Tuesday, May 5, 2009
Enron was lambasted for using offshore tax havens and complicated corporate structures to avoid paying taxes.
But the big banks are worse.
As the Financial Times notes:
In recent separate surveys by the US Government Accountability Office and the Tax Justice Network, the largest user of tax havens in every country surveyed was a bank. Tax authorities have enormous problems puzzling out these structures. If they can, it is often hard to characterise them as shams.