Word: caymans
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...would seem to have no business participating in their chosen sports. And although the Jamaican bobsledders failed to qualify for the Olympics this time, the Vancouver Games offer plenty of intriguing tales. In addition to the middle-aged German skier prince representing Mexico, there's a speedskater from the Cayman Islands, cross-country skiers from Bermuda, Ethiopia and Ghana, and a few other oddballs who marched in Friday's opening ceremony. Even Jamaica still got to raise its flag: a freestyle skier from the country earned a spot at the Olympics...
...business and states compete at offering ever more secure anonymity along with other benefits. Delaware is the well-known leader. The state recently won the dubious top rank in a new Financial Secrecy Index, for the aggressive secrecy and dollar volume it handles, outdoing Switzerland, the Cayman Islands and Panama...
...legally, there’s something...unethical about it,” said Benjamin Leff, a visiting professor at Harvard Law School who specializes in taxes and regulation of non-profit organizations. “Would there be totally legal and proper things that an investment company with a Cayman subsidiary would be doing? There could be. Could there be illegal [things]? Definitely. Are there some things in between...
According to tax filings for the year ending in 2007, the most recent one available, Harvard maintains investments in various foreign entities—including several that had been listed in previous filings as Cayman Islands companies. Harvard has ceased to list the specific locations of its related companies in the most recent tax filings...
...particularly infuriating incident, Rose said that after he repeatedly inquired about a seemingly purposeless investment vehicle, a lawyer informed him that the company was actually set up to help a former employee defer his income to a Cayman Islands entity—thereby avoiding substantial tax payments. He also mentions another instance in his disclosure in which HMC officials adamantly opposed the reporting of a foreign entity—likely because the form used would have been attached to the publicly visible IRS Form 990, exposing Harvard to questioning about its use of offshore accounts...