While banks and financial institutions all over the
place are ran into serious problems and those problems
are known, reported on, there is an almost suspicious
silence emanating from tax havens.
Tiny as many of them might seem, they are global
players because of the huge assets and funds they
manage and have in their accounts.
There are two basic questions:
A) Have those banks and funds, etc. done better, were
they smarter, more prudent in their conduct? In which
case they would be some sort of positive provocation
to the rest of the financial world.
B) Or have they made the same mistakes and are melting
down just like the others? If that is the case this would
provide the answer to some presently unexplainable
occurrences in the stock markets globally, like forced
sell- offs and so on.
Such a crisis in tax havens would have some interesting
aspects. There are some of the proceeds of drug dealing
stored away, invested. Or Third World politicians are
known to invest all the embezzled money there. Thus one
or the other political scandal would follow in such a case.
And maybe one or the other scandal worthy of tabloid
reoporting and elaborating as well.
It would in any case require some rather old-fashioned
competent reporting, some knowledgeable guys who know
what they are talking about. Drug money of political money,
the proceeds from corruption, are of course stories that take
a longer time to figure out and give an adequate account.
Certainly are differences among those centres how they
handled banking, their legal requirements and so forth.
Here is an article from Jersey (it is possible to go from
the articles linked here to current articles on the following
newspapers, if interested):
Euro talks to protect finance
And here another one from Isle of Man:
The Manx Lads: It's Not Our Fault
Here is one from Guernsey:
Confidence in Guernsey will survive
And here one about the Vatican Bank:
Officials says deposits in Vatican Bank are safe
(The Catholic Church had some problems in
the past, a longer time ago, 1982.)
The Stanford - case brings the issues of sunny islands,
tax havens and more to the front again.
Here a summary so far in the Guardian:
We said, are you this guy ...
All that might be an excuse or reason to visit some of
the news media in the Carribbean directly (this affair
is leading to elections in Antigua, where the Prime Minister
called for elections in March)
The Nation Newspaper, Barbados
and the Caribbean Net News
For the record: these are just some of the media in the
As for the USA: there is a link to Silicon Alley Insider
on this blog. A rather new publications, they have their
own style of writing, relaxed, with a sense of humour, yet
professional - and always linking to sources (giving credit
to deserves credit) that is obviously gaining rapid
Fancy some music after so much hard
reading? Here is Harry Belafonte: Island in the sun