Treasure Islands Quotes

“One is that the offshore system is perhaps the strongest determinant of how political and economic power works in this world. It helps rich people, companies and countries stay on top, for no good economic or political reason. It’s the battleground of the rich versus the poor, you versus the corporations, the havens against the democracies – and in each battle, unless you’re very rich, you are losing.”
― Nicholas Shaxson, Treasure Islands: Tax havens and the men who stole the world

“Just as European nobles used to consolidate their unaccountable powers in castles, to better subjugate and extract tribute from the surrounding peasantry, so financial capital has coalesced in these fortified nodes of unaccountable political and economic power, capturing local politics and turning these jurisdictions into fast and flexible private law-making machines, defended against outside interference and protected by establishment consensus and the suppression of dissent.”
― Nicholas Shaxson, Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens

“On a bright day in October 1996, a small, withered woman named Estelle Sapir testified before a US Senate committee investigating Swiss banks and the Holocaust. She had last seen her father through barbed wire in southern France shortly before he went to die in a Polish concentration camp, but before he died he had carefully explained where his assets were. After the war she visited several banks in Britain and France, where they traced the accounts and emptied them for her, without any kerfuffle. She then explained what happened when she went to Switzerland with a Credit Suisse deposit slip from 1938, which she had found among her father’s papers. ‘I saw a young man come out behind,’ she explained, ‘and the first thing he asked me, “Show me the death certificate for your father.” And I answer him, “How can I have a death certificate? I have to go find Himmler, Hitler, Eichmann and Mengele.” And I start to cry. I run out from the bank, into the street. The same day, I go back to the bank, but could not compose myself. Never went back to Switzerland. Never went back to Switzerland. Never.’ Credit Suisse offices around the world turned her away on twenty visits between 1946 and 1957.”
― Nicholas Shaxson, Treasure Islands: Tax havens and the men who stole the world

“A table in Raymond Baker’s 2005 book Capitalism’s Achilles Heel outlines just how far the United States has fallen. By then, it showed, U.S. banks were free to receive the proceeds from a long list of crimes committed outside the country, including alien smuggling, racketeering, peonage, and slavery.4 Profiting from these crimes is legal, just so long as the crime itself happens offshore. A few of these loopholes have now been closed, and U.S. law addresses some of the others, though often only in tangential, incomplete ways. But it remains true that a U.S. bank can knowingly receive the proceeds of a wide range of foreign crimes, such as handling stolen property generated offshore.”
― Nicholas Shaxson, Treasure Islands