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Old 10-04-2008, 08:21 PM
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stompk stompk is offline
I work for God
 
Join Date: Jan 2008
Location: In the valley
Posts: 542
Default Re: $367 bil per day borrowed by banks.

So, I was reading through 110_hr422 which is the new bailout law.
http://www.rules.house.gov/110/text/110_hr4221_text.pdf

A couple of things jumped out at me.

Quote:

TITLE IV—EXTENSION OF TAX ADMINISTRATION PROVISIONS
Sec. 401. Permanent authority for undercover operations.
Sec. 402. Permanent authority for disclosure of information relating to terrorist
activities.

1 TITLE IV—EXTENSION OF TAX
2 ADMINISTRATION PROVISIONS
3 SEC. 401. PERMANENT AUTHORITY FOR UNDERCOVER OP4
ERATIONS.
5 (a) IN GENERAL.—Section 7608(c) (relating to rules
6 relating to undercover operations) is amended by striking
7 paragraph (6).
8 (b) EFFECTIVE DATE.—The amendment made by this
9 section shall apply to operations conducted after the date
10 of the enactment of this Act.

SEC. 402. PERMANENT AUTHORITY FOR DISCLOSURE OF IN12
FORMATION RELATING TO TERRORIST AC13
TIVITIES.
14 (a) DISCLOSURE OF RETURN INFORMATION TO AP15
PRISE APPROPRIATE OFFICIALS OF TERRORIST ACTIVI16
TIES.—Subparagraph (C) of section 6103(i)(3) is amended
17 by striking clause (iv).
18 (b) DISCLOSURE UPON REQUEST OF INFORMATION
19 RELATING TO TERRORIST ACTIVITIES.—Paragraph (7) of
20 section 6103(i) is amended by striking subparagraph (E).
21 (c) EFFECTIVE DATE.—The amendments made by this
22 section shall apply to disclosures after the date of the enact23
ment of this Act.
No more oversight in this area, as their (IRS undercover operators) powers have
been made permanent, conveniently buried on page 290 of this 442 pg scam of a piece of legislation.

Quote:
Senators Harry Reid and Richard Bryan asked GAO to review how the Internal Revenue Service (IRS) manages its undercover operations. This request stemmed from concerns with IRS' management of an undercover operation, called Project Layoff, carried out in 1984 and 1985 during which IRS agents established a Las Vegas bookmaking business in an attempt to identify unreported gambling income. This operation has resulted in continuing allegations of misuse of funds and has prompted broader concerns over the adequacy of IRS' controls and oversight of its undercover operations. GAO addressed Project Layoff more specifically in a separate report. An undercover operation is a potentially risky investigative technique. IRS' Criminal Investigation Division (CID) uses undercover operations to help investigate legal activities such as money laundering and fraudulent tax return preparation. In doing so, CID special agents assume identities other than their own.
TAX ADMINISTRATION: IRS Undercover Operations Management Oversight Should Be Strengthened.
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