"It May Be the Biggest Tax Heist Ever. And Europe Wants Justice." NYT 1/23/2020:
Martin Shields and Paul Mora met in 2004, at the London office of Merrill Lynch. […]
Today, the men stand accused of participating in what Le Monde has called “the robbery of the century,” and what one academic declared “the biggest tax theft in the history of Europe.” From 2006 to 2011, these two and hundreds of bankers, lawyers and investors made off with a staggering $60 billion, all of it siphoned from the state coffers of European countries.
The scheme was built around “cum-ex trading” (from the Latin for “with-without”): a monetary maneuver to avoid double taxation of investment profits that plays out like high finance’s answer to a David Copperfield stage illusion. Through careful timing, and the coordination of a dozen different transactions, cum-ex trades produced two refunds for dividend tax paid on one basket of stocks.
One basket of stocks. Abracadabra. Two refunds.
You can learn more about this from the source at cumex-files.com. But since this is Language Log rather than Evil Bankers Log, I'm going to focus on the claim that "cum-ex" is from the Latin for "with-without".
Read the rest of this entry »