Gill, Casey, 99–100
Gillard, Michael, 136
Glasman, Maurice, 72–4, 86, 244n73
Glass-Steagall Act (1933), 67
Global Development Finance: Illicit Flows Report 2009, 30
global financial crisis (2007–present), 30–2, 46, 52, 98, 132, 166, 169
Global Financial Integrity (GFI)
Program, 29, 131, 139–40, 170, 183, 217, 237n44, 257n50
globalization, 10, 32–3, 56, 59–60, 86, 130, 132, 149, 152–3, 219, 221, 233n2, 240n22
Goldman Sachs, 68, 71, 81, 103, 119, 125, 132, 213–14
Google Inc., 14, 125
Gordon report, 117, 251n2
Gramm, Phil, 140, 226 les grands, 2, 4, 10
Great Britain: See British empire; British tax havens
Great Depression, 31, 35, 52, 54–5, 63, 70, 108, 130, 169, 240n17
The Greatest Trust in the World (Armour), 36
Greenberger, Michael, 68
Greenspan, Alan, 107
G20, 30, 106, 168–9, 215, 223
Guernsey (British Crown Dependency), 17, 27, 69, 79, 87, 103, 205, 235n19
Gurría, Angel, 168
Halliburton, 17, 235n17
Harper’s magazine, 255n18
Harvard Club, 9
Hayward, Nathan, 194–5
Hayek, Friedrich, 59
Healey, Dennis, 25, 245n24
Helms, Jesse, 160–1
Helmsley, Leona, 7
Henry, Jim, 140–2
Heritage Foundation, 150–1
Heys, John, 189
Hezbollah, 178
Hitler, Adolf, 50, 98, 113, 156, 188
Hodge, Sir Julian, 184
Hoffman, Michael, 58
Hogan, Paul, 33
Honduras, 13–15
Hong Kong, 18–19, 27–8, 74, 85, 88, 97, 105–6, 111, 121, 133, 147, 158, 162, 244n71, 245n30, 251n36
Hoover, Herbert, 36
Hopkins, A. G., 66
Hopkins, Harry, 54
Hot Money (Naylor), 97–8, 115
Houthakker, Hendrik, 83
HSBC, 63, 148
Hu Jintao, 106
Hudson, Michael, 107–10, 114, 116, 118, 142–3, 246n3, 251n33
Hulland, W. G., 89
Hummler, Konrad, 203
Hussein, Saddam, 131
income tax, 155, 162–3
India, 12, 16, 20, 27, 54, 56, 65, 99, 105, 127, 133, 147–8, 169, 184, 209, 217, 223
Indonesia, 58–9, 106, 121
inequality, 52, 60, 131, 162–4, 190
inheritance rules 6, 11, 122–3
Inland Revenue (England), 45, 47, 104
inquisitorial legal system (French), 2
Interest Equalization Tax, 75, 79–80, 246n10
interest rates, 52, 56, 63, 65, 82, 98, 116, 193–4, 197, 199–200, 240n16,17, 244n66, 255n18
International Accounting Standards Board (IASB), 222, 257n1
International Banking Development Act (1983), 200
international banking facility (IBFs), 114–15, 118–19, 200
International Chamber of Commerce, 42
International Monetary Fund (IMF), 56, 58, 60, 68, 122, 141, 143–4, 155–6, 188, 211, 215–16, 233n2, 235n15,22, 237n44, 240n22, 241n17, 250n22,26, 252n16, 256n37
Investors Overseas Services (IOS), 96–8
investment banking, 67
Iran, 69, 111, 133, 178, 183
Iraq war (2003–present), 84
Ireland, 14, 17, 19, 26, 73, 88, 92, 192, 212–13, 234n12, 236n25, 256n41,42
islands, 17, 24, 182, 185–91
Isle of Man (British Crown Dependency), 14, 17, 38, 69, 79, 88, 103, 147–8, 192, 205, 235n19
