why Cash Carry Bailed-Out Firms Use Offshore Tax Havens ?”
Bailed-Out Firms Have Tax Havens, GAO Finds Bank of America is among the companies being bailed by U.S. taxpayers out while having subsidiaries where they can avoid paying U.S. taxes. By Carol D. Leonnig Washington Post Staff Writer Saturday, January 17, 2009; Page D01 Most of America’s largest publicly traded corporations — including several that are receiving billions of dollars from U.S. taxpayers to finance their recovery — have set up offshore operations that could help them avoid paying U.S. taxes on their profits, a government study released yesterday found. American International Group, Bank of America, Citigroup and Morgan Stanley are among the companies that are getting bailed out by U.S. taxpayers while having subsidiaries in locations where they can avoid paying U.S. taxes, according to the Government Accountability Office. Of the 100 largest public companies, 83 do business in tax-haven hotspots like the Cayman Islands, Bermuda and the British Virgin Islands, where they
