The IRS Is So Stupid
instead of dealing with serious issues, it seems like the IRS is going after individuals for — get this — falsifying their income on stated-income loans. Yes, they’re going after borrowers. Joe Nocera tells the story of Charlie Engle, who is going to jail because an IRS agent saw him in a movie about ultra-marathoning and wondered how he found time to train for it; because the IRS sent an “attractive female undercover agent” after Engle on suspicion of money laundering; because Engle or his broker falsified his income on a mortgage application; and because the broker testified against him and got a shorter sentence, despite pleading guilty to falsifying multiple mortgage applications (since when do you give the more senior person a plea to testify against the more junior person in the conspiracy?). The kicker is that Engle is going to have to pay $262,500 in restitution to Countrywide, the “victim” in this affair.