Israel, 14, 65, 137–8, 249n17
Japan, 22, 69, 108, 115, 141, 147, 209
Jersey (British crown dependency), 3, 4, 9–10, 14, 17, 19, 24, 26, 44, 46, 69, 74, 79, 87, 103–5, 116, 146–8, 150, 168, 182–92, 201–12, 228, 235n19, 254n10, 256n33
Jersey Bankers’ Association, 104–5
Jersey Finance, 105, 168, 186–7, 209
Jeune, Reg, 207
Johnston, David Cay, 113, 163, 204, 252n22
Joly, Eva, 2–5, 8, 28, 70
JP Morgan, 103, 196–7
Junkanoo cultural celebrations (Bahamas), 172
Kennedy, John F., 20, 75, 79, 110, 246n10,12
Kenton, Glenn, 195–6, 198
Kenya, 97, 145, 183
Keogh, James, 81
Kerry, John, 132, 135
Keynes, John Maynard, 49–61, 63, 67, 82, 110, 218–19, 221
and capital controls, 56–61
on German war reparations, 50
Khun Sa, 133
Kim Jong-Il, 17, 131, 156
Kirkby, Robert, 209
Knapp, Frank, 15
Knightley, Philip, 35, 42, 47
Korshak, Sidney, 113
KPMG, 25, 33, 71, 202, 209, 238n52
Krall, Beth, 171–7
Krugman, Paul, 61
Kynaston, David, 65, 82, 244n72
Labour Party, 73
laddering, 27–8
Lanchester, John, 7
land value taxation, 224–5
Lansky, Meyer, 88–90, 97–8, 111, 113
Laos, 97, 133
Latin America, 9, 14, 21–2, 27, 82, 91–3, 97, 99, 103, 110–11, 120, 133, 142–3, 172–3, 177
League of Nations, 415
Lecasble, Valerie, 4
Lehman Brothers, 67–8, 132, 218, 236n27
Leigh-Pemberton, Robin, 136
Lend-Lease Act (1941), 54–5
lending, 76–8
Levin, Carl, 14, 21, 122, 156, 162, 168, 173, 226, 236n29, 247n27, 254n11
Lewis, Michael, 82
Liechtenstein, 4, 88, 99, 146, 223, 225, 236n23
Liberia, 23, 208
libertarianism, 101, 150–1, 154, 159, 184–5
Libreville, Gabon, 1–5, 8–9
limited liability corporation (LLC), 121–2, 202–4, 235n17
limited liability partnership (LLP), 202–9
Lloyds Bank, 64, 69–70
loan-back technique, 88
lobbyists, 9, 30, 58, 70, 73–4, 83, 85, 107, 110, 112, 114, 122, 148, 161–2, 170, 189–90, 197, 209, 240n17
Lodge, Henry Cabot, 58
London, England: See City of
London Long Term Capital Management (LTCM), 211, 218
Lord Mayor of London, 71, 73, 76, 85, 244n69–71
Lucas, Robert, 61
Luxembourg, 3, 14, 16–17, 26, 28, 69, 97, 116, 128, 134, 138, 161, 172, 212–13, 235n14,15, 249n5
Macau, 27, 106
Macmillan, Harold, 59
MacShane, Denis, 69
Madeira, 18
Madoff, Bernie, 218
Malaysia, 115–16, 184
Malta, 27
Manhattan, 23–4, 27, 69, 114, 134, 178, 239n9
See Wall Street
Manton, Peter, 184
Manuel, Trevor, 147
Marcos, Ferdinand, 141–2
Marcos, Imelda, 141–2
Marshall, Alfred, 50
Marshall Islands, 22–3, 236n31
Marshall Plan of 1948, 58–9
Marx, Karl, 51, 75, 86, 104
Matthews, Gary, 205, 207–8
Mauritius, 16, 23, 27, 147–8
McClatchy’s, 214
McDonald’s, 51
McDowell, Harris B., 198
McIntyre, Bob, 159, 170
McIntyre, Michael J., 117–19, 169
meatpacking industry, 35–42, 47
