Monday, August 31, 2009
Saturday, August 29, 2009
NIT-R signs MoU with Atomic Energy department- Education-Services-News By Industry-News-The Economic Times
Friday, August 28, 2009
Thursday, August 27, 2009
UBS scandal may ensnare Phil Gramm by Robert Scheer
Abstract (Summary)
Then UBS itself ran into big trouble because of $37 billion in bad mortgage debt made possible by derivatives market deregulation engineered by then-Sen. [Phil Gramm]. U.S. taxpayers have had to pony up money to heal UBS' self-inflicted wound. But the bank's involvement with tens of thousands of secret accounts tied to allegations of tax evasion raises starker issues - of possible criminal fraud through practices that Gramm as a senator helped keep opaque.
In his last years in the Senate, Gramm succeeded in blocking legislation that, as The New York Times editorialized, would have made it easier "to crack down on offshore tax havens" and "would have expanded rules that require banks to find out more about individuals and foreign jurisdictions they are dealing with." The Times noted, "The legislation won bipartisan support but was blocked by Senator Gramm of Texas, a foe of government regulation."
In agreeing in a U.S. district court last week to plead guilty, Los Angeles businessman John McCarthy disclosed how UBS facilitated his defrauding of the U.S. government through secret offshore accounts set up by the bank. "While banking with UBS Cayman Islands, the defendant was advised by UBS representatives that a lot of United States' clients don't report their income and just take it off the top," according to the court filing. Now that the Swiss-based bank has agreed to turn over the names of upward of 10,000 secret account holders, the arraignment of those charged with breaking U.S. tax laws could extend very high into the ranks of the affluent.
Full Text(785 words) |
IN recent days, yet another wealthy private customer of the Swiss-based banking conglomerate UBS admitted to criminal fraud in a growing parade of perp walks that could extend into the thousands.
It is a case that threatens to ensnare former Sen. Phil Gramm, the Texas Republican who is vice chairman of UBS' investment banking business. Given the widespread involvement of UBS in what the Justice Department alleges were systematic efforts to violate U.S. tax laws, it must be asked: Did Gramm as a top executive have no inkling about what was going on?
Perhaps, but for Gramm this has to be a moment that at the very least tests his ideological commitment to the radical deregulation of banking that he championed during his 24 years in Congress. He joined UBS soon after the bank acquired Enron, a company that had gone bankrupt after jumping through the "Enron loophole" in the Commodity Futures Modernization Act, which Gramm had pushed though Congress.
Gramm's wife, Wendy, had been an Enron board member and head of its audit committee but failed to sound the alarm before the Houston-based company collapsed.
Then UBS itself ran into big trouble because of $37 billion in bad mortgage debt made possible by derivatives market deregulation engineered by then-Sen. Gramm. U.S. taxpayers have had to pony up money to heal UBS' self-inflicted wound. But the bank's involvement with tens of thousands of secret accounts tied to allegations of tax evasion raises starker issues - of possible criminal fraud through practices that Gramm as a senator helped keep opaque.
In his last years in the Senate, Gramm succeeded in blocking legislation that, as The New York Times editorialized, would have made it easier "to crack down on offshore tax havens" and "would have expanded rules that require banks to find out more about individuals and foreign jurisdictions they are dealing with." The Times noted, "The legislation won bipartisan support but was blocked by Senator Gramm of Texas, a foe of government regulation."
Following that victory, Gramm stepped into a top position at UBS, stating: "It will provide me with an opportunity to practice what I've always preached. ... I have a strange combination of experiences that a lot of people don't have ... knowledge of economics, a knowledge of government policy."
Given that knowledge, it is legitimate to ask just how Gramm could have been unaware of the extensive efforts of his new employer, UBS, to thwart the IRS. In court cases involving UBS over the past year, witnesses have provided extensive details of the bank's alleged practices in abetting tax avoidance.
As The Wall Street Journal said of the federal government's campaign against UBS clients evading U.S. tax laws, "(P)lea agreements ... are providing a clearer picture of UBS's sophisticated efforts to help Americans hide income or the existence of foreign bank accounts."
In agreeing in a U.S. district court last week to plead guilty, Los Angeles businessman John McCarthy disclosed how UBS facilitated his defrauding of the U.S. government through secret offshore accounts set up by the bank. "While banking with UBS Cayman Islands, the defendant was advised by UBS representatives that a lot of United States' clients don't report their income and just take it off the top," according to the court filing. Now that the Swiss-based bank has agreed to turn over the names of upward of 10,000 secret account holders, the arraignment of those charged with breaking U.S. tax laws could extend very high into the ranks of the affluent.
