January 16, 2009
Geithner’s a Small-timer

Another attractive element of the bailout. See the beauty of this? The government sends your tax dollars to Citigroup and Citigroup sends Citigroup’s taxes to its mail drops in the Caymans. This the American Way.

To illustrate the problem, Levin said the report found that Citigroup has set up 427 tax haven subsidiaries to conduct its business, including 91 in Luxembourg, 90 in the Cayman Islands and 35 in the British Virgin Islands. He said other havens include Switzerland, Hong Kong, Panama and Mauritius.

“We need to put an end to the use of offshore secrecy jurisdictions as tax havens,” he said. He noted that not all companies use such havens and some use far fewer than others. For example, he said, “Pepsi has 70 tax haven subsidiaries, while Coca Cola has eight; Morgan Stanley has 273, while Fannie Mae has zero; and Caterpillar has 49, while Deere has three.”


Posted by Jerome Doolittle at January 16, 2009 05:28 PM
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