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I had a song back in the day “The devil went to silicon valley” where he fought Bill Gates for patents, and as far as I can tell there is no reference to the song anywhere on the Internet anymore.
Yeah but I can’t remember the words, only the melody
Try tracking down ownership of the property a bank sits on.
It’s wild. They’ll buy it under an LLC they dissolve, and the ownership transfers to an heir LLC in another state that’s also dissolved, rinse and repeat for 40 steps.
When I ask for a bank building to show proof of ownership in a development application, they usually just cancel the project because it’ll take 8 months and 150 grand in lawyers’ fees just to prove they own their own fucking building, and a new ATM lane just isn’t worth it.
Why do they do that?
It’s always money. At a guess I’d say it’s cheaper to create a company and buy/sell that (including the assets it owns such as property) then dissolve the company rather than just buying/selling the property. Scale that up to a big company that has to deal with lots of different laws and you’re left with this nonsense.
It sounds like a tax dodge. New LLC in charge until just before the end of the tax year then it’s wound down and the property moves to another
Huh, today I learned. Mucho respect to you, not the banks.
Hiding true ownership.
Fun fact, when hunting down the history of a major bank, I was able to trace its origins to a rural Baptist church in the 50s.
feel nuts
Someone impress me.
All I can think of is a song that also contains “but mammals”
