Travers awards spoof gong to tax haven critic

(CNS): In a press release circulated on behalf of the Cayman Islands Stock Exchange, the chairman, Anthony Travers, has revealed his intention to give $1000 to a local charity chosen by the author and member of the Tax Justice Network, Nicholas Shaxson, in a spoof book award. In an undisguised sarcastic swipe at the man who wrote Treasure Islands, Tax Havens and the Men who Stole the World, Travers has given the book the Cayman Stock Exchange’s inaugural Book of the Year award. Describing it as a “sublimely entertaining” account of bad guys, tax wrongdoers and hidden treasure, Travers said Shaxson was a worthy winner of the “FairyTale” category.

Although Travers is no longer chair of Cayman Finance, during his time in that role he declared his intention to respond to all critics of the Cayman Islands that he believed misrepresented the jurisdiction and the offshore financial services sector.

In Treasure Islands, Shaxson, who is a Chatham House associate fellow, points a finger at tax havens as being at the source of the world’s economic problems and the untold story of globalization. He says that tax havens are not just about tax but escape from criminal laws, creditors, prudent financial regulation and democratic scrutiny and accountability as well as tax.

In the book Shaxson describes tax havens as “the silent battering rams of financial deregulation” that have forced other countries to remove financial regulations, to cut taxes and restraints on the wealthy, and to shift all the risks, costs and taxes onto the backs of the rest of us. “In the process democracy unravels and the offshore system pushes ever further onshore. The world’s two most important tax havens today are United States and Britain,” he states.

As well as criticizing onshore tax havens, Shaxson takes aim at Cayman and other offshore financial centres.

A vocal critic of Shaxson and the organisation, Tax Justice Network, of which the writer is a member, Travers is taking a different approach in his latest public criticism with the spoof award. However, he appears to be genuine about handing out the cash as he says a $1000 award will be paid to the Cayman Island charity of Shaxson’s choice.

“We are pleased to make this award to a worthy winner. This is a work of intricate speculation where the author has managed to layer mischaracterization on misrepresentation on half truth and omission to create a fabulous tale of exuberant  derring-do without feeling the slightest obligation to resort to the research or evidence presented by the IMF the OECD, IOSCO  the FATF or indeed the US General Accountability Office,” the stock exchange chair said about the book.

“It was a brave literary vision not to do so given the overwhelming weight of hard and established fact to the contrary and his decision not to address the conventional and established wisdom but to ignore it in its entirety in creating his tale of legend, allegory and fantasy makes Mr Shaxson our clear favourite for this year’s award in the fiction category.”

In the release, Travers added that the book had even caused some US Senators to believe that this fairy tale world exists and that there is a “veritable pot of gold sitting waiting for the swashbuckling US legislator at the end of the rainbow” described by Shaxson in the Cayman Islands, which confirmed Shaxson as “meritorious winner” of this spoof award.

“We look forward to hearing from Mr Shaxson with his designated charity,” added Travers  “It’s a rattling good light read, hugely entertaining and, my goodness, very, very,  humorous.”  

CNS has contacted Shaxson to ask if he will be taking Travers at his word and ensure that a worthy cause benefits from the rivalry between the two men.