As The Wall Street Journal reported, "The U.S. crackdown on clients of UBS AG is widening into a global hunt, with the government detailing in court documents how the Swiss bank and outside advisers helped Americans hide money using enterprises set up in Hong Kong."
Was Gramm truly unaware of the widespread efforts at UBS to defraud the U.S. Treasury? Did extreme ideologically driven naivete lead him to believe that the bank would never engage in such chicanery? In the past, he was the first to deny any hint of business naivete and indeed defended his being hired by a bank that benefited from his legislation. Deflecting any suggestion of a conflict of interests, Gramm told a reporter: "You know, there is something to be said for not hiring people who just came in off a turnip truck. I have always believed that when I left the Senate that I would go into financial services as something that I know something about."
Well, what exactly did he know about those offshore tax shelters that caused a revenue shortfall of at least $100 billion, which honest taxpayers have to make up?
rscheer@truthdig.com.
Robert Scheer is a syndicated columnist with Creators Syndicate.
U.S. indicts 2 Swiss men over tax evasion; US Accuses 2 Swiss men of assisting tax evasion
Abstract (Summary)
The indictment, filed Thursday in U.S. District Court in Fort Lauderdale, Florida, charged Hansruedi Schumacher, a director at NZB Neue Zurcher Bank of Zurich, and Matthias W. Rickenbach, a Swiss lawyer, with one count each of conspiring to defraud the United States. It was filed a day after the giant Swiss bank UBS said that it had agreed to disclose the names of 4,450 American clients and account details, and it indicated that the American authorities were starting to pursue smaller players who might have helped Americans hide money. Smaller Swiss banks have expressed confidence that they could continue to work with American clients and find new ways to protect their privacy.
A Justice Department statement said the two men "helped their clients obtain offshore credit cards and created sham loan documents." It said they "falsified bank documents to generate the appearance that assets of their U.S. clients belonged to Swiss citizens, and they falsified documents to disguise their United States clients' repatriation of offshore funds as inheritances from foreign citizens."
The indictment said that Mr. Schumacher and Mr. Rickenbach paid $45,000 to a "high-ranking Swiss government official" in 2008 to learn whether Mr. [Jeffrey P. Chernick], their client, was on a list of 285 names to be disclosed to the American authorities in February in a broad settlement with UBS. Mr. Chernick paid the fee.
Full Text(741 words) |
A private banking executive and a lawyer are accused of providing tax evasion services sold to wealthy clients, opening a new front in Washington's crackdown on Swiss banking secrecy.
The U.S. Justice Department has indicted a Swiss private banking executive and a Swiss lawyer, accusing them of selling tax evasion services to wealthy clients. The move opens a new front in Washington's challenge to Switzerland's tradition of bank secrecy.
The indictment, filed Thursday in U.S. District Court in Fort Lauderdale, Florida, charged Hansruedi Schumacher, a director at NZB Neue Zurcher Bank of Zurich, and Matthias W. Rickenbach, a Swiss lawyer, with one count each of conspiring to defraud the United States. It was filed a day after the giant Swiss bank UBS said that it had agreed to disclose the names of 4,450 American clients and account details, and it indicated that the American authorities were starting to pursue smaller players who might have helped Americans hide money. Smaller Swiss banks have expressed confidence that they could continue to work with American clients and find new ways to protect their privacy.
"These conspiracy charges show that Justice is widening the net beyond UBS to include other banks, and that it is also going beyond individual account holders to the professionals who assist them," said Lee Sheppard, a tax lawyer in New York and a writer for Tax Analysts, a trade publication.
Mr. Schumacher is a former top private banker for UBS who left around 2002 to establish and oversee NZB's private banking operations. He worked at NZB until at least last month, the indictment said. Mr. Rickenbach is a partner of the Rickenbach & Partner law firm, with offices in Zurich and Geneva.
A Justice Department statement said the two men "helped their clients obtain offshore credit cards and created sham loan documents." It said they "falsified bank documents to generate the appearance that assets of their U.S. clients belonged to Swiss citizens, and they falsified documents to disguise their United States clients' repatriation of offshore funds as inheritances from foreign citizens."
The statement said the defendants told clients "that their assets and identification would be safer at NZB because they had no presence in the United States" and were "less likely to be pressured by the American authorities to disclose the identities of their United States clients."
The American authorities appear to be widening their attack on Swiss banking secrecy. Switzerland is the world's largest repository of hidden wealth, estimated to hold nearly one-third of the $7 trillion in assets that are believed to be held offshore. Charges filed this summer against two American UBS clients, Jeffrey P. Chernick and John McCarthy, included references to their dealings with Mr. Schumacher, Mr. Rickenbach and NZB, but did not name them.
