KPMG Indictment: Not Justifiable

In today's WSJ, Stanford Law profs Robert Weisberg and David Mills make a convincing argument that the criminal indictment of 8 ex-KPMGers is baseless. Essentially they say that, while the tax shelters in question are indeed problematic and "economically questionable", the charges of tax evasion and tax perjury are simply not warranted by the circumstances. Rather, blame should be put on congress' failure to act. The indictment then is best viewed as a "study in how one branch of government responds to what it perceives as the failure of another."

Do read the whole thing (if you don't have a WSJ password, contact me and I'll email it to you.)