land value, 224–5
multinational, 12–15
as offshore system: See offshore system
progressive, 162–3
and property rights, 158
rates, 154–60
and reform, 223
statistics on, 15, 162–3
as theft, 158
treaties, 147–8
U.S. statistics on, 162–3
war, 156
in World War I, 40
zero, 12–15
tax avoidance, 25, 29, 33–4, 36, 40–1, 45, 47, 103, 130, 159, 216
tax competition, 149–56
tax deferrals, 112–13
tax evasion, 16–17, 25, 29, 44, 57, 76, 88, 101–2, 110, 118–19, 129, 133, 157–8, 160, 163, 167, 185, 230, 246n4
tax havens/secrecy jurisdictions
“blacklist” of, 24–5, 150, 161–2, 168–9, 223
British: See British tax havens
central, 16–23, 26
See British tax havens; European tax havens; U.S. tax havens
and colonialism: See colonialism companies using, 20–2
defined, 6–8, 11–13
and denial, 12–13
and developing countries: See developing countries
as easy to set up, 24
and elites: See elites
European: See European tax havens
features of, 12–13
and multinationals: See multinational corporations
OECD blacklist of, 24–5
and ordinary citizens: See ordinary citizens
rationalizations for, 156–8, 165–6
statistics on, 11, 16, 28–9, 32
U.S.: See U.S. tax havens
Tax Justice Network (TJN), 28, 128, 170, 181, 234n4–5, 237n44
tax treaties, 147–8
terrorist financing, 22, 26, 29, 35, 121, 131, 133, 167, 173
Texas, 110, 115, 120–1, 204
Thatcher, Margaret, 32, 66, 84–5, 204, 252n16
Tiebout, Charles, 154
Time magazine, 83
“too big to fail,” 21, 31, 130, 217
Total group, 5
transfer pricing (or mispricing), 9, 14–15, 29, 42, 108, 123, 152, 215–16, 227, 239n10
defined, 14
transparency, 8–9, 12, 16, 24, 26, 33, 58, 110, 112, 119, 122, 126, 128, 140, 157–8, 160, 167–8, 170, 177, 179, 188, 190, 208, 221–3, 226, 228–30, 247n31,32, 248n44, 250n21
Transparency International (TI), 126–7
Travers, Anthony, 166–7, 182
trusts, 43–7, 64, 69, 90, 92, 99, 103, 105, 125–6, 133, 139, 173–6, 180, 201, 207, 223, 225–7, 235n19, 239n17,18, 248n34, 250n25
defined, 43–7
and retaining control, 45
Turks and Caicos (British overseas territory), 18–19, 23, 27, 87
UBS, 138, 140, 177, 249n18
Uganda, 145, 183
Union Cold Storage, 45–6
United Nations, 9, 136, 146, 161, 231–2
United States and Britain, 19–20, 49–50, 54–5
and corporate income tax, 40
deficits, 80, 84, 114, 116, 118–19, 194, 217
and financial regulation, 63, 67–70, 78–80, 100–3, 119–20
statistics on oil, 1, 32, 40, 52, 60, 162–3
tax havens: See U.S. tax havens
and transfer pricing, 14–15
USAID, 22
U.S. Central Intelligence Agency (CIA), 18, 109, 112, 133, 142
U.S. Congress, 20, 39, 83, 110, 122, 160–1, 170, 225, 246n11
U.S. Congressional Black Caucus, 161
U.S. Council of Economic Advisors, 83
U.S. dollar, 63, 65, 75, 83–4, 88, 92–3
U.S. Federal Bureau of Investigation (FBI), 109, 121
U.S. Federal Reserve, 78–9, 101, 111, 114, 141, 143, 247n18
U.S. Government Accountability Office (GAO), 15, 20, 22, 103, 234n4, 236n30
U.S. Internal Revenue Service (IRS), 117, 120–1, 150–1, 162, 236n29, 253n31
United States Overseas Private Investment Corp. (OPIC), 22
U.S. Senate, 14, 21, 36, 38–9, 46–7, 58, 68, 102, 110–11, 121–2, 132, 135, 140, 150–1, 156, 160, 162, 168, 170, 173, 183–4, 187–8, 190, 195, 198, 205, 207, 226, 254n11, 256n33
U.S. tax havens, 9, 16, 20–3, 31–2, 107–28
and “aged shelf company,” 121
and balance-of payments deficit, 107–8, 112, 116
central figure of: See Wall Street and corporate governance, 122–5
and crime, 21–2, 24–5, 109–13
and deficit financing, 9
and “Dutch Sandwich,” 117
and Gordon report, 117
on the federal level, 21, 107–20
history of, 107–28
legislation: See Qualified Intermediary Program
and limited liability corporations
See limited liability corporation
market: See international banking facility
and Netherlands Antilles, 117–18
offshore bond market, 118–19
and oil, 107–8, 113–14
opponents of, 108
overseas rung of, 22–3
See Marshall Islands; Panama; U.S. Virgin Islands
overview of, 16, 20–3
and shell companies, 120–1
on the state level, 21–2, 120–2
See Delaware; Florida; Nevada; Texas; Wyoming
statistics on, 32
See Wall Street
U.S. Virgin Islands, 22, 236n30
Uruguay, 16, 46–7
usury, 123, 193–5, 200, 204
U2, 17
Vallely, Paul, 127
“value creation,” 216
Vanuatu (South Pacific), 19, 26–7
Venezuela, 3, 37, 142
Vesco, Robert, 98
Vestey brothers (Edmund and William), 36–47
and titles, 45
and trusts, 43–7
Vietnam, 21, 84, 97, 109, 114, 116
Vinson, Fred, 56
Volcker, Paul, 114
“vulture funds,” 143–4
Wachovia bank, 9, 22, 103, 236n27
Walker, Frank, 187
Walker, William, 99
Wall Street, 7, 9–10, 11, 20–1, 23–4, 26, 31, 52, 54–6, 58–9, 61, 63, 65–8, 70, 74–5, 82–5, 106, 108–11, 115, 118, 130, 185, 191, 193, 196, 206, 214, 216–17, 221
and securitization, 26
as “too big to fail,” 21, 31, 130, 217
Washington, D.C., 10, 21–2, 29, 31, 49, 51, 54–5, 67, 83, 107, 112, 120, 124, 130, 133–4, 139, 150, 152, 160–1, 163, 170, 171, 183, 198, 223
Watergate, 98
Waweru, Michael, 145
Welch, Chuck, 195
West Africa, 3, 8–9, 97, 105, 231
whistleblowers, 9, 181, 192
White, Harry Dexter, 49, 55, 57–8, 110
The Whore of the Republic (Deviers-Joncour), 5
Wilson, Harold, 75
Wilson, Woodrow, 39
Wolf, Martin, 60
Wolters Kluwer, 125
Woods, Martin, 9, 60, 164
World Bank, 29, 56, 126
World Economic Forum (WEF), 153–4
World War I, 16, 37, 39–40, 42, 45, 50, 54, 234n13, 240n17, 241n7
World War II, 8, 49–50, 54, 63, 65, 130, 240n17, 251n11
WorldCom, 68, 123, 202, 204
Wriston, Walter, 81–2, 141, 195
Wyoming, 22, 27, 120, 122
Xie, Andy, 106
Zeder II, Fred M., 22, 236n31
zero taxation, 6, 12–15, 32, 108, 152, 190, 221, 223, 227
Zvygintsev, Alexander, 69
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Treasure Islands: Dirty Money, Tax Havens and the Men Who Stole Your Cash Page 38