UK reporters doing our job. Again.

Unbelievable. Yet another story that you'll hear little about from our "liberal media": Bank of America setting up a UK tax shelter through which Bush donors laundered billions of dollars-- thereby avoiding hundreds of millions of dollars in tax revenue that could have done nice things like, say, pay for medical treatment for our veterans, instead of cutting their funding. But that's the sort of go-getting capitalism the new GOP loves. Veterans can just take Cheney's advice and "go fuck themselves."

From the Independent:

The Manhattan District Attorney, the Securities and Exchange Commission (SEC) and the US Internal Revenue Service (IRS) are jointly probing a tax-shelter plan run out of the Isle of Man.

The scheme, devised by one of America's biggest banks and used by two billionaire donors to George Bush's election campaign among others, is being probed for possible breaches of securities and anti-money-laundering rules.

The investigating bodies believed that up to $100m (£55m) of tax was saved through one scheme alone, and as much as $700m in taxes may have been avoided over an 11-year period. The scheme involved executives and corporations handing over stock to trusts that they declared they neither owned nor controlled. When the options were cashed in, no tax was payable. However, the IRS changed the rules in 2003 to say that tax should be paid anyway.

In the previous 11 years, tax schemes were marketed by Bank of America to at least 42 corporations.