George Soros’ opinion on Ukraine’s debt relief dilemma

According to the International Monetary Fund demands and George Soros, a country is supposed to negotiate a deal with its creditors before it qualifies for additional financial support. Ukraine has been caught up in the struggle to achieve this. Russia has piled more pressure on Ukraine. Ukraine owes Russia a total of $19 billion in debt, an amount that Ukraine can’t sustain. Currently, in San Francisco, Ukraine is in talks with Russia, trying to renegotiate the debt.

It is quite unfortunate for Ukraine as there in no rule to draw the line that shows the point at which tension between the lenders and borrowers should cease. There is no law that provides a platform on which lenders and borrowers can reorganize debts or mediate negotiations. All that is left for Ukraine to do is push for its own negotiations with its lenders. In such a situation for George Soros Ukraine, the only way Ukraine can get itself out of this mess is by threatening to default payment of the amount if it doesn’t get debt relief. This, however, will serve as a warning notice for other stakeholders not to invest a dime in the country.

The impact of defaulting is costly. Greece, for example, had its lenders drag out of the battle. This has had a negative impact on the economy. From George’s point of view, striking a deal is better, even if the deal puts the lenders at a loss. There will obviously be a negative effect on the borrower’s side if the two parties strike a deal, but the country would get back to its feet in not more than two years.

George Soros goes on to give an example of Nicholas Brady, a former U.S. Treasury Secretary. In 1989, Nicholas talked banks into accepting debt relief for Latin countries pursuing sensible reforms. This was because of his understanding that most investors would look at a country’s future when considering whether to lend funds to a defaulting country. Right now, Mr. Brady heads Darvy Overseas Investments, one of Ukraine’s largest holder of bonds.

Mr. George Soros also looks at the situation from an investor’s point of view. He explains that investors in Ukraine are rallying for the government to oppose debt relief as it would mean that they lose money. There is no investor that likes losing money on his investments.

The Ukrainian government is trying to have reforms such as Mr. Brady’s. Such reforms would call for radical changes in the government for instance; major changes in the country’s judicial system, reforming the economy to suit the European Union’s standards and rooting out corruption among many other reforms according to George Soros. The country also has the option of aligning law reforms along the lines of chapter 11. This would however be difficult as such efforts are liable to the founder. This is quite unfortunate for Ukraine as they can’t base their defaulting arguments like the U.S. can. If this had been possible, the Ukrainian government would have implemented the bankruptcy code. The code makes debt relief easier for companies that are in huge debts that they can’t seem to pay.

Learn more about George Soros and Ukraine at Bloomberg
Read more of George Soros’s opinions about the Ukraine on Project Syndicate

The Formation and Enactment of the SEC Whistleblower Protection Program.

The United States Congress changed the rules that manage the finance industry in 2010 by passing two major laws, which are the Wall Street Reform of Doff-Frank and the Consumer Protection Act. The amendments that were made by the two legislations were the only ones that had ever occurred since the enactment of the Great Depression. The Dodd-Frank Act enabled the Securities and Exchange Commission to create whistleblower protection program, which offers security to the people who provide useful intelligence on businesses that do not operate by the state and federal securities laws. The regulations of the plan indicate that the informants should be offered a financial incentive and also assured of job security.


Various law companies in the U.S have divisions that dedicated to providing legal services to the SEC whistleblowers. Labaton Sucharow spearheaded the provision of the services by forming the first whistleblower representation practice. The firm’s program for filling litigations is outstanding, and this has been important in offering top notch services to the clients. Labaton Sucharow is recognized for providing the best plaintiff representation for the past 50 years. The firm has hired highly trained professionals, and they include private detectives, experts in finance, and forensic examiners. Jordan A. Thomas, who is a partner of the company, heads its representation practice. He is a top SEC whistleblower attorney who is experienced in dealing with securities. Mr. Thomas formerly worked for the commission, and he participated in the formation of the whistleblower protection program.


The security package that is provided to the informant by the protection plan consists of job assurance and financial motivation. The SEC offers its witnesses approximately 10 to 30 percent of the money that it receives as fines from the law breakers. The rules also ensure that their jobs are secure. The Dodd-Frank Act has prohibited companies from harassing employees who offer intelligence to the SEC.


The Commission has been keen on the safety of the whistleblowers, and therefore, it advises them to avoid giving their personal information when consulting. Informants can be represented by a SEC whistleblower lawyer in situations where they would like to hide the identity. People do not pay any fee to seek for guidance from the organization. Translators are also offered in cases where the witness does not speak English. All the intelligence that is provided to the SEC is protected by the attorney-client privilege.

