Cayman directors: 'next big scandal' for hedge funds

[Dover]

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



Financial Times story:

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http://www.ft.com/home/us

[Angry Dragon]

1. fraud by the directors and the companies

neglect of fiduciary responsibilities ..............

[peacebird]

2. I am sure that the proper authorities will be all over this scandal and arrest

These frauds....




<sarcasm>

[darth marth]

3. right

:rofl:


but seriously, perhaps these are the real evil powers that be hiding out controlling everything, manipulating the cost of everything for everyone....can be held to account with support and DEMANDS! of the Occupy movement.


IS there a list of names somewhere?

[CanonRay]

4. Yeah, I can see Eric Holder ordering swarms of G-men

to the Caymens to root out this evil. In my dreams.