simple "Riff-Raff" Simon Phd. Avatar
    Dr. Simple “Riff-Raff” Simon Phd.

    @Georgie Porgie December 22, 2017 at 6:01 PM re Have you taken your medicine today?
    NO I LEFT IT IN YOUR BED THIS MORNING WHEN I LEFT”

    See if you can get the pharmacist to provide you with a temporary supply, until such time as you can get back here.

    I worry when I see you behaving funny like this.

  34. Gabriel Avatar
    Gabriel

    Trump the shameless has congratulated the Honduras president despite widespread discontent with the result.The OAS, the EU and members of Congress are all calling for a new vote.Honduras just happen to vote with trump at the UN yesterday.

    https://www.theguardian.com/world/2017/dec/22/us-recognizes-re-election-of-honduras-president-despite-calls-for-a-new-vote

  35. Georgie Porgie Avatar
    Georgie Porgie

    Dr. Simple “Riff-Raff” Simon Phd. December 22, 2017 at 6:28 PM #
    NO NEED TO WORRY SISTER
    MY BRAIN IS WORKING WELL
    I AM STILL AS SHARP AS A TACT

    GABRIEL

    TRUMP SHOULD TAKE THE US OUT OF THE UN AND PUT THE UN OUT OF THE US
    THE UN SERVES NO REAL USEFUL PURPOSE—IT IS JUST LIKE BU- A TALK SHOP!

    THE CAPITAL OF ISRAEL IS JERUSALEM
    TRUMP HAS THE RIGHT TO PUT THE US EMBASSY ANYWHERE HE LIKES

    IF I WAS TRUMP, I WOULD TALK LESS………AND JUST ACT!
    I WOULD NOT THREATEN ANYONE ………I WOULD JUST ACT AS I SEE FIT

    WUNNAH CAN TALK WUH WUNNAH LIKE BOUT HE……..BUT HE IS THE POTUS

    GOD PUT HE DEY AND HE WILL BE THERE TILL HE TIME UP OR GOD MOVE HE

    WHY DONT ALL WUNNAH BU PUNDITS MOVE FUMBLE?

  36. Gabriel Avatar
    Gabriel

    GP
    Why don’t you feed and house the millions in the mote and beam US of A first.According to this UN report you and trump look worse than Haiti.

    https://www.theguardian.com/world/2017/dec/15/extreme-poverty-america-un-special-monitor-report

  37. Georgie Porgie Avatar
    Georgie Porgie

    Germans Fear Huge Loss of Jobs from U.S. Tax Cuts

    by JOHN CARNEY21 Dec 20177,510

    German economists are warning that the tax overhaul bill that now awaits the signature of President Donald Trump will mean that “significant amounts of new investment and jobs will shift from Europe to the United States,” according to the German business news publication Handelsblatt.

    The United States has had a much higher tax rate for businesses than Germany and most of Europe. Under the tax reform bill, the corporate rate in the U.S. will fall to 21 percent, lower than the estimated 28.2 percent effective rate in Germany and close to the European average of 20.9 percent.

    “The tax competition will have a new dimension,” said Christoph Spengel, chairman of the corporate tax department at the University of Mannheim. Mr. Spengel, who is also a research associate at the Center for European Economic Research, and a group of tax experts at the university have done a detailed comparison of the two countries’ tax systems and published a report under the heading, “Germany loses out in US tax reform.”

    Clemens Fuest, who heads the Ifo economic think tank, also said he believed German business would suffer. “Investments and jobs will migrate to the US,” he said.

    The potential capital influx could be as high as $42.29 billion, or 39 billion euros, according to Handlesblatt.

    Gavin Ekins, a research economist at the Tax Foundation in Washington, argued that it is not only the tax rate that will make the US more attractive. He told Handelsblatt Global that in figuring out their “service cost,” a metric that measures the cost of capital, companies also have to consider local labor costs, regulatory burdens, and things like energy prices and the cost of land.The US has the advantage in almost every category, he noted, but until now firms were deterred by the high corporate tax.

    “Now you get a windfall for having capital in the US, so that causes investors to invest,” Mr. Ekins says. The change in the capital investment rules gives US firms “a tremendous advantage,” he said. “It’s a pro-capital formation tax bill and this is why other countries are so wary about what the investment landscape will look like.”

    Using direct investment figures from the period 2008-2012, the German specialists calculated that the value of German foreign direct investment in the US could rise by €39 billion with the tax reform. It said US direct investment in Germany would also rise, but by a much smaller amount: €6.3 billion.

    Handlesblatt’s reporting highlights the shallowness of much of the U.S. media’s coverage of the tax bill, which has focused on claims that U.S. corporations are likely to use much of the windfall from tax cuts to pay dividends and buy back shares.

  38. Georgie Porgie Avatar
    Georgie Porgie

    GP
    Why don’t you feed and house the millions in the mote and beam US of A first.According to this UN report you and trump look worse than Haiti.