Merhet, Maurice, 189
Merrill/BoA, 68
Mexico, 9–10, 30, 58, 142–3, 218
MHT Bank, 141
Miami, Florida, 89, 101, 111–12, 143, 157, 165, 218
Microsoft, 14
Middle East, 6, 33, 54, 104, 137
Midland Bank (Britain), 63–6, 172
Minnesota, 193
MI6 (British Secret Intelligence Service), 18, 235n21
Mitchell, Austin
, 205, 249n13, 252n13
Mitchell, Daniel J., 150–63, 170
Mitterrand, François, 4
mob/mafia, 7, 20, 22, 29, 88–90, 97, 113, 120, 131, 150–1, 175, 192
Monaco, 17, 26
monetarism, 76–8, 114, 159
money creation, 76–8, 114
money supply, 78, 114, 159
Montserrat, 87
Moon, Sun Myung, 161
Morgan Guaranty bank, 75, 81
Morgan Stanley, 20, 22, 68, 103, 106, 125
Morgenthau, Henry, 38, 54–5, 65
Morgenthau, Robert, 27–8, 69, 134–6, 178
Moscow, 10, 71, 75, 81, 137, 249n16, 250n20
Moscow Narodny Bank, 71, 75, 81
Mourant du Feu & Jeune, 201–2, 207
Mugabe, Robert, 156
Mugniyah, Imad, 178
Muirhead, Patrick, 187
multinational corporations, 10, 11–16, 25–6, 35–43, 57, 108, 112–13, 132, 145–7, 216–17, 221–2, 227, 234n12, 239n10
central problem with taxing, 41
history of, 35–43
and tax havens, 13–16
and zero taxation, 12–15
See Vestey brothers Murdoch, Rupert, 7
Murphy, Richard, 112–13, 125, 159, 217, 222, 234n5
MySpace, 7
Nasser, Abdel, 65
Nauru, 27
Naylor, Tom, 97–8, 115
Nazi Germany, 49, 59, 98, 156–7, 234n13
Netherlands, 17, 27, 39, 111, 117–18, 138, 143, 147, 192
Netherlands Antilles, 111, 117–18, 143
Nevada, 22, 44, 120, 125, 223
New Deal, 31, 109, 114, 131, 200
New Jersey, 39, 104, 108
New York City, 18
See Manhattan; Wall Street Newfoundland, 38
News Corporation, 7, 20, 22
Nidal, Abu, 133, 135
Nigeria, 1, 17, 30, 58, 97, 105, 127, 183, 248n43
Nixon, Richard, 98
Norman Conquest (1066), 71–2
Norman Star (ship), 35, 38, 46
North Africa, 1, 26–7
North Korea, 17, 28, 122, 131, 133, 188
Northern Ireland, 73
O’Neill, Martin, 158
O’Neill, Paul, 160–2
Obama, Barack, 51, 106, 110, 125, 153
Offshore Magic Circle, 25, 201–2
offshore system
banana example, 13–14, 42, 108
and capital, 98
centers of, 16–23
See British tax havens; European tax havens; U.S. tax havens
and criminality: See criminal money
defined, 6–8, 11–12
and deflection, 166–7
as ecosystem, 25
as “efficient”: See “efficiency”
employment in, 171–92
features of
See double taxation; laddering; “on request” information; reinvoicing; “round-tripping”; shell companies; tax deferrals; transfer pricing; trusts; usury; zero taxation
and inequality: See inequalities
and lending, 76–8
central figure of
See City of London
opposite of: See John Maynard Keynes
and ordinary citizens: See ordinary citizens
overview of, 6–10, 11–16, 23, 25–8
and “plausible deniability,” 167
rationalizations for, 156–8, 165–7
reform of: See reform and regulation, 169–70
