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January 26, 2010

Reuters: Ex-IMF man: Banks creating tax haven scapegoats

By Spear's

GEORGE TOWN (Reuters) – The Cayman Islands and other offshore money centers could become scapegoats unless regulation is stepped up on Wall Street’s biggest banks to avert another potential financial crisis, a former IMF chief economist warned.

GEORGE TOWN (Reuters) – The Cayman Islands and other offshore money centers could become scapegoats unless regulation is stepped up on Wall Street’s biggest banks to avert another potential financial crisis, a former IMF chief economist warned.

“If they can’t deal with the underlying real problems, because those banks are too powerful politically, they will look for other people to blame,” Simon Johnson, a former chief economist at the International Monetary Fund, said at a weekend business conference in the Cayman Islands.

“Blaming offshore money centers for problems that are really centered on Wall Street’s largest banks doesn’t make any sense, but it could still happen,” he said.

To read the full story, visit reuters.com

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