As Dot-Coms Go Bust in the U.S., Bermuda Hosts a Little Boomlet

[Steve Schear]

At 10:54 AM 1/10/01 -0600, Jim Burnes wrote:
>On Wednesday 10 January 2001 05:29, Ken Brown wrote:
>...
> > The sun still doesn't set on the British Empire (not while we have
> > Pitcairn!), London is still the heart of darkness, it is is still the
> > place where the money is (most of the money in the world, by orders of
> > magnitude, is in meaninglessly large dollar accounts in databases owned
> > by London banks, representing currency trades), and if you think you can
> > trust these guys to do anything other than act in the interests of their
> > own profits you are making a big mistake.
>
>Their interests are in making capital grow and prosper.  These
>are diametrically opposed to the interests of high taxation and socialism.
>I don't think the Bermuda dot-coms are worried about these guys acting in
>their own interests.  I think they are banking on it....

Published Wednesday, Jan. 10, 2001, in the San Jose Mercury News

WORLD NEWS
offshore banking
Developed nations pushing to get rid of tax havens

Wealthy countries aiming to recover billions of dollars lost to offshore 
tax havens are trying to convince small countries to give up the banking 
secrecy that has helped their fragile economies survive.

Officials from about 40 countries and territories were to reconvene Tuesday 
in Barbados for a second and final day of discussion about what the 
Paris-based Organization for Economic Cooperation and Development terms 
``harmful tax practices.''

The organization's 30 member nations, which include the world's wealthiest 
nations, have set up international standards that they want all nations to 
abide by. Countries that have no taxes or low taxes are being pushed to 
change their laws

steve
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