Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens

Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens

by Nicholas Shaxson
Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens

Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens

by Nicholas Shaxson

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Overview

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.


Product Details

ISBN-13: 9780230341722
Publisher: St. Martin's Publishing Group
Publication date: 09/04/2012
Edition description: New Edition
Pages: 272
Sales rank: 954,768
Product dimensions: 5.80(w) x 9.10(h) x 0.80(d)

About the Author

Nicholas Shaxson is a journalist who has written for the Financial Times, The Economist Group, African Energy, and the insider newsletter Africa Confidential. He is the author of the highly acclaimed Poisoned Wells: The Dirty Politics of African Oil and an associate fellow with the Royal Institute of International Affairs in London.

Table of Contents

Prologue: An offshore awakening * Welcome to Nowhere * Technically Abroad * The Opposite of Offshore * The Great Escape * Construction of a Spiderweb * The Fall of America * The Drain * Resistance * The Life Offshore * Ratchet * Conclusion

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