Treasure islands : uncovering the damage of offshore banking and tax havens

**A thrilling ride inside the world of tax havens and corporate masterminds** While the United States experiences recession and economic stagnation and European countries face bankruptcy, experts struggle to make sense of the crisis. Nicholas Shaxson, a former correspondent for the __Financial Times__ and __The Economist__, argues that tax havens are a central cause of all these disasters. In this hard hitting investigation he uncovers how offshore tax evasion, which has cost the U.S. 100 billion dollars in lost revenue each year, is just one item on a long rap sheet outlining the damage that offshoring wreaks on our societies. In a riveting journey from Moscow to London to Switzerland to Delaware, Shaxson dives deep into a vast and secret playground where bankers and multinational corporations operate side by side with nefarious tax evaders, organized criminals and the world's wealthiest citizens. Tax havens are where all these players get to maximize their own rewards and leave the middle class to pick up the bill. With eye opening revelations, __Treasure__ __Islands__ exposes the culprits and its victims, and shows how: \*Over half of world trade is routed through tax havens \*The rampant practices that precipitated the latest financial crisis can be traced back to Wall Street's offshoring practices \*For every dollar of aid we send to developing countries, ten dollars leave again by the backdoor The offshore system sits much closer to home than the pristine tropical islands of the popular imagination. In fact, it all starts on a tiny island called Manhattan. In this fast paced narrative, __Treasure__ __Islands__ at last explains how the system works and how it's contributing to our ever deepening economic divide. We Are Witnessing The Greatest Shift Of Wealth From Poor To Rich In History. In The United States Alone, The Wealthiest Avoid Paying An Astonishing $53 Billion In Taxes Each Year. Nicholas Shaxson, In League With The Tax Justice Network, Dives Deep Into The Secret World Of Tax Havens And Takes Us To Hot Spots From Switzerland To Panama To Delaware In A Riveting Narrative Of How Society Loses Through Illegal Tax Evasion. With Jaw-dropping Stories And Vivid Explanations, Shaxson Highlights The Biggest Players In The Game, And Shows How: - More Than 12,750 Foreign Corporations Get Out Of Paying Taxes Each Year By Claiming To Have Offices In The Same Five-story Building In The Cayman Islands. - One Thousand Children Die Every Day As A Result Of Illegal, Trade Related Tax Evasion. - Although Billions Are Poured Annually Into Africa, Corrupt Officials There Stow Twice As Much Away In Tax Havens, Making Africa A Net Creditor To The Rest Of The World. -- An Offshore Awakening -- Welcome To Nowhere : An Introduction To Offshore -- Technically Abroad: The Vestey Brothers, The American Beef Trust, And The Rise Of Multinational Corporations -- The Opposite Of Offshore : John Maynard Keynes And The Struggle Against Financial Capital -- The Great Escape : How Wall Street Regained Its Powers By Going Offshore To London -- Construction Of A Spiderweb : How Britain Built A New Overseas Empire -- The Fall Of America : How The United States Learned To Stop Worrying And Love The Offshore World -- The Drain : How Tax Havens Harm Poor Countries -- Resistance : In Combat With The Ideological Warriors Of Offshore -- The Life Offshore : The Human Side Of Secrecy Jurisdictions -- Ratchet : How Secrecy Jurisdictions Helped Cause The Latest Financial Crisis -- Reclaiming Our Culture. Nicholas Shaxson. Includes Bibliographical References And Index. "We are witnessing the greatest shift of wealth from poor to rich in history. In the United States alone, the wealthiest avoid paying an astonishing $53 billion in taxes each year. Nicholas Shaxson, in league with the Tax Justice Network, dives deep into the secret world of tax havens and takes us to hot spots from Switzerland to Panama to Delaware in a riveting narrative of how society loses through illegal tax evasion. With jaw-dropping stories and vivid explanations, Shaxson highlights the biggest players in the game, and shows how : - More than 12,750 foreign corporations get out of paying taxes each year by claiming to have offices in the same five-story building in the Cayman Islands. - One thousand children die every day as a result of illegal, trade related tax evasion. - Although billions are poured annually into Africa, corrupt officials there stow twice as much away in tax havens, making Africa a net creditor to the rest of the world."--Résumé de l'éditeur "We are witnessing the greatest shift of wealth from poor to rich in history. In the United States alone, the wealthiest avoid paying an astonishing $53 billion in taxes each year. Nicholas Shaxson, in league with the Tax Justice Network, dives deep into the secret world of tax havens and takes us to hot spots from Switzerland to Panama to Delaware in a riveting narrative of how society loses through illegal tax evasion. With jaw-dropping stories and vivid explanations, Shaxson highlights the biggest players in the game, and shows how: - More than 12,750 foreign corporations get out of paying taxes each year by claiming to have offices in the same five-story building in the Cayman Islands. - One thousand children die every day as a result of illegal, trade related tax evasion. - Although billions are poured annually into Africa, corrupt officials there stow twice as much away in tax havens, making Africa a net creditor to the rest of the world."-- Provided by publisher Overview: Published to rave reviews on both sides of the Atlantic, Treasure Islands is an expose of how the corporate world uses tax havens to shirk paying its share of taxes. This costs the United States alone 100 billion dollars in lost revenue each year. While the United States experiences a recession and European countries face bankruptcy, Nicholas Shaxson, a former correspondent for the Financial Times and The Economist, argues that the problem can be traced back to the pervasive practice of offshoring financing in order to minimize taxable revenue. Journeying from Moscow to London to Switzerland to Delaware, he dives deep into a vast and secret playground where bankers and multinational corporations operate side by side with nefarious tax evaders, organized criminals, and the world's wealthiest citizens. This is a fast-paced narrative that at last explains how bankers, traders, and other financial wizards are using the system to deepen our economic divide