8 ms·
if shell companies are fraud, much of the economy is in trouble
by cat199 7y ago
if shell companies are fraud, much of the economy is in trouble
- jacquesm 7y agoShell companies are not normally used for structuring. That's a different matter entirely. A shell company is usually a holding company, not a company created in order to deceive or to bypass a hard cap on some scarce resource.
- blitmap 7y agoJust FYI for others: https://en.wikipedia.org/wiki/Structuring https://en.wikipedia.org/wiki/Structuring I didn't know there was a formal term for this. Splitting up money transfers to avoid detection of large sums moving around.
- Animats 7y agoWell, there are the fake registrars, such as DropCatch 345, DropCatch 346, DropCatch 347, ... DropCatch 1545. Those are all ICANN-accredited registrars.[1] ICANN parcels out dropped domains among all the registrars who want them at random. Having a thousand dummy registrars improves the odds. That's definitely "structuring" to hog Internet assets. This is possible only because, while ICANN charges each registry when they acquire a domain, ICANN refunds that if they give the domain back within some time period. [1] https://www.icann.org/registrar-reports/accreditation-qualified-list.html https://www.icann.org/registrar-reports/accreditation-qualif...
- jacquesm 7y agoICANN is utterly dysfunctional, see .org debacle.
- Wowfunhappy 7y agoThe .org debacle is evidence that ICANN is corrupt, not dysfunctional. That's an important distinction.
- naniwaduni 7y agoIt's both. You could say that the .org debacle more strongly indicates corruption than dysfunction, but it's definitely both with strong ties between them.
- Wowfunhappy 7y agoHow is it both? They knew exactly what they were doing.
- naniwaduni 7y agoThe fact that they knew exactly what they were doing does not contradict that what they were doing is dysfunctional. If anything, it is the dysfunction.
- comex 7y agoAs strange and dysfunctional as that is, DropCatch isn't trying to deceive ICANN into thinking those registrars are unrelated companies, so it's not fraud.