NEW YORK — Mayor Michael Bloomberg on Thursday said there's nothing wrong with his money managers investing hundreds of millions of dollars in offshore tax havens, defending it as a practical way to make more money for his philanthropic foundation.
The billionaire mayor's foundation has transferred some $400 million to offshore funds in widely known tax-sheltering countries like the Cayman Islands, Cyprus, Mauritius and Bermuda, according to the Bloomberg Family Foundation's tax forms.
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The practice is legal and not uncommon, but it could be considered to conflict with the spirit of Bloomberg's oft-repeated message that it is crucial to the financial health of New York City and the nation to keep companies and their economic activities in the United States, funding the tax base that pays for government services.
"We need more people here paying taxes and when they make money, they pay more taxes," he said this week.
Uh, huh - except they find all kinds of ways to NOT pay taxes.
Like when they're rich and wealthy and have access to overseas tax havens.
Bloomberg is a hypocritical scumbag.
He first got caught lying about the tax havens to the AP.
When asked about the practice of overseas tax havens, he said he didn't know anything about his investments, they are all done through a blind trust.
But the AP reporter pressed and noted that Bloomberg has SIGNED HIS NAME to tax returns saying this was where the money was.
Then and only then did Bloomberg admit to the practice.
BTW, do not follow his lead unless you are a filthy rich crony of his because he'll make sure he comes down hard on you and gets the city's tax money plus interest and fees and perhaps even jail time for you.
But for himself and Steven Rattner and other really really rich people, investing in overseas tax havens and hedge funds on mysterious tropical islands with post office boxes for offices is perfectly fine and dandy.
In fact, it's good business.
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