Nick Shaxson ■ Haven quote of the day: there are no activities here


Empty spaceFrom Fortune Magazine, an investigation into Luxembourg’s shady corporate dealings:

“The mailbox marked AIG/Lincoln—the name of a partner of the New York–based insurance and real estate giant AIG—is empty and unlocked. Moments later, in the company’s fifth-floor office, I meet AIG/Lincoln’s employee (introduced as the sole one), who, as it happens, also works for the roughly 30 other companies housed in the modest suite.

When I ask how one works for dozens of bosses, the response is, “It is not very hard. There are no activities here.”

No earth-shattering news here: just a reminder of what really happens in tax havens, or (if you prefer) secrecy jurisdictions.

More on how Luxembourg became a tax haven, here.

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