The Cayman Islands have sent an open letter to Barack Obama saying what good boys they are and that he should not pick on them.
Most especially I note they say:
none of the financial recklessness that has brought about much of the current global crisis occurred in or involved the Cayman Islands.
Try telling that to Bear Stearns investors.
Like most of the letter, this claim is a little hard to justify.
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Your article shows Bear Sterns being sued, isn’t that the Bear Stearns that has it’s Head office in Manhattan (that is in the US Richard)
The hedge funds were registered in the Cayman’s like most funds are, but why don’t you infiorm your readers why the bankrupcy judge decided that the bankcrupsy proceedings should happen in the US and not Cayman? Because that is where everyone was situated
Sounds like the Madoff case as a US tregulatory problem
Just a witch hunt trying to lat blame on anyone but themselves.
Creg
I don’t see how the location of the head office or bankruptcy proceedings is relevant to Richard’s point.
BS choose to locate the hedge fund in Cayman because of the minimal regulatory requirements which enabled the bank to run the fund without supervision by anyone, including investors who were badly hurt as a result.
Mind you, it is always galling when those who are choosing to minimise their tax payments to the society they live in, then turn to that society (in the shape of the courts) to redress wrongs they believe they have suffered. Who pays the judge?