Word: caymans
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...strategy,” said Kevin Casey, Harvard’s senior director of federal and state relations. “The universities are not the ones utilizing leverage.” Currently, many organizations in the tax-exempt category use offshore tax sanctuaries such as the Cayman Islands to invest in U.S. hedge funds. “There is no reason to force tax-exempt entities offshore when they invest in hedge funds,” Levin said in a statement. “These rules were never meant to apply to this kind of transaction, and there...
...everything may be inclined to prize. One vehicle with almost irresistible snob appeal is the "Ultimate Wine Fund" offered by the private-banking arm of the French giant Soci?t? G?n?rale Group. Available primarily to customers of SocG?n's Asian private bank, the fund is linked to a specially created Cayman Islands firm that, acting on the advice of wine experts and auction houses, buys and stores select vintages. Investors wanting to cash out after the minimum one-year holding period may redeem their shares for actual bottles of wine, which can be drunk or resold at a profit (or loss...
...more than 10% of the $88 billion Americans spent abroad last year. Yet they feel most unwelcome closest to home-in the Caribbean, which, despite its relaxed image in TV ads, has been rife with homophobic acts, like the stabbing last year of a gay activist in Jamaica. The Cayman Islands has turned away gay cruises in recent years, and travel agents often remind gay couples to avoid public affection or face fines and harassment on islands like Barbados, where homosexuality is outlawed. In March passengers on a gay cruise from Miami were barred from disembarking on Nevis, part...
...turn a California street sport into a global phenomenon. Now 36, Hawk is also a successful businessman, having built an action-sports empire that encompasses best-selling video games, DVDS, equipment, apparel and an arena tour called Boom Boom HuckJam. Hawk spoke with TIME's Jeffrey Ressner from the Cayman Islands, where he performed at the opening of Black Pearl, the world's largest concrete skate park...
...came directly from a refinancing of a 1999 Brazilian transaction that is now a central element of bankruptcy administrator Bondi's case against the bank. In that transaction Bank of America raised $300 million in funding from U.S. investors via two entities it set up in the Cayman Islands. The bank used the money to acquire an 18% stake in Parmalat's Brazilian group. News of the transaction sent Parmalat stock soaring 17% in a single day. Bondi alleges that this transaction fraudulently made a loan look like an equity infusion, a charge the bank denies. The refinancing was even...