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January 17, 2009
Offshore Tax Havens
From the NYT:
Many of the largest United States corporations, including big banks now receiving federal bailout money, operate scores of subsidiaries in offshore tax havens that may let them evade or defer their tax bills, according to a government study released Friday.
The study, by the Government Accountability Office, singled out Citigroup as having 427 subsidiaries in offshore havens like the Cayman Islands, British Virgin Islands and Switzerland. Bank of America has 115 subsidiaries in offshore havens, while Morgan Stanley has 273, the report said.
Bank of America received an additional $20 billion in government aid on Friday, on top of a previous $25 billion, and a federal promise to absorb nearly $98 billion in soured mortgage-related securities. Citigroup is expected to get $50 billion.
Posted by edelfenbein at January 17, 2009 12:16 PM
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