Wednesday, November 17, 2010

Mayor Bloomberg's Charity Sent Millions to Caribbean Tax Havens by Adam Lisberg - NY Daily News

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Mayor Bloomberg's charitable foundation pumped $75 million into Caribbean tax havens last year.

New tax filings released yesterday show Bloomberg's charity was worth $2.2 billion at the end of last year, after the mayor donated an additional $420 million to it. Bloomberg's advisers invested through low-tax companies based in Bermuda and the Cayman Islands instead of companies that pay city, state and federal taxes.

'His foundation's investment strategy ... is designed to maximize the amount of money going to charity,' said Bloomberg spokesman Stu Loeser.