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Report: Bloomberg Has $290 Million In Offshore Accounts
By
Jen Chung
Published Apr 21, 2010
Modified Apr 21, 2010
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By
Jen Chung
Published Apr 21, 2010
Modified Apr 21, 2010
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Mayor Bloomberg repeatedly pointed out that taxing rich people isn't great because then rich people might move out of NYC and not contribute to the city's revenue. So maybe it shouldn't be that big a surprise that he may have just under $300 million in off-shore accounts.
According to an extensive review of the mayor’s financial records by The Observer, even as Mr. Bloomberg was trying to counter the loss of taxes and other income from the richest New Yorkers, the foundation he controls was in the process of shuttling hundreds of millions of dollars out of the city and into controversial offshore tax havens that would produce nothing at all for the city in terms of tax revenue.
By the end of 2008, the Bloomberg Family Foundation had transferred almost $300 million into various offshore destinations—some of them notorious tax-dodge hideouts. The Caymans and Cyprus. Bermuda and Brazil. Even Mauritius, a speck of an island in the Indian Ocean, off the coast of Madagascar. Other investments were spread around disparate locations, from Japan to Luxembourg to Romania.
The Observer also notes that while Bloomberg has donated $1.8 billion to his foundation, about $67 million was donated in 2007 and 2008 and "No grants went to organizations directly benefiting New York City." This could get tricky if he decides to run in 2012!
And the NY Times reports that Bloomberg still counts on Steve Rattner, whose firm is under investigation for allegedly paying kickbacks to be included in pension funds, to manage his fortune and the BFF: "At Mr. Bloomberg’s urging, Mr. Rattner has taken a hands-on approach in helping to build the new company, despite his legal problems, these people said, speaking on condition of anonymity for fear of angering the mayor and Mr. Rattner."
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bloomberg family foundation
fortune
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offshore accounts
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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