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...owned by Assa Corporation, a New York shell company, which listed its owner as Assa Company Ltd., a Jersey, Channel Islands entity. In most cases that's as far as investigators get - but here authorities were eventually able to determine that Assa was in fact entirely owned by the state-owned Bank Melli, which is banned in the U.S. for supporting Tehran's nuclear program. (See the best business deals...
...ills these shell companies facilitate, it's getting easier and easier to open one. That's because it's big 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...
...expect Delaware to do anything to tamper with this profitable business line. The state's division of corporate services recently boasted it spent just $12 million to earn $700 million - a quarter of the state's annual revenue. That enviable cost-revenue ratio has triggered copycat competitors. It couldn't be easier. Apply online - providing less ID than it would take to get a library card - and have it all processed within 24 hours, for little more than $100; Nevada and Delaware will do it all in an hour for $1,000. Then, for modest fees, enjoy the illusion...
...problem is simple in that if you're an individual, a business owner or an entire state and you build your debt level to 70%, 80%, 90% of your revenues, you soon won't be able to pay the interest on your borrowing - much less the principle - and you'll default," says economist Marc Touati, deputy director of the Paris-based financial-services group Global Equities. "We're not there yet, especially for all the nations of Europe. But there are several, including France, that simply must cut spending, deficit and debt dramatically, and soon - or things will get very...
...There's no doubt, though, that all sides are looking for a way out of the stalemate that has produced Iran's longest period of domestic political instability since the 1979 revolution. One state broadcaster recently suggested that much of the postelection protest was the result of sexual frustration on the part of young people and that the best way to resolve political crisis would be to marry them off. As pleasant as that might be for all involved, Iranians are unlikely to kiss and make up any time soon, and there may yet be months of turmoil ahead before...