President Obama bad mouthing "tax shelters" overseas was a blunder. The common business practice in other countries that allows for the free flow of capital around the world may seem "unfair" to our president but others don't quite see it that way.Take British banks, for instance. They do not plan to sit idly by while Obama trashes their business. This piece in the Telegraph by Louise Armistead shows what the big banks in Britain plan to do about it: The decision, which would make it hard for Americans in London to open bank accounts and trade shares, is being discussed by executives at Britain's banks and brokers who say it could become too expensive to service American clients. The proposals, which were unveiled as part of the president's first budget, are designed to clamp-down on American tax evaders abroad. However bank bosses say they are being asked to take on the task of collecting American taxes at a cost and legal liability that are...(Read Full Post)