Thursday, August 26, 2010

Bipartisan Offshoring

The Dallas Morning News blistered the Wyly brothers for their offshore financial activities in The Cayman Islands. The Caymans are home to other interesting investors.

Halliburton's KBR had 21,000 employees in their Cayman based subsidiary. Dick Cheney ran Halliburton from 1995-2000.

ShoreBank had a private equity division, ShoreCap International, in the Caymans. ShoreBank specialized in mircofinance. ShoreCap garnered a 23% return in 2007. ShoreCap launched its second fund for microfinance investment in 2010. This new fund is incorporated in Mauritius, another tax haven.

While the Wyly's and Dick Cheney are on the Red team, ShoreBank has solid Blue credentials, including relationships with the Obama's. The Dallas Morning News stated:

No one likes paying taxes. But we all sure enjoy the paved roads, safe food, clean water and national security that our taxes provide.
Does finding a complex scheme designed solely to avoid taxes make you brilliant? Or a parasite?
Brilliant, parasitic, bipartisan private equity underwriters (PEU's) and their sponsored politicians.

Update 5-12-14:  The Wyly brothers were found guilty of fraud with their offshore trusts.