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Has been in politics a long time. what if there is some type of political connection between the investment fund and a favor that he did for somebody when he was in politics before. these are questions that have to be answered. i will tell you this, offshore banking makes it very difficult for prosecutors and regulators to track down the money. when they studied this in europe several years ago they did an extensive study, they said there was no reason to offshore banking except to camouflage or hide what you're doing. at the doesn't have anything to hide, why isn't the money in the united sta...

Flip-flopper. there is 150 grand jury investigations going on right now about offshore banking. it comes out of the ubs story you might remember from last year, where ubs paid $800 million because of the scams taking place. not to talk about this ed, is like having a white elephant sitting in the living room. let me say this. offshore banking originated when organized crime tried to avoid letting us know what was going on with them. you will not find anybody in america who will come on television and tell you that there is any reason at all for having offshore banking except for several reason...

Pink sweater, but the second i make fun of kailey i am a jackass. >> it is unfair. >> it is totally unfair. >> gre fa i thoedyht it was adorable you got so personally tickled by the fact that golferean sacldd is a fun it ne because it had gold and saks in it. i don't know if you know thiwas --t there is a company in an offshore banking situation in the philippines that is called gold impotent house boy. >> did you know that you were ta@ ting about many of the protesters down there are going to the bathroom in mcdonaldgol >> really sf. >> yes. i heard a guy on the radio talking about it and i t...

. president obama said the closing tax loopholes could help reduce our federal deficit. doing so could save $1 trillion according to some estimates. it won't be easy because businesses spend millions lobbying to keep the loopholes open. a new book tallies up all of the shenanigans. uncovering offshore banking and tax havens. the author is nicholas saxsons, he's today's specialist. our panel is intact. so, sir, i wanted to start with your book. half of the world trade is routed through tax haifbs. so explain how much are we really losing because of this problem in america? >> this is one of t...

The government wanted. they earned the money and didn't pay taxes. that's why this is potentially a huge story. that's probably what you have here. >> maybe. you don't know. you are in this business. it is people that either want to shield wealth from taxes or people that want to shield wealth because they attained it illegally. >> isn't the whole system rotten? why do you have the cayman islands? >> because you don't have a flat tax. >> if you are going to have -- the suntan oil capital not the offshore banking. >> right. if you are going to have a system in the country where the tax code is ...