The new indictment charges the two Swiss men with helping Mr. McCarthy evade taxes, in part through entities in Hong Kong linked to his UBS account.
Around 2007, the complaint says, Mr. Rickenbach's father hand-carried $5,000 to New York to deliver to an unidentified client, illustrating one way that the Swiss lawyer surreptitiously moved money across borders.
NZB was established in 2000 by former senior executives from Bank Julius Bar, a prominent Swiss private bank. Over 2007 and 2008, Sarasin Group, another Swiss private bank, acquired a 40 percent stake in NZB, while NZB employees own the rest.
The indictment Thursday said that Mr. Schumacher, who was referred to but not identified by name in the Chernick papers, was a former manager of UBS's cross-border private banking division, the unit under scrutiny for having helped Americans evade taxes.
Mr. Schumacher left UBS around 2002 to join NZB and help clients of UBS and other firms to evade taxes, according to the charges against him.
The indictment said that Mr. Schumacher and Mr. Rickenbach paid $45,000 to a "high-ranking Swiss government official" in 2008 to learn whether Mr. Chernick, their client, was on a list of 285 names to be disclosed to the American authorities in February in a broad settlement with UBS. Mr. Chernick paid the fee.
Mr. Schumacher, the Chernick filing said, told Mr. Chernick that because the smaller bank had not entered into a special disclosure program with the Internal Revenue Service, the U.S. tax collection agency, it would be subject to less scrutiny by U.S. tax officials than UBS.
Douglas Shulman, the I.R.S. commissioner, said Wednesday that the agency was looking at other banks and intermediaries in Switzerland.
Xinhua News Agency: Swiss bank shatters Indian dream of getting info on black money stashed abroad
Abstract (Summary)
NEW DELHI, Aug. 24 (Xinhua) -- India's hope to acquire information on Indian black money stashed away in Swiss banks has finally shattered, with the latter refusing on Sunday to reveal any details, saying that "Swiss law and tax model convention don't permit name-fishing expedition" by a third country.
Political scientist Prof S.K. Gupta: "This is it. The long- awaited hope doesn't exist now, not at all. A study conducted by a professor of Indian Institute of Science in Bangalore has revealed that 56 percent of the black money deposited in Swiss Bank belongs to our Indians. The amount is approximately estimated to be 74,600 billion rupees (around 1,500 billion U.S. dollars). All these moneys are believed to belong to people who earned by indulging in corruptions. Swiss banks won't betray clients by breaching secrecy contract to lose business."
Full Text(588 words) |
Roundup: Swiss bank shatters Indian dream of getting info on black money stashed abroad
NEW DELHI, Aug. 24 (Xinhua) -- India's hope to acquire information on Indian black money stashed away in Swiss banks has finally shattered, with the latter refusing on Sunday to reveal any details, saying that "Swiss law and tax model convention don't permit name-fishing expedition" by a third country.
The blow to India came barely a week after Swiss banking giant UBS AG turned over details of 4,450 secret accounts to the United States, under an agreement agreed upon by the two.
The refusal by UBS AG has literally shattered Indian government 's commitment to unearthing black money outside the country -- an issue that had raised much political heat during the general elections with the Opposition BJP making it a major poll plank, said political analysts.
"The Swiss banks have thrown waters on Indian aspirations. India is not United States. All these commitments before and after the general elections prove to be hollow now," said political analyst Professor Ajay Singh.
The Indian government was assuring the country something that is close to impossible. Why would the Swiss banks break their secrecy shield for India. The banking business thrives there on black money. In the United States, UBS got into a major financial problem and they agreed to divulge names only to get out of it," he added.
In fact, Indian Finance Minister Pranab Mukherjee recently said in Parliament that the government initiated a dialogue with Swiss authorities to obtain details on Indian black money stashed away in Swiss banks.
"Swiss authorities, I am told, have agreed for negotiations (on the issue)... We have already taken it (the issue of black money) not only with Swiss authorities but other nations as well," said Mukherjee, after the ruling Congress-led United Progressive Alliance government came to power for the second time in a row.
Mukherjee, at the same time, had also said that the government has no plans to bring in a new amnesty scheme for tax evaders, pointing out that in the past there have been complaints that the government was penalizing the honest tax payer as in every such scheme the normal rate of tax was reduced.