    SKIPPA
    I AM A RETIRED DR AND MED SCHOOL TEACHER, NOT A POLITICIAN

    RE you and trump look worse than Haiti.
    WHY ME SUH? I HAVE NO POLITICAL OFFICE OR POWER………AND TRUMP JUST COME
    HE CANT DO EVA TING IN I YEAR THAT SHITBAMA COULD NOT DO IN 8 YEARS.
    WUH SHITBAMA AINT EVEN DO ANYTHING FOR THE NIGGERS IN CHICAGO AND ILLINOIS, FAR LESS THOSE IN OTHER PARTS OF THE USA

    CERTAINLY YOU CAN DO BETTER THAN THIS GABRIEL. RUN UP AND TRY AGAIN SUH

    WHAT I WOULD LIKE TRUMP TO DO IS GIVE ME A WUK TO CAUSE MAYHEM IN THE OFFSHORE CARRIBEAN MEDICAL SCHOOLS

  39. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @Sargeant, of course “Lying is a hallmark of the Trump era”…And several of his appointees and his devout supporters appear to accept it as a fundamentally ‘honorable’ thing to mimic his blatant lies…as was seen with his appointee the former congressman in The Netherlands.

    Wether him or bloggers on BU who support the Trump mode of business they all have no problem misrepresenting details to make their point. Equating Obama’s lies to those of the Trump is one such ridiculous misrepresentation.

    Clearly ALL politicians lie… We see that right here with Stuart, Mia et al. And we surely saw it with Obama.

    BUT Trump is disgustingly sparse with the truth to a level never seen before in public political life. He fabricates 100 times MORE than the former president!

    https://www.nytimes.com/interactive/2017/12/14/opinion/sunday/trump-lies-obama-who-is-worse.html

    “In his first 10 months in office, he has told 103 separate untruths, many of them repeatedly. Obama told 18 over his entire eight-year tenure. That’s an average of about two a year for Obama and about 124 a year for Trump.”

    ….

    “We have used the word “lies” again here, as we did in our original piece. If anything, though, the word is unfair to Obama and Bush. When they became aware that they had been saying something untrue, they stopped doing it. Obama didn’t continue to claim that all Americans would be able to keep their existing health insurance under Obamacare, for example, and Bush changed the way he spoke about Iraq’s weapons capability.

    “Trump is different. When he is caught lying, he will often try to discredit people telling the truth, be they judges, scientists, F.B.I. or C.I.A. officials, journalists or members of Congress. Trump is trying to make truth IRRELEVANT (my emphasis). It is extremely damaging to democracy, and it’s not an accident. It’s core to his political strategy.”

  40. TheGazer Avatar
    TheGazer

    Trump is a distraction. Session is the fury..

    https://www.commondreams.org/news/2017/12/22/horrifying-step-backwards-sessions-retracts-guidance-designed-end-abuse-poor-courts

    Hope these black Trump lovers are always traveling with their ‘white’ spouses…

  41. Georgie Porgie Avatar
    Georgie Porgie

    RE Hope these black Trump lovers are always traveling with their ‘white’ spouses…
    THEY WOULD BE STUPID NOT TO
    RE Obama didn’t continue to claim that all Americans would be able to keep their existing health insurance under Obamacare
    HE COULD NOT CAUSE VERY VERY FEW WERE ABLE TO KEEP THEIR DOCTORS OR THEIR INSURANCE
    THE NEW YORK TIMES IS ONE OF THE GREATEST PURVEYORS OF FAKE NEWS AND LIES

  42. Gabriel Avatar
    Gabriel

    Sessions another lying greasy faced sick southern swine.

  43. Georgie Porgie Avatar
    Georgie Porgie

    GABRIEL
    RE “sick southern swine” GOOD ALLITERATION!

  44. nineofnine Avatar
    nineofnine

    Ask yourselves who are those “people” that the UN allowed to occupy Israel in 1948 by “creating” the State of Israel, what is Tel Aviv.

    The said UN recognized / adopted a Partition Plan for Palestine recommending the creation of independent Arab and Jewish states and an internationalized Jerusalem , why now a vote on Jerusalem?

    Mockery… we watched the UN security council sat on their laurels while Israeli forces literally committed heinous acts against an unarmed people, nothing short of an ethnic cleansing exercise for want of expansion and occupation of their 8 million people and growing in a little 2×4 state. or
    Is the UN giving Israel the right of way to escalate their expansion agenda?

    What if moving the embassy to Jerusalem is strategic for the protection from further bloodshed of innocent women and children, or the further expansion and occupation of the occupiers of Israel which is PROCLAIMING Jerusalem to be their capital, although the State of Israel is defined by its borders and neighbors including Gaza and the West Bank to the east and west respectively.

    Question yourselves on what could it be of such an underlying importance that would commit large nations an International bodies to facilitate the occupiers of Israel.

    What connection do they have with Antarctica.

