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Thursday, December 2, 2010

Are the Lummis/Gano Group playing a rotten fruit game?

A rotten fruit game is where a guy occupies and claims an orchard and by the time the legal work is over all the fruit is rotten!  Are they trying to spoil everything that an heir would inherit if they get sued?  Kind of looks like it from this blogger's viewpoint.  Let me cite you the recent events that lead me to ask these questions!  
1.  Rumor has it that the Hughes Medical Institute lost 3-5 billion in bad investments. My question is, considering the involvement of the principles in the financial markets, was this money really lost or did it simply change from Institute control to private control?  If lost, then they should be removed for lousy investment judgment.  Whatever the final destination, regulators should investigate to see what happened to these funds in a trust that was set up to be tax free and to see if the directors of the institute are working to finance research or to enrich themselves, in my opinion. I'm calling for an IRS investigation!  It is my contention that a "commercial" tax free status is fundamentally different than a "religious" tax free status.  Basic federal law protects religion and it's universal actions, but a "commercial" tax free status that is getting the free use of what otherwise would be tax funds, has an obligation to use those funds for the benefit of the citizenry that exempted those taxes. 

In other words, if you say, "I should be tax free because I'm using these funds for the benefit of US citizens", then using those funds to educate, support, finance research or build labs for foreign nationals, violates the basic premise of that tax free status.  It is unreasonable to expect that any new Institute would get such status with such a policy as funding foreign nationals!  Therefore it is logical that to instigate a policy of funding foreign nationals with "commercial tax exempt" funds would void a tax exempt status of an existing organization from the first distribution of funds to a foreign national, in my opinion. This is a public claim that I was the first person to realize this dodge of taxes and am entitled to the rewards of that perception as provided by IRS regulations.  Here is a news article to support this point: I have copied the first 2 paragraphs or so and included the url so visitors can go check for themselves:

August 04, 2011
New Fellowship Funds Research for 48 International Graduate Students
A new fellowship program from the Howard Hughes Medical Institute (HHMI) will enable 48 exceptionally talented graduate students from 22 countries to devote their full attention to research at a critical time during their professional development as scientists.
Offered for the first time this year, the International Student Research Fellowships will support science and engineering students during their third, fourth, and fifth year of graduate school.

Please note that this is from the HHMI web site and it is our contention that financing foreign students with tax money meant for US citizens, voids their tax free status! 

2.  News reports show that the official position of the Hughes Medical Institute  is to increase (as in get as much out of the country as possible) their "support" for foreign researchers.  Note that this money and it's eventual destiny will be beyond US regulation.  Since this Medical Institute was set up to finance research and considering: part of the money is from unpaid/exemption taxes that is supplied by US citizens and the US is in dire need of internal investment, I call for the IRS to investigate and determine if this policy violates their tax exempt status. In my opinion they violated their tax exempt status when the first grant was made to a foreign national for research and the location of the research is immaterial.  Avoided taxes are citizen funds and using them to finance foreign nationals in their research or education is in my opinion fraud and missuse of tax exempt status.
3.  Fred Lummis has resigned from Cardtronics, suddenly and without explanation.  (Is he trying to isolate himself any financial shenanigans that Cardtronics may have been involved in?).
 4.  The heirs (essentially the Lummis/Gano faction) agreed to 9.4% of what the final settlement was appraised for a short time ago, according to news reports.  This fire sale is kinda unbelievable on the surface and this observer wonders what kind of deals were made below the surface (especially when the new HHC headquarters is in Dallas), only a few blocks from George Bush's residence. In my opinion, this deal stinks to high heaven of an effort to lower the value of any assets that are reported in the public press as being received by the heirs. One wonders why?

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