Yielding to temptation: the Allen Stanford story

Yes, I have to say it’s fun being a billionaire ...

R. Allen Stanford, CEO Stanford Financial Group

Offshore jurisdictions

Periodically, politicians in the UK start to make public announcements about the wickedness of businesspeople who use offshore jurisdictions as a method of legal tax avoidance. This is largely disingenuous. Not all offshore jurisdictions are acutely vulnerable to corruption: Jersey, Singapore and Bermuda, for example, have high standards and are well run. Legitimate offshore business is huge; some 8% of all wealth under management is thought to be held offshore, an estimated $7 trillion. Some 700,000 companies are registered in the British Virgin Islands. Many thousands ...

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