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Wednesday, March 26, 2014

Reuters Money: Bitcoins are property, not currency, IRS says regarding taxes

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03/26/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Bitcoins are property, not currency, IRS says regarding taxes
WASHINGTON (Reuters) - Wading into a murky tax question for the digital age, the U.S. Internal Revenue Service said on Tuesday that bitcoins and other virtual currencies are to be treated, for tax purposes, as property and not as currency.
Madoff trustee sees victims' payout nearing $6 billion
NEW YORK (Reuters) - Former customers of Bernard Madoff will have recouped nearly $6 billion of their money if a federal bankruptcy judge approves the latest payout request by the trustee liquidating the swindler's firm.
Ex-Sentinel CEO found guilty over $500 million fraud
(Reuters) - The former chief executive officer of Sentinel Management Group Inc was found guilty on Tuesday of defrauding customers out of more than $500 million before the suburban Chicago firm collapsed in August 2007, federal prosecutors said.
Winter winds are blowing over retail earnings outlook
March 25 - As the retail industry's fourth-quarter earnings season comes to an end, investors are judging the pace of first quarter, which ends April 30 at many companies. So far, the pace could be described as "snail-like."
Top Dimon aide Cavanagh leaves JPMorgan for Carlyle
NEW YORK (Reuters) - Private equity firm Carlyle Group LP poached one of Jamie Dimon's closest aides, Michael Cavanagh, from JPMorgan Chase & Co on Tuesday, in a surprise hire that reflects both the increasing prominence of so-called shadow banking and the regulatory challenges faced by banks.
Pimco sees Brazil valuations 'attractive' in fixed income
SAO PAULO (Reuters) - Fixed-income instruments in Brazil are trading currently at attractive prices for investors with a long-term focus, a senior fund manager at Pacific Investment Management Co said on Tuesday, a fact validated by a spike in investment inflows for the asset class so far this year.
Swiss set to make British ex-UBS banker head of financial regulator
ZURICH (Reuters) - The Swiss government is set to appoint British-born former banker Mark Branson as the first non-Swiss national to head its financial regulator, two sources said, just as the body probes currency markets and prepares for a major review of big banks.
Morgan Stanley nabs $1.75 million Florida broker from UBS
NEW YORK (Reuters) - The broker tug-of-war between Morgan Stanley and UBS Wealth Americas in Florida continued this month as veteran adviser David Behar jumped to Morgan Stanley after nine years with UBS.
'File-and-suspend': A Social Security strategy under fire
CHICAGO (Reuters) - Are high-income Americans gaming Social Security? The Obama administration wants to go after the wealthy for "aggressive" moves to "manipulate" their Social Security claiming decisions, according to the fiscal 2015 budget released by the White House earlier this month.
Your money: A new 'university' aims to boost financial literacy, and investing
NEW YORK (Reuters) - If there is one thing that gives brokerage executives the cold sweats at night, it is the attitude of younger Americans toward the stock market.
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