Wednesday, November 19, 2008

Irony Alert

From Forbes:
What television lacks in entertainment it makes up for in irony these days. A new show that aired in Britain on Monday and claimed to unravel the mysteries behind the global financial crisis, may look a little awkward once it gets to the bit about tax-evasion and dodgy, off-balance sheet funds. Its main sponsor? The Cayman Islands.

The British overseas territory isn't only a popular off-shore tax haven--it is also where many large banks parked the toxic debt securities in the last few years before the credit crisis erupted, leading to huge write-downs, losses and now, layoffs.

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