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

Treasure Islands Uncovering the Damage of Offshore Banking and Tax Havens A thrilling ride inside the world of tax havens and corporate mastermindsWhile the United States experiences recession and economic stagnation and European countries face bankruptcy experts struggle

  • Title: Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens
  • Author: Nicholas Shaxson
  • ISBN: 9780230105010
  • Page: 381
  • Format: Hardcover
  • A thrilling ride inside the world of tax havens and corporate mastermindsWhile 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 disastA thrilling ride inside the world of tax havens and corporate mastermindsWhile 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 backdoorThe 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.

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      Published :2019-02-12T09:41:29+00:00

    One thought on “Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens”

    1. The truest sequel to Robert Louis Stevenson's classic that could ever be written. Why trouble yourself about a little buried treasure on one little island with only a few corpses on a dead man's treasure chest when the capital outflows of entire countries or industries can be redirected?This is an easy to read introduction to tax havens and the offshore system. It's disturbing in that you can see why Africa will remain poor and why we will remain at risk of financial shocks like the collapse of [...]

    2. Before I get into my review, I wanted to point out that for someone without a lot of financial knowledge, this could be a very difficult book to read. I have a college degree in accounting, did some graduate work in tax, and worked for one of the big four accounting firms for a year in their international tax consulting department. I quit working for them and left the field entirely after I realized in vague generalities what they were doing, which was one of the reasons I was so interested in t [...]

    3. Sometimes fascinating insight into the history of tax shelters, ruined in my eyes by the author's style which that of an incensed early 1980s Greenpeace leaflet writer. By the nature of tax shelters, you're going to have multinational corporations as villains so, unless you *want* to come off sounding like a stereotyped leftie loon, you had better get that tone and voice just right. Shaxson has not.My favourite story was that of the wealthy British Vestey family with Argentinian meat interests. [...]

    4. A remarkable book that gives a real insight into how the world works - particularly into the power of the City of London.It's a rigged game and I don't want to play.

    5. I picked up this book (actually its Finnish translation) at a book fair, because it seemed to handle tax evasion and planning, as well as tax havens and offshoring, which have been of interest to me for a while.It did. I had three questions I hoped it would answer: what are tax havens, what is the effect of offshoring, and how can we start to rectify the appalling financial problems in the world. I am also happy to report this book does indeed answer all three.Having read some other books on pos [...]

    6. Tax heavens, the missing piece of every book that has dealt with the 2008 financial crash, or least those that i have read so far. It gives a clear answers why a poor countries remain poor and it makes the current European bail out sums seems like a pocket money when compared to trillions of dollars/euros that have gone through the tax heavens and disappeared to somewhere in pockets of the plutocrats and their like.Easy to read and understand even to a simpleton like me, Shaxson writing is good [...]

    7. Thoroughly depressing study of 70 years of financial chicanery and evolution of tax havens and money laundering, with highlight that include the City of London and its outposts in Gibraltar and Jersey, Omar Bongo of Gabon and the French neo-colonial Elf scandal, active anti-tax lobby groups and their PR, celebrities who campaign for anti-poverty measures and hide their income in the Netherlands, ineffective PATRIOT Act provisions and terrorism financing, the Caymans and the Bahamas, seedy ads in [...]

    8. Loistava tietopaketti veroparatiiseista ja offshoringista! Hidas lukea ehkä sanaston ja teeman takia mutta tosi mielenkiintoinen, suosittelen lämpimästi!

    9. This book has shaken my entire world view. Money isn’t real. It’s all just made up in banks. The whole thing is a scam. And we can't just raise taxes on rich people to solve social ills, because they have ways, both legal and illegal, to prevent that.Well researched and plainly explained!

    10. Treasure Islands is an investigation into the world that many of us have heard of but who few of us have had direct interaction: so-called "tax havens". Shaxton has done a lot of travelling to these places and explains to us how they have become a fixture of the international marketplace. He puts an emphasis on how diverted profits have damaged third world countries:I had spent years watching, living in and writing about the countries along the curve of Atlantic coastline ranging from Nigeria in [...]

    11. The author seems to have done a superhuman level of research in the process of writing this book. He clearly mentions and explains repeatedly how difficult it is to get hold of information on Tax Havens and how they are being used. But still he's managed to find a wealth of information.However, while putting together all this wealth of information there's a lot of bias about how the information is presented. The book consists of about 90% opinions, beliefs, allegations, complaints, overlooking a [...]

    12. Absolutely essential reading if you want to understand the way the world works today, and why capitalism and liberal democracy is falling apart. I decided to read this after the Panama banking scandal broke, having been aware of the book for a few years. It is the clearest explanation of the sickness and corruption at the heart of contemporary capitalism, and Britain, especially the City of London, is the main culprit. Western Governments and the press talk about the ineradicable corruption in t [...]

    13. If capitalism used to be a force for good in the world, drawing communities and nations closer together through trade and mutual cooperation, it certainly, demonstrably isn't any longer. This book opens a window on the current reality: greed, corporate irresponsibility, and criminality. Shaxson's primary target is offshore finance which he describes as a sort of metastasing cancer in the body of global finance. He argues that the City of London sits at the heart of an offshore empire; the Britis [...]

    14. Here are some things you didn't want to know about how the world works!Fascinating though. Depressing. Frustrating. It's not just some naughty old aristocratic white guys and some dodgy corporations hiding some tax dollars, it's a huge, complex, worldwide system of sanctioned corruption that keeps the rich rich, the poor poor and the bankers busy. On the one hand, this is a dry-ish book about global tax practices and economics. On the other hand, it's essential reading for anyone who really want [...]