The Internet Of Things Is Changing Our Lights

The Internet of Things is changing just about everything around us. Our household appliances, security cameras, and even toys are now equipped with ways to gather data. In a brand new twist our lights will now connect to the Internet of Things. Companies such as Gooee are working on creating IoT lighting systems to give us a new level of control over our homes and further personalize them. For example when you are cooking your kitchen lights might turn on after the meal you cook is complete. Light may also dim themselves when you don’t want the distraction of bright lighting or turn on only at certain times. This Internet of Things, the sharing of data between various appliances, is often compared to our human internet but it is something completely different. IoT offers a way for devices to communicate with each other and produce a new “smarter” home life.

New Zealand Efforts to be a Tax Haven-Geoffrey Cone

The tax situation in New Zealand has been described as one of the most glamourous things in New Zealand by the media. The media has portrayed the tax in the country as one with wealthy people, beautiful lands and a nation that has held executive financial transactions. According to Lawyer Geoffrey Cone New Zealand is not a tax haven, it has never been, and it is not about to be among countries that are a tax haven. The OECD maintain a list of the nations that are a tax port and the features that the country must possess. Some of the features include, the nation must impose no or minimal tax on their citizens, it must not be transparent, and the laws must hinder the exchange of information with other governments. Cone urges that New Zealand does not have the characteristics required to be a tax haven.


2002 OECD Model Agreement on Exchange of Information on Tax Matters is the gold standard for transparency. The model agreement supports the international exchange of information that manages the domestic tax law. New Zealand was among the first countries to be included in the OECD white list f or their efforts in implementing the agreed international tax standard. New Zealand can be described as a country that has well demonstrated its tax leadership by the way they have handling their foreign trust as well as trustees.


In 2006 Mike Cullen did an extensive research on New Zealand taxation and introduced new rules and regulations. The rules states that every New Zealand resident trustee of foreign trust must submit their Foreign Trust Disclosure forms (IR607) as required by the IRD and keep them in New Zealand for the purposes of the government taxation processes.


The documents to be included includes trust deeds, their details of settlements as well as distribution, details of trust assets as well as liabilities, and the income and expenditure of the foreigner. The rules also requires every foreigner who has a business in the country to include information about their accounting system as well as their accounting charts and codes. All the documents are required to be in English and must be preserved in New Zealand.


Geoffrey Cone is a lawyer who holds a degree in LLB and a Diploma in tax and trust law from the University if Otago New Zealand. After his graduation, he started practicing his career in Auckland in 1980, and he later moved to Christchurch. In Christchurch, he was a partner and the chairman of partners in a leading law firm. He has served as a commercial litigator and a tax and trust advisor and has also appeared in court as a council. Cone started his firm in 1999 after working in West Indies for two years. He started Cone Marshall limited which is described as the only law firm in New Zealand that offers tax and trust. The firm also provides trust and trustee management services.


Igor Cornelsen: Working And Investing


Among the most common ways to make money is by either working or investing. However, people that are very wise use both methods in order to maximize their success. One thing they realize is that investing is going to take a bit of money in order for the profit to be significant. However, people need to have money in order to invest. This is one of the reasons that it is important to work. As a matter of fact, work is a form of investment. Instead of investing one’s money, he is investing his own talents and efforts in the hopes of getting a return.


Igor Cornelsen is one person who has put a lot of work and investment into accumulating wealth. As a result, he has found himself in a place where he could not only enjoy his success, but he could also share his secrets with others. He is well aware of other people that want to follow in his footsteps. This is one of the reasons that Igor Cornelsen writes a lot of articles on the topic of finances. He is highly experienced and wants others to succeed in the way that he has. He is also willing to help people avoid the pitfalls that investors commonly face.


In his works, he has introduced a lot of people to the concept of passive income. This is one of the forms of income that a lot of people hear about. However, few people get to actually enjoy the benefits of it. It takes a lot of knowledge to truly succeed with passive income. For one thing, it does take a lot of work to actually build significant passive income at first. When one succeeds at building the income, then he could retire, or build another source of passive income.  It’s abundantly clear that Igor Cornelsen has the experience to help you grow, and it’s well worth following his Facebook page for the free advice that he often provides.

More information about Igor and his corporate investments can be sought on his official website here: