TTI Chairman’s Blog

24 May 2013

Memorial day 2013

By |2017-07-14T13:16:15-04:00May 24th, 2013|

"Boys don’t cry," my aunt Naomi would say. So when I had to, I used some concealing strategies. That was a long time ago. But I knew Naomi would pop up, the moment I said:"Dear Day." I had arrived in Wilkes-Barre the day before Memorial Day 1992, to honor the memory of Sgt Day G. Turner, who fell during WW II in Luxembourg. At my hotel I had rehearsed my speech for the following morning, and I had choked up [...]

23 May 2013

Europe pushes to shed stigma of a tax haven

By |2017-07-14T13:13:14-04:00May 23rd, 2013|

Luxembourg will join a Europe-wide effort to share records on bank accounts held by foreigners. By ANDREW HIGGINS The New York Times, The International Herald Tribune An excellent excursion into the meanders of tax havens. Unless, as of yesterday, Luxembourg tries a Houdini out of its commitment to embrace automatic information. But that only beats the clock by a bit. Europe pushes to shed stigma of a tax haven

6 Apr 2013

Pierre Mariani and Dexia, Parachuting in the morning, in the evening

By |2019-03-25T12:25:35-04:00April 6th, 2013|

I know some about orchids, Belgium, France, Luxembourg and DEXIA. All combined give us a Belgian story today about Pierre Mariani, former DEXIA boss, who was denied (with much publicity) a seven figure Golden Parachute, in 2012. What was not well known was that, as the Golden Parachute failed to open, he got instead two Silver emergency ventral parachutes, called DEXIA Asset Mangement and Denizbank totaling Euros 675,000 annually. Safe landing! Why should we, the French, Belgian and Luxembourg taxpayers [...]

25 Mar 2013

Cyprus bailout, or the politics of Schadenfreude

By |2017-07-14T13:09:19-04:00March 25th, 2013|

The genie is out of the bottle. Salvaging Cyprus, is an estimated €17 billion, a pittance compared to the champions of European bankruptcy. Yet something really scary happened: the government can take all your money ! We knew it could take most of it, but in this case it is all it can grasp. The innovative part of the deal is that bank clients with deposits of more than €100,000 will see their accounts frozen, and eventually a significant part [...]

4 Jan 2013

Current TV worth more than Cargolux

By |2017-07-14T13:07:46-04:00January 4th, 2013|

Qatar owned Al Jazeera bought ramshackle "Current TV" owned among others by former Vice President Al Gore for $500 million. Which is a valuation of $150 million more than another Qatari company, Qatar Airways made for Cargolux. Luc Frieden should get in touch with Al Gore and learn some ropes of the trade. Current TV has about 40,000 viewers on average, less than C-Span if I may guess. Or my hometown's Town Hall Public Access TV. What are the chances [...]

1 Jan 2013

Fiscal cliff

By |2017-07-14T13:04:35-04:00January 1st, 2013|

Fiscal Cliff: Incredible reality is that it took the Senate Minority Leader Mitch McConnell and the Second in Command Vice President Joe Biden to shoulder all by themselves the burden to avoid a crisis, for now. The two adults in the room! Though that's only for the Senate and the White House. Let's give them the credit. Though where are the spending cuts? Hint: some think just print the money we don't have. Inflate the mountain away. Happy New Year!

5 Dec 2009

Luxembourg tax avoidance undercut from down under

By |2017-07-14T13:00:47-04:00December 5th, 2009|

Seemingly solid tax avoidance strategies are the next targets in the War on Tax Havens. At the moment when "tax rulings" are under scrutiny, Australian tax authorities have issues with the strategies played around the ownership of the Myer department stores chain. In a complicated square dance, where financial engineering set up structures in the Netherlands, Luxembourg and the Cayman Islands, a $1.5 billion profit went untaxed. This is of course heartbreaking for Australian tax authorities. Many other tax departments [...]

24 Nov 2009

Miami boasts high study abroad numbers

By |2017-07-14T12:56:16-04:00November 24th, 2009|

A well known and popular program of Miami University, OH, in Luxembourg. I very often meet people here who have been alumni of the Luxembourg program. Miami boasts high study abroad numbers

24 Nov 2009

Democrats push $150B stock tax on Wall Street

By |2017-07-14T10:48:44-04:00November 24th, 2009|

Potentially good news for Luxembourg, its Stock Exchange and its Fund Industry: It would not be for the first time other peoples' stupidity would help us. Remember how the Eurodollar was born? Remember also that the winner in international relations (it's always competition over good intentions) is the one who commits the fewer mistakes. Democrats push $150B stock tax on Wall Street -

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