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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, November 11, 2003 - Vol. 5 No. 133
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In This Issue:
* COMMENT: Putin the Terrible. Bush the Silent.
* OFFSHORE: New Swiss Leader. Arafat's 3 Billion Swiss Secret. Bahamas Sovereignty Slipping? Bermuda Dissent. Caymans Hedge Funds. Irish Revenue, Taxes. 14 Guernsey Trusts Frozen. German Tax Haven? Labuan.
* WEALTH: Offshore APTs. Global Recovery. Mutual Funds Confidence Lost. Chilean Financial Scandal. Pritzker vs. Pritzker; Billions at Stake.
* PRIVACY & RIGHTS: Gore Hits Bush on Liberty. Reckless IRS Lawsuit. Indefinite US Detention of Prisoners, Witnesses.
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COMMENT: Putin the Terrible
Dear A-Letter Reader:
When I studied for my BA in International Relations at the School of Foreign Service at Georgetown University, one of my favorite teachers was the late Rev. Frank Fadner, S.J. Father Fadner taught us Russian history -- not only taught it, but acted it out, quite literally.
Attired in his trademark cape, flared over his Jesuit black frock, Father would storm up and down the dais, gesturing and giving life to long (and deservedly dead) Czars of Russia. One of his best acts was Czar Ivan IV, one of the most villainous of the many villains in Russian history, a blood soaked tyrant who murdered his own son, created the country's first secret police force and personally led massacres of Jews. Even the name by which he came to be known tells bluntly of his legend: "Ivan the Terrible."
Can you believe that today many thousands of Russians are demanding that the Russian Orthodox Church elevate Ivan the Terrible to sainthood? Russians have always suffered from an illogical mystic nationalism, but sainthood for a mass murderer who was a hero of Josef Stalin?
Switch now to Russian Pres. Putin's arrest of oil tycoon Mikhail B. Khodorkovsky (hardly a hero) and the confiscation of his company's assets only weeks before the Dec. 7 parliamentary elections.
By his sinister silencing of a major political opponent, former KGB agent Putin shows his true totalitarian streak, a brutal use of force at which the Czars would smile. Putin has also called into serious question the right to private property and the state of "democracy" in Russia. Small wonder billions of dollars are now flowing out of the country.
And fresh from his call for more democracy in the Middle East, what does America's President say about this Russian tyranny. Nothing.
US Senator John McCain says the US is giving a free ride to Russia at a time when it is re-adopting Soviet-era tactics. "It's time to face unpleasant facts about Russia," he warned.
Perhaps Pres. Bush will endorse Putin the Terrible for sainthood. But that must wait until Russia's mystics insure that Ivan the Terrible gets his saintly due. Is this a great country, or what?
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* Russians Laud Ivan the Not So Terrible. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A19841-2003Nov9.html
* Putin asserts Russian controls over nervous neighbors. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A20670-2003Nov10.html
* Putin Links Arrest of Oil Tycoon to Law-and-Order Push. LINK:
http://www.nytimes.com/2003/11/06/international/europe/07CND-RUSSIA.html
* Putin Says Oilman's Arrest Is No Threat to Private Enterprise. LINK:
http://www.nytimes.com/2003/11/07/international/europe/07RUSS.html
* A Loud Silence From US on Russian's Arrest. LINK:
http://www.nytimes.com/2003/11/09/international/europe/09MEMO.html
* Yukos causes massive capital outflow from Russia. LINK:
http://www.forbes.com/markets/newswire/2003/11/09/rtr1141112.html
* YUKOS Affair: Protecting Democracy, Private Property, Rule of Law
LINK: http://www.heritage.org/Research/RussiaandEurasia/EM906.cfm
* Is there worse to come in Russia? TIME magazine.
LINK: http://www.time.com/time/europe/html/031117/story.html
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* OFFSHORE *
SWISS CONSERVATIVES' DYNAMIC LEADER
ZURICH: Swiss Peoples Party's Chistoph Blocher, no rabble-rouser. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4432633
* Swiss Senate run-off elections confirm polarization of politics. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4434427
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ARAFAT WORTH $3 BILLION?
Secret Swiss account at the Lombard Odier Bank in Geneva
set up in the name of a British Virgin Island company. LINK:
http://web.israelinsider.com/bin/en.jsp?enPage=ArticlePage&enDisplay=view&enDispWhat=object&enDispWho=Article^l2953&enZone=Diplomacy&enVersion=0&
* BVI legislator denies money laundering wrongdoing. LINK:
http://www.wilmingtonstar.com/apps/pbcs.dll/article?AID=/20031106/APN/311060715&cachetime=5
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BAHAMAS: RECLAIM YOUR SOVEREIGNTY!
