Author(s): Nicholas Shaxson
Published to rave reviews on both sides of the Atlantic, "Treasure Islands" is an expose of how the corporate world uses tax havens to shirk paying its share of taxes. This costs the United States alone 100 billion dollars in lost revenue each year. While the United States experiences a recession and European countries face bankruptcy, Nicholas Shaxson, a former correspondent for the "Financial Times "and "The Economist," argues that the problem can be traced back to the pervasive practice of offshoring financing in order to minimize taxable revenue. Journeying from Moscow to London to Switzerland to Delaware, he dives deep into a vast and secret playground where bankers and multinational corporations operate side by side with nefarious tax evaders, organized criminals, and the world's wealthiest citizens. This is a fast-paced narrative that at last explains how bankers, traders, and other financial wizards are using the system to deepen our economic divide.
"A fascinating, chilling book."--Paul Krugman, "The New York Times""This book is a vigorous and well researched polemic against financial deregulation..."--Richard Cooper, "Foreign Affairs""Shaxson's story of offshore banking is nothing short of Shakespearean, a drama full of secrecy, treachery and corruption in which wealthy countries, companies and individuals collude to horde wealth in a complex global network of largely unregulated tax havens. To realize this end, they install corrupt leaders, exploit indigenous populations and, ultimately, deny both developed and developing nations of vital tax dollars. There is much here that should generate outrage...An admirable job of both arguing the consequences of offshore banking and providing a succinct history of the practice."--"Kirkus""A blistering account of the role that tax havens play in international finance. . . brilliant."--"London Review of Books""Perhaps the most important book published in the UK so far this year."--George Monbiot, "The Guardian""Shaxson provides a fascinating narrative that is both analytically compelling and rich in institutional detail."--"New York Times" Economix blog" A useful critique."--Tyler Cowen, Marginal Revolution"Treasure Islands, Nicholas Shaxson's excellent book on the global offshore tax system."--FT Alphaville"Treasure Islands has prised the lid off an important and terrifying can of worms."--"Literary Review""Shaxson shows us that the global financial machine is broken and that very few of us have noticed."--"New Statesman""In this riveting, well-written expose, Shaxson goes deep into the largely unexamined realm of offshore money. In the process, he reveals that this shadow world is no mere sideshow, but is troublingly central to modern finance, with the US and the UK as leaders. The resulting abuses are widespread, ranging from tax revenue stripping from African nations to individuals and corporations escaping enforcement and accountabil
Nicholas Shaxson is a journalist who has written for the "Financial""Times," "The Economist Group," "African Energy," and the insider newsletter "Africa Confidential." He is the author of the highly acclaimed "Poisoned Wells: The Dirty Politics of African Oil" and an associate fellow with the Royal Institute of International Affairs in London.