Word: caymans
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...such amiably meant awkwardness, however, could spoil the monthlong royal road show that began last week in Jamaica and proceeded to the Cayman Islands, to Mexico, and on toward the wilds of California (see following story). Queen Elizabeth II is nearly unflappable as star and stage manager of the Windsor family troupe, and her husband Prince Philip, though he sometimes indulges in grumpy asides, has a useful comic gift and a scene-saving knack for improvisation. (Jamaicans last week admiringly recalled an occasion during the royal couple's 1975 visit when one profoundly confused male official approached the Queen...
Hetrick, in fact, rarely worked at the hangar, leaving operations to his eldest son. But he had a sidekick, Stephen Arlington, 34, a former Navy frogman in Viet Nam, who shared a Hetrick enthusiasm: scuba diving. The two often flew off to Grand Cayman Island in the Caribbean and took trips to the Bahamas on Hetrick's 46-ft. trawler, the Highland Fling, based in Fort Lauderdale, Fla. Hetrick also owned five airplanes and a 53-ft. yacht, the Ivory. Arrington, said a former Morgan employee, was "a kind of super gofer" for Hetrick...
...maintained a fleet of three dozen or more boats-no one kept count-and a cash reserve so large they could shrug off million-dollar business losses. Eventually they had to buy their own turboprop airplane to ferry overflowing cash profits to uninquisitive banks in the Bahamas and Cayman Islands...
...from overstuffed shopping bags for deposit. The major operators, who find this too cumbersome, have initiated a reverse airlift, sometimes using the same planes that fly drugs into Florida to take suitcases of cash out of the U.S. to discreet banks in places like the Bahamas or the Cayman Islands. Other dealers simply pay a commission, $ 10,000 a week or so, to the dwindling number of Florida bankers willing to fudge or forget their transfer reports. Says one former smuggler: "I was paying up to 2% of my deposits to bank managers not to fill out the forms...
...governments along the way and eventually arriving at its destination ready to do business. Some of the most successful repositories of this stateless money are the offshore branches of major U.S. banks in such out-of-the-way places as Bahrain in the Persian Gulf, the Bahamas and the Cayman Islands in the Caribbean. In all, more than $1 trillion is held by banks and borrowers outside the U.S. in offshore banking bases set up by American and foreign banks...