    Less we forget…https://youtu.be/NANqcKIrbV0

  45. Thomas Lynley Avatar
    Thomas Lynley

    @ BU

    I thought this tread was about deficiencies in auditing and effects on businesses?

    Why are contributors and BU allowing John to HIJACK every tread to talk about what he wants to discuss?

    And why respond to an abusive narcissistic individual for him to spew insults at everyone here?

  46. de pedantic Dribbler Avatar
    de pedantic Dribbler

    Amazing that we can pick and choose WHEN to approve or disapprove the bona fides of established media.

    If the NYT or Washington Post or Guardian or WSJ for that matter can be tarnished as “THE NEW YORK TIMES IS ONE OF THE GREATEST PURVEYORS OF FAKE NEWS AND LIES” then what does that say about the veracity of unproven and clearly biased new media operators like Breitbart.com or IPATRIOT.com.

    To demean an old war-horse like the NYT which has – like all of us – made grave errors in its reporting but always published corrections when called out and offer the verdicts of those right wing imbalanced media houses who are ‘never’ wrong as validators is the epitome of ‘fake news’ and disingenuous.

    The NYT is an editorially more liberal paper and that’s clear and as such they will offer opinions with that slant…HOWEVER they offer their NEWS factually as balanced analysis.

    It is truly wondrous to glean from iPatriots’ OPINIONS masquerading as FACTS above viz “It was the coming of the Obama Presidency that caused the market collapse of 2008. Proof is in the record of our oldest, most august equity index: the Dow Jones Industrial Average…”

    He is basically suggesting that the Wall St financiers were so shell shocked that the Democrat Obama was taking office that they just simply sold off stocks, tanking the market….
    And that Obama was somehow responsible for the fragile Housing derivatives market and his assent to Presidency caused the house of cards to come crashing down and take the US and world markets into recession.

    This absolutely ‘first class’ financial analysis…is acceptable as valid and balanced over other venerable sources that offer very different opinions!

    Reality check! Despite the lowly 2% avg annual growth over the eight years of Obama:

    –1)the economy produced 75 consecutive months of job growth .
    –2) Unemployment was reduced to around 5% from 10%. In fact at the end of his tenure the Obama admin had overseen MORE job growth than seen under Pres Bush before him.

    Further FACT: Obama’s first year point (up to September) saw 100,000 MORE jobs that the same point for THIS president!

    Trump and his team can take a bow for the high public sentiment and the continued fall in unemployment to decade lows. Absolutely awesome. …But moving from 10% unemployment to 4.3% as Obama did over 8 years is a much more profound story than moving moving from 4.9% to the current 4.1%.

    Obama’s tenure was certainly not all milk and honey but facts are facts and lies and BS are nonsense.

    Unfurl the simple FACTS of the Obama failures and let’s deal with Trump’s just as clearly. Cut the BS !

  47. Hal Austin Avatar
    Hal Austin

    de pedantic Dribbler December 23, 2017 at 5:26 AM #

    Apart from buying the New York Times, have you ever formally studied journalism? It is just that your confidence in the professionalism of the New York Times is amazing.

  48. David Avatar
    David

    Part of the problem is that people discuss what they feel comfortable. Despite being well educated Barbadians are financially illiterate. Then we have the commenters who devalue the forum for there narrow and selfish reasons. Advice to you – post your comments and leave it to the blog master to intervene at the appropriate time.

  49. Gabriel Avatar
    Gabriel

    DPD
    I am sure others do as I. Omit the crap posted by the two biased fools on this thread but give an alternate view that’s closer to reality and by various independent but reliable sources.

  50. John Avatar
    John

    Thomas Lynley December 23, 2017 at 2:39 AM #
    @ BU
    I thought this tread was about deficiencies in auditing and effects on businesses?
    Why are contributors and BU allowing John to HIJACK every tread to talk about what he wants to discuss?
    +++++++++++++++++++++++++++++++

    I was off topic … kind of,

    However, the vote in the UN was on my mind and I did debate myself before launching.

    Here is why I say “kind of”.

    PwC and others like it survive only because of protection from the powers that be … Governments, highly placed individuals.

    The powers that be give us the sewage mess, the water mess, the economic mess, the IMF mess … and just mess in general.

    PwC is a mess!!

    The vote at the UN is a mess.

    CLICO is a mess … could have gone on about CLICO as I am known to do.

    There is a thread that runs through all the messes.

    The UN mess is just one more way of expressing disgust at the existence of that thread.

    …. and now we have the IMF saying the FSC needs overhaul … another mess.

    PwC and Sagicor ….. another mess in the making perhaps??

    The blog begins “Clearly the confidence of the public in financial institutions …..”

    It isn’t only the public’s confidence in financial institutions that’s at stake here!!!!

    In fact, I would suggest that many members of the public don’t give a damn about PwC but they instinctively know they have a problem with the “powers that be”!!

    PwC is a front.

    “Ephesians 6:12 King James Version (KJV)
    12 For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.”

    … and the verses go on … worth checking them out!!!

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