This isn’t pretty, but it’s horribly true

Posted on March 24 2009

I got a mail last night from a person who knows a bit about tax havens / secrecy jurisdictions. He said

Havens are are like whorehouse on the edge of town. The police raid them periodically but they are never shut down because the mayor is in there whenever they call with his pants around his ankles.

It’s not a pretty metaphor. It may have an element of sexism within it. But it works.

We need transparency to show that the mayor is in there.

And that’s also precisely why they will fight so hard to keep us from knowing what is really going on.

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3 Responses

  1. John Buckles says:
    March 25 2009 at 2:23 am

    This is an impressive although a very one sided blog of views. I would love to know what the views of the writer is with reference to jurisdictions of questionable practice that don’t get much mention like Delaware, Wyoming and Nevada. In Delaware there are more companies than people and very lax (if any) regulation. Why isn’t the USA also doing something about these practices…after all if a fair and level playing field is the ultimate goal then surely the USA also needs to get its own house in order. I noticed in the recent Tax Haven Act being put forward in the USA that no mention was made of Ireland who also run an offshore centre.

    I have no problem with there being a fair and level playing field tax and secrecy wise but surely this has to be applied right across the board and not selectively. Would you agree?

  2. linda kaucher says:
    March 25 2009 at 1:40 pm

    Info filters out about MPs use/abuse of expenses.
    It would be interesting to see the law makers use of tax havens. But of course, the nature of tax havens is – that they are secret!

    There’s Mandelson’s ‘blind trust’ for starters.

  3. Sirron Nibbe says:
    March 26 2009 at 5:03 am

    Linda:

    I’m sorry, but again you paint the picture incorrectly. Richard posted an example last week where HSBC Bermuda denied banking access to corrupt politician in the Caribbean, and also tip money laundering officials of same. Unfortunately, Guernsey (could of been Isle of Man?) did not.

    There are no secrets under Bermuda law?

    So you cannot paint all offshore financial centers with the same brush!

    NE