Friday, April 15, 2005

Trillion-Dollar Hideaway

Offshore accounts. IBCs. Walking trusts. Financial institutions have plenty of names for the places where the wealthy now hide their money from the IRS. They just don't call it cheating.

By Ken Silverstein

(Excerpt) Click here to read the entire Mother Jones article.

Today, the practice of hiding wealth has reached epidemic proportions. Much of the money shipped abroad has its origins in arms dealing and drug trafficking. Another major source is loot plundered by corrupt government leaders, such as former Indonesian president Suharto. A growing portion of offshore money, however, is legal in origin, moved abroad by the super-rich -- often through major U.S. banks -- in order to evade taxes.

No comments: