Word: caymans
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...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...
...last year never got to them. Of $3.3 million given to one broker for the contras, only $150,000 was actually sent to Central America. Most of the money went to American companies and individuals, and $380,000 was funneled into offshore bank accounts on Grand Cayman Island or in the Bahamas. Alluding to President Reagan's controversial comparison of the contras to America's founders, Democratic Congressman Gerry Studds quipped, ''Our Founding Fathers did not maintain bank accounts in the Cayman Islands.'' The GAO investigation also found that some $743,000 in contra aid went to an unnamed Central...
Starting in 2000, the IRS went after records from American Express, MasterCard and Visa to track the spending of U.S. citizens using credit cards issued in Antigua, the Bahamas and the Cayman Islands, leading to hundreds of audits and criminal investigations. In a landmark 2005 case, the accounting firm KPMG admitted its employees had criminally generated at least $11 billion in phony tax losses, often routed through the Cayman Islands, which cost the U.S. $2.5 billion in tax revenue...