George Town, Cayman Islands (PRWEB) May 20, 2005
Five months after the inauguration of President Bush and just when John Kerry thought his limelight had finally dimmed, a new offshore book includes a chapter devoted to the former presidential candidateÂs approach to the offshore financial world.
The book, ÂInside OffshoreÂ, includes a chapter entitled: ÂMr. KerryÂs NeighborhoodÂ which discusses US politics towards the offshore financial world. It argues that KerryÂs approach, which intensified leading up to his election campaign is a broader sign of the approach of a small group of US politicians towards the offshore world in general.
President Bush seems to escape any major criticism in the book but several well known anti-offshore politicians are taken to task for making past approaches at introducing legislation in the US to stifle the offshore world.
The bookÂs publisher and author Paul Byles is a former regulator who worked as head of policy of the Cayman Islands Monetary Authority, the main regulatory body of the Cayman Islands.
While the chapterÂs name suggest a Kerry focus, Byles who has worked in the offshore financial services industry for over 15 years, argues that ÂMr. KerryÂs NeighborhoodÂ is simply a convenient way to describe a general problem with what he refers to as Âa small group of cynical US politiciansÂ. ÂThis group of American politicians believe the US should focus on shutting down offshore centres instead of solving their fiscal problems in their own backyardÂ, he says.
ÂInside OffshoreÂ also looks at other issues such as the economic impact of the offshore world, regulation, and deals with what the book refers to as the ÂperceptionÂ problem of offshore centres. In support of its argument, the book also has a detailed chapter on how various offshore services are used and how they benefit investors in oecd countries like the United States. A synopsis of the book's chapters is available at http://www.insideoffshore.ky
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