Newsworthy News in Red October : Dow Jones & Tax Dodgers

Dow Jones Index crosses the symbolic 10000 figure.

U.S. stocks rallied, sending the Dow Jones Industrial Average above 10,000 for the first time in a year, on better-than-estimated earnings at JPMorgan Chase & Co. andIntel Corp.

Bank of America Corp., American Express Co. and JPMorgan more than doubled since the Dow slid to a 12-year low on March 9 as global financial firms began recovering from $1.6 trillion in writedowns and credit losses. International Business Machines Corp. and Hewlett-Packard Co. jumped at least 54 percent since March 9 on signs the nation was recovering from the worst recession in seven decades.

Source: Bloomberg

And, about 7500 International Tax dodgers file for IRS Amnesty to avoid jail

Some 7,500 international tax dodgers have applied for an amnesty program that promises no jail time and reduced penalties for tax cheats who come forward, the Internal Revenue Service announced Wednesday.

The program is part of a larger effort by the Obama administration to crack down on Americans who evade U.S. taxes by hiding assets in overseas accounts. In August, the U.S. and Switzerland resolved a court case in which Swiss banking giant UBS AG agreed to turn over details on 4,450 accounts suspected of holding undeclared assets from American customers.

Source: AP News

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