Forbes was way ahead of the pack on this one:
The British overseas territory isn't only a popular off-shore tax haven--it is also where many large banks parked the toxic debt securities in the last few years before the credit crisis erupted, leading to huge write-downs, losses and now, layoffs.
The programme in question was The Ascent of Money on Channel 4 - about which I have poor expectations.
I admit I have a certain bias on the story. They quoted me saying:
Well, actually that's a global figure: it's not just Cayman, but it makes a wholesome contribution, of that we can be sure, and this quote is right:
Interesting that Cayman Net News has picked this up, with its usual direct and relevant style.
But why did both Channel 4 and Cayman make the mistake of linking this programme and those islands in this way? It seems like a PR disaster for both.
Not that I'm too worried.......