But, a top official at Swiss Bankers Association from Basel told an Indian news agency on Sunday: "Swiss law and even Organization for Economic Cooperation and Development's Model Tax Convention don't permit fishing expeditions, in other words, the indiscriminate trawling through bank accounts in the hope of finding something interesting. This means that India cannot simply throw its telephone book at Switzerland and ask if any of these people have a bank account here."
Political scientist Prof S.K. Gupta: "This is it. The long- awaited hope doesn't exist now, not at all. A study conducted by a professor of Indian Institute of Science in Bangalore has revealed that 56 percent of the black money deposited in Swiss Bank belongs to our Indians. The amount is approximately estimated to be 74,600 billion rupees (around 1,500 billion U.S. dollars). All these moneys are believed to belong to people who earned by indulging in corruptions. Swiss banks won't betray clients by breaching secrecy contract to lose business."
Political science teacher Professor R.K. Choudhury said: "India has 1.4 trillion U.S. dollars more money in Swiss banks than rest of the world combined. Some 80,000 Indians travel to Switzerland every year, of whom 25,000 travel very frequently. Obviously, these people are not tourists. They must be travelling there for some other reason.
S. F. Chronicle:Swiss bank gives up cheats
Abstract (Summary)
Governments in the United States and Switzerland have reached a deal to disclose the identities of thousands of account holders who have been using the Swiss bank to evade taxes.
Full Text(337 words) |
Swiss banks are seeing their much-vaunted privacy crumble, and it can't happen fast enough for the deficit-ridden United States. Governments in the United States and Switzerland have reached a deal to disclose the identities of thousands of account holders who have been using the Swiss bank to evade taxes.
This is good news, both for average Americans (who, after all the bank bailouts, have every reason to feel that the rich get treated differently) and the U.S. Treasury. Sources report that these accounts, with Swiss bank UBS, hold more than $10 billion.
To Americans, the fact that UBS was able to hide this money for so long is reprehensible. But UBS (which is only one bank of many) was enabled by Swiss banking law, which prizes secrecy over all else. That's why the Swiss government got involved in the proceedings - and that's why the settlement that was eventually negotiated will allow Swiss tax authorities, not American ones, to root out evaders. This means that the U.S. Treasury will only receive a fraction (4,450) of the clients it suspects of holding tax-evading accounts (52,000).
This also means that plenty of wealthy UBS clients might choose to stay quiet, rather than coming forward voluntarily to the IRS. Why not? Coming forward means you have to pay lots of taxes and penalties, and it also means that other creditors and interested parties (like ex-wives) will discover exactly what you have. Sitting tight keeps all of that information under wraps - unless you're one of the unlucky few that even Swiss authorities are willing to rat out.
This sorry state of affairs means that it's incumbent on the IRS, the U.S. Treasury, and Congress to keep up the pressure on tax cheats, wherever they may hide. Switzerland is a great place for American tax officials to start hunting. But how about a trip to the Cayman Islands, Bermuda or Hong Kong? When it comes to hiding money, tax dodgers will travel the world.
[Illustration] |
Caption: Charles Trainor Jr. / Associated Pres |
The Wall Street Journal: SAT Scores Fall as Gap Widens; Asians Gain
Abstract (Summary)
In math they scored an average of 587 -- 72 points better than the general population. Since 2008, their average math score has climbed six points.
Full Text(851 words) |
High-school students' performance last year on the SAT college-entrance exam fell slightly, and the score gap generally widened between lower-performing minority groups and white and Asian-American students, raising questions about the effectiveness of national education reform efforts.
Average scores for the class of 2009 in critical reading dropped to 501 from 502, in writing to 493 from 494 and held steady in math, at 515. The combined scores are the lowest this decade and reflect stalled performance over the past three years. The reading scores are the worst since 1994.
Many observers Tuesday viewed the flat results of recent years as discouraging in light of a more than 25-year effort to improve U.S. education. "This is a nearly unrelenting tale of woe and disappointment," said Chester E. Finn Jr., president of the Thomas B. Fordham Institute, a Washington, D.C., think tank. "If there's any good news here, I can't find it."
Mr. Finn, a former education official in the Reagan administration, said he expected the results of the SAT and ACT -- another college entrance exam -- to add fuel to a movement among the nation's governors and school superintendents to come up with consistent national standards for high-school curricula.
The SAT scores -- which range from 200 to 800 -- are closely watched because the standardized test measures the achievement of America's top high-school students. It is the most widely administered college-entrance exam.
The fresh data are sure to figure into the debate over President Barack Obama's education agenda and potential changes to the federal No Child Left Behind law, which is up for renewal in Congress.
In the class of 2009, African-American students received an average critical reading score of 429, or 72 points below the general population. Math scores had a similar gap. Hispanic students' scores also lagged but not by as much.