and silence, 30, 170, 171–80
and slavery, 140
statistics on, 11, 26, 28–9, 32
and tax havens: See tax havens
and taxation, 144–8
as unpatriotic, 39–43
See multinational corporations; tax havens
oil, 1–4, 7–9, 17, 19–20, 22–3, 36, 39, 60, 68–9, 82, 105, 107–8, 114, 127, 131, 133, 137–9, 145, 165, 225, 246n2, 249n18, 250n25
Oklahoma, 120
Okonjo-Iweala, Ngozi, 127
Olenicoff, Oleg, 178
“on request” information, 167–9
onshore tax reform, 224–5
ordinary citizens, 7, 15, 20–1, 29, 31–2, 35, 38–40, 68, 77, 116, 140, 217
Oregon, 120
Organisation for Economic Cooperation and Development (OECD), 24–5, 120, 127, 146, 149–52, 150, 160–2, 167–70, 188, 217, 222–3
and “blacklist” for tax havens, 24–5, 150, 161–2, 168–9
project against tax havens, 149–52, 160–2, 167–70
Organization of the Petroleum Exporting Countries (OPEC), 82, 152–3
Owens, Jeffrey, 24
ownership and finance, 52–3
and LLCs, 121–2, 202
and offshore secrecy, 37, 120, 133, 173–4, 225–6
and regulation, 42
as separate from operation, 52–3, 218, 239n18
and trusts, 43–6, 69
Packwood, Bob, 151
Padilla-Kaltenborn, Stephanie, 177
Pakistan, 30, 58, 133
Palan, Ronen, 114–15
Panama, 6, 23, 26–7, 38, 44, 97, 99, 108, 111, 113, 133, 236n31
Paris, 1–3, 5, 9–10, 44–7, 70, 150, 161, 233n1
Parmalat, 132, 166
Parsons, M. H., 89
Pasqua, Charles, 4
Patnaik, Prabhat, 56
PATRIOT Act, 225
patriotism, 39–43
Peck, Polly, 204
Peron, Juan, 35
Picciotto, Sol, 42, 147, 239n13
Pindling, Lynden, 90, 98
Ping, Jean, 2
Pinochet, Augusto, 179
Pitman, Shona, 190
Pitman, Trevor, 188 “plausible deniability,” 166–7
political power, 7, 13, 31, 65, 151–3, 178–82
post-colonial: See Omar Bongo
political theory, 86, 151
Portillo, José Lopez, 143
Portugal, 17, 206
poverty, 1–2, 9, 16, 20, 28–9, 34, 57, 73, 104, 126, 131, 140, 143–4, 164, 175, 189, 192, 223–4, 229, 231
power distribution, 8–10, 86
PricewaterhouseCoopers (PWC), 25, 202, 209
private equity, 103, 132, 216, 230
Privy Council in London, 18, 94, 103, 148
progressive taxation, 162–3
Public Choice Theory, 151
Putin, Vladimir, 156
Qualified Intermediary Program, 119–20
Queen Victoria of England, 104
Quinlan, Andrew, 150, 162
Rahn, Richard, 163–4
Rally for the Republic (RPR), 4
Ramsay, Robin, 69–70
Raw, Charles, 96, 98
Rawls, John, 86
Reagan, Ronald, 32, 84, 113–14, 116–17, 151, 195, 197–8, 204
redistribution, and taxation, 164
reform, 221–31
Reinhardt, Carmen, 60
Repo 105, 67–8
representation, and taxation, 145, 164
Republican party, 31, 54, 58, 121, 123, 140, 150–1, 159, 195, 254n4 “rehypothecation,” 68
reinvoicing, 25, 182–3
repricing, and taxation, 164
reserve currency, 83–4
reserves, banking, 98
revenue, and taxation, 164
revocable trusts, 46