    15. فكرة الكتاب جيده جدا .يتحدث المؤلف عن احد اهم الأفكار الاقتصادية التى تحكم النظام الاقتصادي العالمي ، و هي فكرة الأوف شور Off shore و هي الطريقة التى من خلالها تتجنب الشركات متعددة الجنسيات دفع الضرائب من خلال طرق و آليات معروفة .الكتاب ملئ بالأرقام و الحكايات الصحفية الصادمة ، و [...]

    16. I gave up on it about halfway through. He has some strong points and great historical context, but he is so hell-bent on showing what can go wrong that he presents the efforts to fight tax evasion and money laundering as little more than trivia. We will never track down every dollar that has been pushed into a tax haven, but we can go beyond bemoaning our failures and focus a bit more on (1) the investigations against major international banks that have yielded billions of dollars in fines and ( [...]

    17. Truly the most important book I've read in the past year. It illustrates in detail and beyond doubt the workings of the off-shore world, carving out lesser known features too. In not leaving it up to readers to dig out the details of those mechanisms, Shaxton goes beyond a political pamphlet and clearly sets out how tax havens erode democracy and perpetuate poverty. Treasure Islands teaches a lot about institutions and the human factor in the equation. I certainly learned a lot reading this grea [...]

    18. interesting book but I disagree with the author's personal opinion on some things in the book. Good introduction to tax heavensTax havens are nothing more than tools for wealthy and power people to maintain their wealth and power. By allowing global elites to avoid their taxes, they further the gap between rich and poor. They also take an enormous toll on the developing world and make it even more difficult for small- and medium-sized business to compete with major corporations. Tax havens don [...]

    19. This book is quite boring. It does not give a great insight on tax havens. The author links almost all financial scandals that he has known to tax havens. He repeats the same thing (i.e secrecy) from the first page to the end. Some articles published in academic journals are better than the book in understanding the mechanism of tax havens.

    20. The Paradise Papers are reminding me that I read this a few years ago and it was incredibly boring and I remember nothing about it. *hides* We should all care about tax havens, but good lord talking about tax avoidance is dull.

    21. An outstanding, and very readable, analysis of how corporate finance has grown so powerful that it can basically do what it likes. And we how we all suffer the consequences! The section on the City of London Corporation is particularly eye-opening!

    22. A well written account of Tax havens and how the impact on the world’s economy. A lot of interesting facts and references. With discussion of the historical background on the tax evasion it helps to understand the current situation. Well recommended.Some of the notes follow:More than half of world trade passes, at least on paper, through tax havens. Over half of all banking assets and third of foreign direct investment by multinationals are routed offshore.The world contains about 60 secrecy j [...]

    23. Complicated and fascinating. This book gets into something that unless you follow business for a long time most people don't pay attention to: Offshore tax havens.A few years ago a French economist named Thomas Piketty wrote a book where he showed evidence for and advocated for a global tax. That book scared the shit out of a lot of powerful people. His argument was that companies and billionaires now have so much money that unless there is a global tax and complete financial transparency they c [...]

    24. This has some widening & deepening effects on my view of tax avoidance/evasion and banking secrecy. I was clueless since i only knew about Panama papers leak on the news. The important things are that there are a whole global network of offshore tax haven outside a few commonly known islands in the Caribbean and the industry of hiding and evading tax is flourishing. Nicholas Shaxson argues for the case in which all kind of financial crisises and dark money originated from these tax havens, f [...]

    25. One of the most important books I've ever read regarding the seedy, illicit (and too often, licit) world of offshore tax havens. For decades political scientists have understood very little about tax havens, corruption, money laundering, the City of London (different than London; look it up), financial deregulation, limited liability partnerships (LLPs), the Delaware Financial Center Development Act, reinvoicing, corporate inversion, and so forth. The implications are now blistering and loud: de [...]

    26. This book is about the nefarious world of tax havens. It affects YOU. If you want to understand the secret machine behind modern politics, read this book. My eyes are opened. I confess, I'm somewhat sympathetic to legal tax avoidance. I believe taxes should be much lower, and I use strategies to lower the taxes I owe. But even I can't admire this system. We need to call the banking system today exactly what it is: evil. Bad things go on secretly in the darkd tax havens are all in the dark. The m [...]

    27. An incredible book, so relentlessly depressing that I could only manage it in half-hour chunks. Given the totally convincing evisceration of tax havens this book achieves, it is even more surprising that this issue isn't right at top of our political agenda. I remember once asking a Colombian accountant friend about what her government could do to stop money-laundering. "My government?" she replied, "it's the British government that could put a stop to it all." The Londoncentric spider's web Sha [...]

    28. It gave me chills only at the idea of the atrocities that these multinational companies produce to societies. Poor countries will still remain poor for the next decades even if they are rich in oil or other natural resources. A paradox, don't you think? Can you imagine that a few decades ago Cayman Islands was a village (more or less) and that out of a sudden business people, accountant, lawyers, architects flew there to build offices, roads and teach the local population how to trick the global [...]

    29. Not quite the "easy reading" that I had anticipated, and a little dated (published ~2011), but the first book on this topic that I've read. Five stars for making me start to think differently about this world, and the amount of investigative journalism work that must have gone into the book. There are many worlds invisible to the layperson, some very insidious; and offshore finance, or should I say "offshore" finance, is one of them.

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