Asian-American students showed the most dramatic gains. In math they scored an average of 587 -- 72 points better than the general population. Since 2008, their average math score has climbed six points.
The results come a week after the disclosure that only a quarter of 2009 high-school graduates who took the ACT, the other main college entrance exam, had the skills to succeed in college.
Gaston Caperton, president of the College Board, the New York-based nonprofit that oversees the SAT, stressed what he considered the good news in Tuesday's data: the growing and diverse number of students taking the exam.
A record 1.53 million students took the exam in 2009. About 40% were minority students, up from 29% in 1999. Education analysts said scores would be expected to drop as more students take the test, so College Board officials interpreted the stability in scores as encouraging.
Noting the gap in achievement between lower-performing minority students and the general population, College Board officials said those who lagged tended to go to school in poorer districts with fewer resources. "As a country, we must do better providing students of every background access to the best education," Mr. Caperton said.
College Board officials said that Asian-American students appeared to do better at all income levels. Officials said that was because they tend to take more Advanced Placement and other rigorous courses, and their families place a strong value on success in education.
Though no timetable has been set, Congress is expected to revisit President George W. Bush's No Child Left Behind law, which took effect in 2002 and mandates that all students be proficient on state tests in reading and math by 2014. It requires that all schools show steady progress toward meeting that goal or face sanctions. The law is aimed especially at boosting the achievement of minorities.
Mr. Obama has made college-readiness a major focus of his own education agenda, and the recent college-entrance results show the challenge of that task.
Critics of No Child Left Behind, including parents and teachers' unions, have noted that much-touted gains on state tests often aren't mirrored on national exams, such as the SAT. U.S. schoolchildren also lag top-performing Asian countries on an international assessment of math achievement.
"You can't look at these results and say that NCLB has been an enormous success," says Jack Jennings, president of the Center on Education Policy, a nonpartisan research organization in Washington. "The bottom line is the country is changing dramatically. Unless minority kids are educated better, we are going to be in trouble because pretty soon they are going to be the majority."
Russ Whitehurst, a former top education official in Mr. Bush's administration, noted that NCLB focuses more on early grades and wasn't designed to have a huge impact on high school. The SAT scores echo other national tests that have found improvement in early grades that don't translate into high school, he said.
Mr. Whitehurst, a senior fellow and director of the Brown Center on Education Policy at the Brookings Institution, a Washington think tank, says the U.S. has done "a decent job" educating the fast-growing population of Hispanic families. But he says the SAT results show a need to improve writing and reading instruction.
Credit: By John Hechinger
Wednesday, August 26, 2009
Tuesday, August 25, 2009
Monday, August 24, 2009
Sunday, August 23, 2009
Saturday, August 22, 2009
Thursday, August 20, 2009
Monday, August 17, 2009
Summer Research Programs for 3rd year by Vijay Kumar 2009
Sun Aug 16, 2009 8:04 pm (PDT)
Dear all,
I am posting the links of various summer research
program for which 3rd people can apply. I expect all final year people
on yahoo should pass all this information to 3rd year students. The
list is as follows
1. Summer Research Fellowship pogram by IASc_INSA-NASI
Link www.ias.ac.in
2 Visiting student research program at Raman Research Institute (RRI)
Link http://www.rri.res.in/htmls/gen/visiting_students.html
3. Project Trainee program at Raja Ramanna Centre for Advanced
Technology
Link : http://www.cat.gov.in/hrd/advt/project.html
4. YOUNG SCIENTIST RESEARCH PROGRAM ME at Raja Ramanna Centre for
Advanced Technology
Link: http://www.cat.gov.in/hrd/advt/ysrp2008.html
5. Visiting Students Program (VSP) in Physics & Math at Harish-Chandra
Research Institute
Link physics : http://www.mri.ernet.in/vsp_phys.html
Link Mathematics : http://www.mri.ernet.in/vsp_maths.html
6. In addition to this visit all IITs webpage, almost all IITs offers
various kind of summer program me
IIT G………visit computer science dept. webpage
IIT D
IIT K SURGE
IIT B
IIT M
6. Intel scholar program (only 4-5 students from all NITs), please
note this program is only for 33 institutes all over india hence the
probability of selection is more
7. Microsoft Research Internship (2 -3 students from all NITs and
IITs), only the students who has done a focused research project along
with good CGPA, will have good chances of selection.
I hope the information maintained above will be very helpful to present
and coming 2nd and 3rd year students.
Wishing you all a very best of luck!!
Regards,
Vijay Kumar
ECE 2005-2009