First of all, Corporations have a record of their investors, which is how you vote on proposals or show-up to the annual stockholder meeting — and this excludes the basic fact beneficial ownership is the backbone of all AML programs for Broker-Dealers — so we are already at a non-start. Second, holding in the “Street’s Name” relates to the clearing component for the DTC; so this proposal would have trades executed how exactly?  Finally, Shareholder Voting Rights is an operation of state corporate law, not the SEC, so how exactly does this comport to Delaware Corporate Law Del Code § 212 Voting Rights of Stockholders; Proxies; Limitations — or for that matter, any state’s corporation law?   There is too much at stake to adopt a dismissive attitude toward supposed “formalities” of law, process, and institutional structure in this area. Law is formal by its very nature — and mere “formalities” are often outcome- determinative.

I am surprised the New York Times did not mention the IRS Voluntary Disclosure Program for Offshore Assets. According to the IRS, "voluntary programs have resulted in more than 45,000 voluntary disclosures from individuals who have paid about $6.5 billion in back taxes, interest and penalties." (See IRS June 6, 2014 Press Release available here

There is a good chance that some of the tax-payers tax structures analyzed in preparation for this article came into compliance through it. To make matters worse, the NY Times reported on it numerous times since its first incineration in 2009— with the latest Jan. 10 2012 on page B6, available at — which only makes this passing mention of investigations by the Department of the Treasury that much more disappointing.