"Almost anyone can start up a shelter business and build shelters," he said.
One policy change could seriously damage the tax shelter business, Mr. Tucker said.
BlackRock has said it will not assume liabilities from Quellos's tax-shelter business.
Mr. Everson called this a model agreement to stem the tax shelter business.
Mr. Berman denied there was anything improper and said, "I am not in the tax shelter business".
That is why the tax shelter business is thriving to an extent that worries even some people in the field.
Prosecutors also indicted another Quellos employee, Charles H. Wilk, a lawyer who directed a Quellos unit's tax-shelter business; and a lawyer for Mr. Saban, Matthew G. Krane.
Correction: August 18 , 2004 Wednesday An article in Business Day yesterday about a lawsuit against the accounting firm KPMG over the sale of tax shelters misidentified a firm whose spokesman said that it had left the tax shelter business.
An article in Business Day yesterday about a lawsuit against the accounting firm KPMG over the sale of tax shelters misidentified a firm whose spokesman said that it had left the tax shelter business.
By doing so in highly public ways the government hopes to persuade others that it is in their best interest to reform their tax shelter business, which is just what Ernst & Young has done.
