Treasure Islands - Nicholas Shaxson [159]
40.Michael J. McIntyre, “How to End the Charade of Information Exchange,” Tax Notes International, October 26, 2009.
CHAPTER 9 THE LIFE OFFSHORE
1.Now known as the Big Four, following the demise of Arthur Andersen.
2.Michael Bronner, “Telling Swiss Secrets: 222 Billionaires,” Global Post, August 5, 2010.
3.Michael Bronner, “Telling Swiss Secrets: The Golden Goose,” Global Post, August 5, 2010.
4.“Doom-mongers Huddle over Island under Threat,” Financial Times, November 11, 1998.
5.Patrick Muirhead, “Jersey’s Culture of Concealment,” The Times, April 24, 2008.
6.Author’s interview with Syvret, 2009.
7.Stuart Syvret’s blog, “Jersey’s Media and Its Role in the Culture of Concealment,” July 29, 2010, http://stuartsyvret.blogspot.com/2010_07_01_archive.html.
8.Austin Mitchell, Prem Sikka, John Christensen, Philip Morris, and Steven Filling, “No Accounting for Tax Havens,” Association for Accountancy and Business Affairs (2002).
9.“Economics and Development in the Twenty-First Century,” remarks by Kenneth Galbraith on the occasion of his receipt of the Leontief Prize at Tufts University, March 27, 2000.
10.Companies can, if they prefer, set their own rates of tax, with a minimum of 2 percent, if they want to climb over the bar of a minimum rate specified in their country of origin. At the time of writing, Jersey is considering changes to its tax system.
11.Author’s interview with Elmer, 2009.
CHAPTER 10 RATCHET
1.The main research for this was undertaken by myself and Ken Silverstein of Harper’s magazine in 2009.
2.Some interviewees said May 1980, but Henry Beckler’s resume says June 11, 1980, http://www.wtcde.com/HenryBeckler.pdf.
3.According to the New York Times, “Others who might have raised questions about the bill, including other state officials, the press and the public, were intentionally kept in the dark, according to bankers and state officials” (“New York Banks Urged Delaware to Lure Bankers,” New York Times, March 17, 1981, http://www.nytimes.com/1981/03/17/business/19810317BANK.html?&pagewanted=1).
4.Biondi is a former president of the Delaware State Bar Association, a Democrat who served as an adviser to both Republican and Democrat governors, and an attorney for business interests, the Teamsters union, and many others. Delaware Grapevine, a local political website, called him “a tough-minded political operative capable of delivering corporate contributions or muscling up votes.” Celia Cohen, “I Heard You Picket Newspapers,” Delaware Grapevine, July 13, 2005, http://www.delawaregrapevine.com/7–05sheeran.asp.
5.Interview with Hayward and Hayward’s comments in Larry Nagengast, Pierre S. Du Pont IV, Governor of Delaware, 1977–1985 (Delaware: Delaware Heritage Press, April 2007), p. 109.
6.“Birth of a Banking Bonanza,” Delaware Lawyer (Fall 1982): 38.
7.David S. Swayze and Christine P. Schiltz, “Keeping the First State First: The Alternative Bank Franchise Tax as an Economic Development Tool,” Delaware Banker (Fall 2006), http://www.pgslegal.com/CM/FirmNews/Fall%202006%20Delaware%20Banker%20Article.pdf.
8.Adrian Kinnane, Durable Legacy: A History of Morris, Nichols, Arsht & Tunnell (Morris, Nichols, Arsht & Tunnell, 2005), http://www.mnat.com/assets/attachments/MNAT_Book__Web_Version.pdf.
9.“New York Banks Urged Delaware to Lure Bankers,” New York Times, March 17, 1981, http://www.nytimes.com/1981/03/17/business/19810317BANK.html?&pagewanted=1.
10.Nagengast, Pierre S. Du Pont IV, Governor of Delaware, 1977–1985, p. 113.
11.In 2010 the so-called Whitehouse Interstate Lending Amendment was introduced in the U.S. Senate, cosponsored by Senators Cochran, Merkley, Durbin, Sanders, Levin, Burris, Franken, Brown, Menendez, Leahy, Webb, Casey, Wyden, Reed, Udall, and Begich, aiming to restore to the states the ability to enforce interest rate caps against out-of-state lenders. At the time of writing, it had made no progress.
12.Nagengast, Pierre