Ricardo, David, 16
the rich: See elites; les grandes
Ridley, Tim, 181
Riggs Bank, 179 “ring-fence,” 12, 199, 250n25 The Rise and Fall of the House of Vestey (Knightley), 35
Robbins, Lionel, 59
Roberston, James, 79
Robinson, Jeffrey, 79, 88–9
Rockefeller, David, 107–8
Rodrik, Dani, 59–60, 165, 240n22
Rogoff, Kenneth, 60
Roosa, Robert, 80
Roosevelt, Franklin Delano, 31, 54, 97, 239n9
Roosevelt, James, 97
Rosenbloom, David, 117–18, 120, 148
Roth, William, 150
Rothwell, John, 207–8
“round-tripping,” 148
Routier, Airy, 4 “Rs” of taxation, 164
Rubin, Robert, 119
Rushdie, Salman, 178–9
Russell, Bertrand, 51
Russia, 27, 36–7, 58, 68–9, 99, 104, 111, 120, 131, 137–9, 199, 206, 217, 225, 249n18, 250n21
Sampson, Anthony, 64
Sands, Stafford, 89–90
Sarbanes-Oxley, 68
Sarkozy, Nicolas, 5, 24–5
Saudi Arabia, 10, 69, 131, 133, 157, 217
saucissonage, 27–8
Savimbi, Jonas, 136
Scriven, Martyn, 104–5
secrecy jurisdictions: See tax havens
securitization, 26, 70, 125, 200–1, 209
September 11, 2001, 167, 173, 225
Sharife, Khadija, 22, 236n31
Sharman, Jason, 24, 162
shell banks/companies, 29, 111, 120–1, 172–3, 225–6
Sikka, Prem, 204–5, 207–9
Silverstein, Ken, 255n18
Singapore, 19, 27, 33, 106, 116, 121, 209, 234n12
Skidelsky, Robert, 49–50, 54
small business, 15, 38–9
Smith, Adam, 162, 165
Smith, Vernon, 151
social capital, 164
socialism, 4, 51, 150, 163
Salomon Brothers, 82
Snow, John, 140
Somalia, 16
South Africa, 19, 22, 37, 105, 147, 165, 183–4, 209
South Korea, 17, 85, 147, 251n37
Southern, Geoff, 188, 191, 206
sovereign debt funds, 143–4
sovereignty, 23, 84, 161, 196, 228
Soviet Union, 33, 49, 51, 75, 120, 131, 137, 206
Special Purpose Entities (SPEs), 125, 212, 256n40
Special Purpose Vehicles (SPVs), 26, 178, 180
Spencer, David, 8–9
Standard Oil, 23, 36, 39, 108
Stanford, Sir Allen, 218
Stanford Bank, 218
Sterling Area, 92–3
Stettinius, Jr., Edward, 23
Stop Tax Haven Abuse Act, 110
Strahm, Rudolf, 226
Subramanian, Arvind, 59–60, 240n22
Summers, Larry, 160
Suez Crisis (1956), 65–6, 86
Swayze, David, 194, 196–7, 199, 201
Swinging London, 80
Switzerland, 3, 4, 16, 24, 26, 33, 38, 43, 69, 80, 84, 88, 97–9, 109, 114, 117, 119, 122, 127–8, 129, 138–40, 143, 156–7, 161–2, 165, 169, 174, 176–8, 180, 191–2, 203, 212, 214–15, 226, 234n12,13, 236n23, 247n31, 250n20, 252n18
clients of, 26
secrecy law (1934), 16
See Geneva
Sylla, Richard, 80
Syvret, Stuart, 187–8, 205, 207–8
Taliban, 121
Tavakoli, Janet, 125
Tax Analysts, 17, 161–2
tax/taxation, 144–56
capital gains tax, 155, 162–3
competition, 149–56
corporate tax, 155
deferrals, 112–13
four “Rs” of, 164
incentives, 156
income tax, 155, 162–3
Treasure Islands: Dirty Money, Tax Havens and the Men Who Stole Your Cash Page 37