Kerry speaking at the Senate Finance Committee hearing

[karynnj]

on the Cayman Islands. Spoke of how he hired Blum in the 1980s and they looked into this then and found that the banking laws were very soft. Kerry spoke with the British official who had oversight overthe banking system. The Cayman Islands are British. He mentioned BCCI. He spoke of how there is no logical reason for all this business in the Cayman Islands - when the work is really elsewhere. Kerry spoke of how when taxes are evaded this way, the average American tax payer pays more

Global transparency in Banking laws needed. Blum, who was one of the experts, spoke of how it is wrong that a CT hedge fund where all the execs and the work is treated as a Cayman Island company. He said that India has the same problem the US does with hidden income.

Kerry spoke of the need for transfers to be numbered and transparent.

(caveat - the comments were too detailed for me to be sure I got this right - but if the link is still there to hear it, it is a good hearing and Kerry was very good. (I didn't look at the time then, but it was likely at about 50 minutes in.

[TayTay]

1. blm alert, Jack Blum and Sen. Kerry talking about BCCI

investigation and how the Cayman Island tax dodges are also National Security issues.

Very good hearing. Nice to see Jack Blum again.

[wisteria]

2. Maybe there will be a transcript. I want to learn more about what is going on there. n/t

[Mass]

3. Video here - I guess it is the one concerning the Caiman Islands

http://finance.senate.gov/sitepages/hearings.htm