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Obama's Trade Nominee Stashes Cash in Offshore Tax Haven
Michael Froman is President Obama's nominee to be the new U.S. Trade Representative, the government's top international trade agreement negotiator. Also, Michael Froman has cash stashed in the Cayman Islands and takes advantage of tax loopholes Obama has publicly railed against. Hmm.
The NYT reports on the results of Froman's financial disclosure forms, handed over to the Senate committee handling his nomination process. Well now, let's see here, we need a squeaky clean representative of America's financial policies, everything seems to be in order here... oh, well, one thing:
According to a 2011 financial document, Mr. Froman held $490,845 in Citigroup's CVCIGP II U.S. Employee L.P. fund, based in Grand Cayman's Ugland House [pictured], a modest, white-washed building that has been widely cited as a symbol of tax avoidance since it is home to nearly 19,000 business entities seeking favorable tax treatment.
Yeah...and the other thing, while you're down there:
Mr. Froman's 2009 financial disclosure forms showed holdings in three different Citigroup accounts that maximize profits through "carried interest," a tax loophole that allows private equity and hedge fund managers to claim compensation as capital gains, thus paying a lower tax rate than if that pay is taxed as income
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