This week’s cover story! Newsweek senior writer Leah McGrath Goodman digs into one of the world’s most notorious tax shelters:
"No bigger than Boston, the island of Jersey, 14 miles west of the Normandy coast, is now considered the go-to place for the brokering of tricky bank deals, low-to-no-tax schemes and a what-happens-in-Vegas-stays-in-Vegas attitude toward the affairs of its sophisticated, well-heeled clients. The mammoth Swiss trading firm Glencore Xstrata (of tax avoider, illicit Iran-dealer Marc Rich fame) and Brevan Howard Asset Management (one of Europe’s largest hedge funds) have both hung shingles in Jersey in recent years, with an island-based law firm handling Glencore’s $10 billion public float in London and Hong Kong."
Illustration by Tim McDonagh.