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Article: SEN. BAUCUS ISSUES STATEMENT REGARDING CAYMAN ISLANDS AND OFFSHORE TAX ISSUES
- Article from:
- US Fed News Service, Including US State News
- Article date:
- July 24, 2008
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The Senate Finance Committee issued the following statement:
The American poet Ella Wheeler Wilcox wrote: "Feast, and your halls are crowded; Fast, and the world goes by."
Today, we will take a look at some ostensibly crowded halls: those of the Ugland House in the Cayman Islands. That's the remarkable five-story building that the GAO tells us has some 18,857 tenants. Today, we'll examine whether many of those tenants are feasting at American taxpayers' expense.
The last time that the press and the Senate looked at the Ugland House, in 2004, it had 12,748 tenants. We asked GAO to go and look for itself. Remarkably, in the last four years, the Ugland House has found room for 6,000 new ...