Thursday, April 16, 2009

Powder Puff G20 Financial Regulation

Tax haven nations perspired nervously as the G20 meeting approached, worried about looming global financial regulation. Nicholas Sarkozy of France played the bad cop. This is ironic as his half brother Olivier works for The Carlyle Group, a huge politically connected private equity underwriter (PEU).

President Barack Obama performed as good cop. He worked magic with a word change on the tax haven resolution. Problem solved.

Now, no one is sweating. G-20 powder puff regulation soaked up any perspiration.

Not even The Carlyle Group, with subsidiary corporations in the Cayman and Channel Islands, is sweating. Guernsey based Carlyle Capital Corporation imploded last March. Neither "island of financial dodge" made the tax haven list. As a matter of fact, the list of tax avoiding countries is empty.

President Barack Obama can talk populist, but actions speak louder than words. Obama is a corporatist.