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Amazon.com:
3.3 out of 5 stars
11 reviews
3 of 3 people found the following review helpful
3.0 out of 5 stars
Some Good Information, but Too Long and Divergent
26 Dec 2005
By Loyd E. Eskildson
- Published on Amazon.com
Format:Hardcover
Brittain-Catlin begins by observing that the Cayman Islands are the 5th largest banking center in the world, with over $700 billion in assets.
These assets, however, are largely not physically held on the island - simply notations in accounting books for the purposes of reducing or eliminating taxes. Corporations taking advantage of this include GM, ExxonMobil, Ford, IBM, Wal-Mart, G.E. (reduced its 27% '99 tax rate to 16% in '03), Citigroup (saved $778 million in '03 taxes), Apple, Enron, Halliburton, Tyco, Global Crossing, Long Term Capital Management, Global Crossing, and Enron.
"Transfer-pricing" manipulation is the main tax-avoidance mechanism afforded by offshoring. This involves corporations maximizing overseas production profits in a non-taxable offshore subsidiary.
Unfortunately, Brittain-Catlin seeming dwells forever on his basic facts, and even spends considerable time exploring the philosophy of Kant. (I tried reading Kant long ago - Brittain-Catlin's version was no more interesting.)
These assets, however, are largely not physically held on the island - simply notations in accounting books for the purposes of reducing or eliminating taxes. Corporations taking advantage of this include GM, ExxonMobil, Ford, IBM, Wal-Mart, G.E. (reduced its 27% '99 tax rate to 16% in '03), Citigroup (saved $778 million in '03 taxes), Apple, Enron, Halliburton, Tyco, Global Crossing, Long Term Capital Management, Global Crossing, and Enron.
"Transfer-pricing" manipulation is the main tax-avoidance mechanism afforded by offshoring. This involves corporations maximizing overseas production profits in a non-taxable offshore subsidiary.
Unfortunately, Brittain-Catlin seeming dwells forever on his basic facts, and even spends considerable time exploring the philosophy of Kant. (I tried reading Kant long ago - Brittain-Catlin's version was no more interesting.)
1 of 1 people found the following review helpful
2.0 out of 5 stars
Interesting Subject, Frustratingly Boring Presentation
7 Feb 2009
By dschwabe
- Published on Amazon.com
Format:Paperback|Amazon Verified Purchase
Several years ago I saw Mr. Brittain-Catlin on Charlie Rose and was intrigued enough with the interview to buy his book.
I have to assume that he has presented a factual depiction of how offshore banking works, the extent of it use, and its ramification in the the global economy.
However, his presentation was so wordy, scattered, and often times boring that I found it sheer drudgery to read. I cannot believe it was edited very carefully.
One well written part of the book is his description of how Enron used offshore accounts to hide its losses. Very informative.
It's a shame this book isn't better written and edited. Offshore banking is a compelling subject.
I have to assume that he has presented a factual depiction of how offshore banking works, the extent of it use, and its ramification in the the global economy.
However, his presentation was so wordy, scattered, and often times boring that I found it sheer drudgery to read. I cannot believe it was edited very carefully.
One well written part of the book is his description of how Enron used offshore accounts to hide its losses. Very informative.
It's a shame this book isn't better written and edited. Offshore banking is a compelling subject.
1 of 1 people found the following review helpful
4.0 out of 5 stars
Prescient
20 Jan 2009
By Mr. David Wurtzel
- Published on Amazon.com
Format:Paperback
Published in 2005, William Brittain-Catlin nevertheless had the foresight to challenge the received wisdom of his day: 'In both the neoliberal and reformist positions there is a strong element of naive idealism: in the former that a world of unrestrained economic liberalism would not bring about such catastrophe that the state would need to step in and sort out the mess'. Although we are indeed living in such a time, this is still an excellent analysis of how we got to where we are, mixing case studies, history and philosophy in a highly intelligent way
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3.3 out of 5 stars
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