Cayman Directors Sit On Hundreds Of Boards

[Dover]

Source: FT

A small group of Cayman Islands “jumbo directors” are sitting on the boards of hundreds of hedge funds as demand for independent directors booms in the Caribbean tax haven, reports the FT. At least four individuals hold more than 100 non-executive directorships each, and 14 have more than 70 – each worth as much as $30,000 a year. One has been listed as on the boards of 567 Cayman entities, almost all of which were hedge funds.

Hedge funds cut bullish commodity bets by the most in seven weeks on mounting concern that Europe’s debt crisis will restrain global economic growth and demand for raw materials, writes Bloomberg. Money managers reduced combined net-long positions across 18 US futures and options by 10% to 754,558 contracts in the week ended 15 November, Commodity Futures Trading Commission data show. That’s the biggest decline since the seven days ended 27 September. Sugar wagers fell 30%, the most since December 2008, and bets on lower copper prices almost doubled.

Just as some former customers of MF Global Holdings look set to regain access to their cash, others remain in the dark about when they will get their money back, writes the Wall Street Journal. Most of the company's ex-customers now expect to get at least some of their missing money, after a bankruptcy court judge on Thursday unlocked access to 60% of the cash in thousands of MF Global accounts.


Read more: http://www.hfmweek.com/news/1701017/hfmweek-daily-snapshot-21-november.thtml

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[SpiralHawk]

1. Nice to be a 1%

Newtie's base.

[No Elephants]

2. In a related story, tax havens like to make money from being tax havens.

And so do the citizens of those tax havens.

I'm guessing Bermuda is similar.

In other news, Delaware makes a lot of money on incorporation and other corporate fees.

[xchrom]

3. Recommend

[Blue_Tires]

4. kick

[Dover]

5. Cayman directors: 'next big scandal' for hedge funds

The Financial Times has an important article looking at a subject we have written about many times in the past.

A small group of Cayman Islands “jumbo directors” are sitting on the boards of hundreds of hedge funds.
A Financial Times investigation reveals that at least four individuals hold more than 100 non-executive directorships each, and 14 have more than 70 – each worth as much as $30,000 a year. One has been listed as on the boards of 567 Cayman entities, almost all of which are hedge funds.

How on earth can such people exercise judgement and oversight when they look after so many companies?

This is indeed a scandal from top to bottom - and reflects the deep corruption at the heart of the laissez-faire 'who cares how this affects countries elsewhere' model of Cayman and many other jurisdictions where this happens. ..cont'd


http://taxjustice.blogspot.com/2011/11/cayman-directors-next-big-scandal-for.html