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April 27, 2005
Offshore financial services, Wed., April 27, 2005, 7:30 AM
Just prior to 7:00am EDT, CNBC held an interview with Bob Bauman, "legal counsel and exec committee member" of The Sovereign Society, who stated his organization's recommendation to flat out AVOID BAHAMAS as an offshore jurisdiction. He also said that Cayman Islands now is 100 pct under control of the UK authorities, unlike before when they were left alone, so, he said, entities seeking tax avoidance ought to stay away from Cayman too.
What a joke. I'm just surprised he didn't tout Panama, which is where this group of mostly American marketers (ostensibly in Ireland) has stashed their client monies.
I am sure that the authorities in Bahamas and Cayman Islands would like to suggest to the U.S. authorities that this financial services marketing organization (i.e., collection of independent self-promoters) called The Sovereign Society itself be investigated for failure to fully disclose its networked sales and marketing practices.
As I say, those in glass houses ought not to be throwing rocks.
You might be wondering why I would want to challenge this group?
Well, you all know that I believe that there are extreme conflict of interest issues with the sell-side (i.e., the registered banks and brokers and mutual fund organizations that sell financial services), which I would like to see resolved.
But there is another side of the sell-side, which is the unregistered side, the hard-sell side, the side that fails to meet any regulator's standard of "full, true and plain disclosure". These are the people who, like gypsies, travel the globe as so-called experts, to put on financial and investment services conferences, but who are not themselves registered. They are promoters.
What I do is to provide personal observations, insights, and commentary " independent, objective commentary that is 100 pct free of vested interest. Whether or not it's apparent, however, those people are involved in financial transactions that they are promoting, which is fine. But, they ought to be registered.
Posted by Posted by Bill Cara on April 27, 2005 07:30:41 AM | Category:
I watched the interview as well this morning. He actually did talk a great deal about Panama as being a safe haven. They displayed a listing of his top 5 recommendations for your offshore money. I don't remember the complete list but Switzerland was number one, Panama was number two.
Posted by: MacMoov
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April 27, 2005 10:08 AM [link]