Lawfirm that contributed to chimp involved in tax fraud (DOJ won't prosecute)

[rainbow4321]

http://www.dallasnews.com/sharedcontent/dws/bus/stories/033007dnbusjenkens.897afb.html


Jenkens & Gilchrist, once the largest law firm in Dallas, has admitted promoting fraudulent tax shelters and will pay the Internal Revenue Service $76 million and go out of business, the IRS and the U.S. attorney in New York announced Thursday.

Dallas-based Jenkens – which at its peak in 2001 had more than 600 lawyers, including 263 here – will cease operations as a law firm on Saturday, although it will continue as a legal entity while it wraps up its affairs.

U.S. Attorney Michael J. Garcia said the Justice Department has agreed not to prosecute the firm in exchange for its "acceptance of responsibility for developing and marketing fraudulent tax shelters" and its agreement to cooperate as the investigation into the tax shelters continues. The deal doesn't protect any individuals at Jenkens connected to the tax shelters.

"Jenkens & Gilchrist lawyers designed, sold, implemented and provided legal opinions for illegal tax shelters. These fraudulent cookie-cutter shelters purported to generate well over a billion dollars in tax losses and eliminate hundreds of millions of dollars in taxes owed by wealthy clients," Mr. Garcia said.

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http://www.everyvotematters.com/boycott/jjj.html

Jenkens & Gilchrist
Jenkens & Gilchrist was the number 15 contributor to the Bush 2000 presidential campaign ($105,450). Jenkens & Gilchrist is a Texas-based law firm. They got around the federal $1,000 limit on individual contributions by “bundling” contributions supposedly from employees

[Rage for Order]

1. I saw that today as well

My first reaction was "Why isn't anyone going to be prosecuted for this???". Then I read this part from the article: " The deal doesn't protect any individuals at Jenkens connected to the tax shelters." Of course, it remains to be seen as to whether any individuals are pursued. I won't be holding my breath.

[muntrv]

2. Again IOKIYAR.

[Kagemusha]

3. Um pardon me but, why prosecute if the company's drinking corporate hemlock?

It's going out of business. The corporate death penalty. Uncontested. Without the cost of a trial, the public purse gets $76 million and the DoJ gets cooperation from the firm while it goes on death row, with no protection for individuals working for the company.

Your problem with this is what exactly?

[hobbit709]

5. If you break the law

and promise not to do it again what do you think will happen to you?

[Kagemusha]

6. Nothing, if I'm dead!

In America the dead are not prosecuted.

[TahitiNut]

7. So, the trick is to rob banks wearing a corporate uniform ... then dissovle the corporation?

Neat trick. :eyes:

"Incorporated" means never having to say you're sorry (or do time), huh?

[Kagemusha]

8. You don't do any time if the guards shoot you.

You just die.

What the hell is so hard to understand here? If there was something in this agreement which keeps INDIVIDUALS from doing hard time in Club Fed, I might have a problem with it. There explicitly is no such thing. Corporations do not serve prison time. Human beings do. I did not think these were things that needed to be said with a straight face. But wonders never cease...

Edit: Don't do any time either if after the robbery, you just shoot yourself in the head, fatally. I don't want to be too indirect for the point to be missed. The corp's committing public suicide. A lot of people say legalizing revoking corporate charters should be a prosecution tool against corps. Yeah well.. this one's doing it voluntarily. What more is there here?

[HCE SuiGeneris]

4. More shit shoveled on top of the tax payer n/t