Monday, December 22, 2008

Rules? They Don't Need No Stinking Rules

The big guys do not have to play be the same rules as the rest of us.

As the year is coming to an end I tried to clean up my club's investment portfolio by selling off or relinquishing a worthless stock. This will enable the club to take a loss, small though it may be in this years taxes.

I called the broker and asked him to take the stock off our hands and deliver a letter stating that we have in effect sold the thing as proof for the IRS.

Unfortunately I was told that while they realize what I wish to do they have to follow some governmental rules and regulations before they can do as I ask and it could take up to 30 days. This would negate any benefit for this year's filing.

By the way the loss will be $200 total.

I wonder if the government scrutinized the likes of Bernard Madoff who seems to have been able to work on a slightly higher sum.

(Old adage - If you owe the bank $100 they own you; If you owe the bank $1Billion you own them!)

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