Kelly Loeffler marketed derivatives during Great Recession at world's most notorious tax haven

[marmar]

(Salon) Months after the Great Recession brought the global economy to its knees, a financial management company called International Exchange (ICE) created a way for the world's biggest banks to keep trading in the very financial instruments that contributed to the crisis in the first place.

To help those clients duck U.S. tax laws, ICE created an offshore entity in the Cayman Islands, and registered it in a building known as Ugland House — one of the most notorious locations for offshore tax shelters.

Salon reported in September that Sen. Kelly Loeffler, the ultra-wealthy unelected Georgia senator who faces a heated runoff this January, helped establish and market that tax dodge and give the banks a new lease on derivatives trading. In 2009, Loeffler was the top communications and marketing officer at ICE, and had been married to the company's founder and CEO, Jerry Sprecher, for several years. They bought a $10.5 million mansion that year.

(Sprecher is the chair of the New York Stock Exchange, of which ICE is the parent company. The couple is worth between $800 million and $1 billion, per Forbes, an extravagant amount that has made Loeffler a target of political rivals.)

Though ICE pushes back against the notion that its clearinghouse allows companies to avoid U.S. taxation, the new disclosure of its use of Ugland House — for years pilloried and parodied as one of the most egregious examples of an offshore tax dodge in the world — sharpens questions about the company's true intent. ...........(more)

https://www.salon.com/2020/11/21/kelly-loeffler-marketed-derivatives-during-great-recession-at-worlds-most-notorious-tax-haven/

[Arne]

1. I can see her and her husband in that hugh mansion, ratfucking away.

[ecstatic]

2. She belongs in jail, not in the Senate. The double standard is not fair. Nt

[MerryBlooms]

3. R&K

[Wednesdays]

4. K&R. nt

[demmiblue]

5. K&R

[crickets]

6. Loeffler is not representing GA's interests but her own. She needs to GO.

More recently, Loeffler and Sprecher appear to have tapped another tax loophole for themselves, in the form of a provision in President Trump's 2017 tax bill that turns private jets into flying tax shelters. The couple bought the plane last December, when Loeffler was appointed to the Senate by Georgia Gov. Brian Kemp. She stepped down from ICE to take the job, but her husband is still CEO, and she still holds a stake worth half a billion dollars — and sits on a committee that regulates the business.

Link to tweet

MeidasTouch.com @MeidasTouch
The DOJ dropped their investigation into Kelly Loeffler's insider trading shortly after her husband Jeffrey Sprecher, who owns the New York Stock Exchange, donated $1 million to Trump's super PAC. Corrupt! #LootingLoeffler
[image]

[Kid Berwyn]

7. This demonstrates her character.

Who skirts the law to profit from the misery of others?

Kelly Loeffler.