Long Term Capital Holdings, et al. v. United States was a court case argued before the United States District Court for the District of Connecticut that concerned a tax shelter used by Long-Term Capital Management, a failed hedge fund.
The tax shelter had been designed by Babcock & Brown for Long-Term Capital to shelter their short-term trading gains from 1997.
The case was an appeal of an Internal Revenue Service denial of the plaintiffs' claim of $106,058,228 in capital losses during the 1997 tax year, and associated penalties. After a bench trial, Judge Janet Bond Arterton ruled on August 27, 2004 that the transactions employed by Long-Term Capital Holdings did not have economic substance, and were disregarded for tax purposes.
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“When, in some obscure country town, the farmers come together to a special town meeting, to express their opinion on some subject which is vexing to the land, that, I think, is the true Congress, and the most respectable one that is ever assembled in the United States.”
—Henry David Thoreau (1817–1862)
“The strongest and most effective [force] in guaranteeing the long-term maintenance of ... power is not violence in all the forms deployed by the dominant to control the dominated, but consent in all the forms in which the dominated acquiesce in their own domination.”
—Maurice Godelier (b. 1934)
“The basis of world peace is the teaching which runs through almost all the great religions of the world. “Love thy neighbor as thyself.” Christ, some of the other great Jewish teachers, Buddha, all preached it. Their followers forgot it. What is the trouble between capital and labor, what is the trouble in many of our communities, but rather a universal forgetting that this teaching is one of our first obligations.”
—Eleanor Roosevelt (1884–1962)
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—Ralph Waldo Emerson (1803–1882)
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Don’t join too many gangs. Join few if any.
Join the United States and join the family
But not much in between unless a college.”
—Robert Frost (1874–1963)
“Our citizenship in the United States is our national character. Our citizenship in any particular state is only our local distinction. By the latter we are known at home, by the former to the world. Our great title is AMERICANS—our inferior one varies with the place.”
—Thomas Paine (1737–1809)