Dan Mitchell says 'save yourselves' -- stiff-arm the OECD.
LINK: http://www.bahamaspost.com/article.asp?ID=2
* Bahamas official bows to FATF anti-money laundering demands. LINK:
http://www.thenassauguardian.com/business/279059782060609.php
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RUMBLINGS OF DISSENT IN BERMUDA
HAMILTON: Bank of Bermuda shareholders upset at HSBC's acquisition.
LINK: http://www.bermudasun.bm/archives/2003-11-07/01News01
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CAYMAN ISLANDS HEDGE FUNDS GROW
GEORGE TOWN: CI manages 65% of offshore hedge funds; $600 billion.
LINK: http://www.mondaq.com/i_article.asp_Q_articleid_E_23147
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IRISH REVENUE CLAIMS OFFSHORE TAX FUNDS
DUBLIN: Revenue claims 118 million euros from offshore funds. LINK:
http://www.businessworld.ie/livenews.htm?a=795634;s=rollingnews.htm
* Irish Finance Minister says government stands by low tax regime.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13998
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14 GUERNSEY TRUSTS WORTH £30 MILLION FROZEN
Ex-Tory council leader's wealth target of legal battle for £36m fine.
LINKS: http://news.independent.co.uk/uk/legal/story.jsp?story=460964
http://politics.guardian.co.uk/conservatives/story/0,9061,1080524,00.html
* New probe into Dame Shirley's Scottish lands titled offshore.
LINK: http://ww1.sundayherald.com/37893
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GERMANY'S OWN CORPORATE TAX HAVEN
Is the party over for high tax Germany's Little Monaco? LINK:
http://www.dw-world.de/english/0,3367,1432_A_1024336_1_A,00.html
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LABUAN SEEKS E.U., U.S. INVESTMENTS
Malaysian offshore center may benefit from cash fleeing EU rules.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13985
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OFFSHORE TRUSTS DO PROTECT ASSETS
But Forbes correctly says tax savings are minimal. LINK:
http://www.forbes.com/business/energy/forbes/2003/1124/144.html
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GLOBAL, U.S. ECONOMY RECOVERING
More US jobs, OECD survey boost upbeat world outlook. LINK:
http://www.forbes.com/markets/newswire/2003/11/07/rtr1140232.html
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U.S. MUTUAL FUND SCANDALS UPSET INVESTORS
Get Out of Putnam, some advisers say. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A13984-2003Nov7.html
* Franklin Templeton tops offshore investment survey.
LINK: http://allafrica.com/stories/200311070358.html
* European companies turn to junk bonds. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1066565720013
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CHILEAN FINANCIAL SCANDAL HITS U.S.
SANTIAGO: The largest financial scandal in Chile's history has sent
shock waves worldwide, the US included. LINK:
http://www.upi.com/view.cfm?StoryID=20031107-121146-7300r
* Guilty plea in offshore money laundering scheme. LINK:
http://www.nynewsday.com/news/local/crime/nyc-nycash073529041nov07,0,7228603.story?coll=nyc-manheadlines-crime
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WAY BEYOND ESTATE PLANNING
Pritzker vs. Pritzker; a huge family stash and a sweet tax deal; a vast
network of offshore trusts to minimize, if not eliminate, taxes.
LINK: http://www.forbes.com/business/energy/forbes/2003/1124/142a.html
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* PRIVACY & RIGHTS *
GORE ATTACKS BUSH CURTAILMENT OF LIBERTIES
Freedoms shouldn't be compromised to fight terror, Ex-VP says. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A20026-2003Nov9.html
* ACLU leader criticizes, challenges Patriot Act. LINK:
http://www.firstcoastnews.com/news/news-article.aspx?storyid=10527
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I.R.S. SUES LAW FIRM TO REVEAL CLIENTS
Another reckless IRS attack on attorney-client confidentiality.
LINK: http://www.abanet.org/journal/ereport/nov7sidley.html
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* Supreme Court Takes First Case on Guantánamo Detainees
Justices agreed to consider whether prisoners held since
the war in Afghanistan can challenge their imprisonment. LINK:
http://www.nytimes.com/2003/11/10/politics/10CND-SCOT.html
* Court lets government detain material witnesses indefinitely.
LINK: http://www.law.com/jsp/article.jsp?id=1067351008834
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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