The 16th Amendment to the Constitution gives Congress power to levy an income tax on all "incomes, from whatever source derived." It turns out that, to the extent that people did not physically withdraw appreciation in their accounts from Madoff, they never had any income from him.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Let me describe some of Joe Nocera's tricks in last Saturday's article before getting to the meat of his argument. Read the piece yourself and you will see these tricks in full flower.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Reading the transcript with a lawyer's eye, it seems evident that Judge Chin had made up his mind as to what he was going to do before he walked into the courtroom.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes