The multibillion dollar accounting fraud events that were on a scale like WorldCom, or Global Crossing. Transactions structured by U.S. bankers, overseen by U.S. accountants, and requested by Parmalat executives and lawyers were combined to create a company whose debt was ultimately understated by $10 billion and whose total net assets were overstated by $16.4 billion.
The number of complex bond financing and private stock placement deals conducted in offshore banking havens has blown out of proportions during the past 10 years. Probably 650 billion USD of these transactions were routed through the Caymans alone in 2006.
Why point that out?
Because the Bank of America transactions were run through a nonprofit entity that was set up by the Cayman Islands law firm Maples & Calder. This non profit was the very same nonprofit entity that was put in place to hide the shell firms that brought down Enron. Enron, the world’s largest energy trader until 2001, set up 441 companies on the Cayman Islands in a massive accounting fraud. Maples and Calder, the largest law firm on the island set up five Parmalat related entities at the law firm’s address in their headquarters.
Maples & Calder has offices in locations around the world, in Ireland, and on the caymans, their headquarters are in Ugland House. Ugland what?
It is a five story building holding approximately 18,000 companies. Probably the most famous five story building in the world.
It is also a symbol, a symbol of scam and fraud concentrated in the few square foot of this building. It is the epitome of what is wrong with the way capitalism is rigged by golden circles, governments and companies, banks and their respective lawyers, all cashing in wages on a scale you can’t begin to imagine, exploiting the system in totally unethical ways, ruthless and in ways that have brought us to the point where we are today.
The White House pointed to this building in the capital city of George Town, and it has been the target of withering scorn from American politicians for several years; Obama frequently mentioned it on the 2008 campaign trail.
“Either this is the largest building in the world or the largest tax scam in the world.”
Maples &Calder together with London based Bingham McCutchen are the legal representatives of senior bondholders in Anglo Irish Bank!
Have a look for yourself, the entry of their website:
Advising on the Laws of Cayman Island, Ireland and British Virgin Islands, right. Aren’t our Anglo Irish bondholders a lucky bunch to have such excellent advice, and who represents the Irish people’s Taxmoney, oh yeah, that’s right, Brian Lenihan, our Minister for Finance, who allegedly does not know who the bond holders are.