Amazing book on tax havens

I learned more things in this book than I typically do in 10 books combined.

Shaxson provides an eye-opening account into the seedy, underground world of offshore finance. Most of the stuff Shaxson discusses is not well known in public and is rarely commented on in mainstream media or newspapers.

For example, were you aware that the two biggest offshore zones are in fact the United Kingdom and the United States? In fact, the state of Delaware is actually the biggest "offshore" location in the United States. It has more incorporated organizations than anywhere else, and some of the laxest regulation. Just take a quick scan of some of the biggest companies in America and you'll find a majority are incorporated in Delaware (Bank of America for instance, or Sallie Mae, Amazon, Pfizer, etc.) It's too many giant companies to be merely coincidental.

The overall picture he paints is both fascinating and frightening, but it seems very possible that something could be done about tax evasion and the looting of poor countries by the rich countries if the main financial centers that aid the businesses in their looting decided to crack down in unison. But for them to ever do that, more people are going to have to understand how the whole system works. It's complicated, but very interesting and Shaxson does a great job explaining every facet of it.

As for this audio recording, I'd recommend getting it and listening to it. But be warned that the guy who does the reading does the most bizarre job I've ever listened to here at Audible. There are multiple times during the course of this book where he reads the same sentence over again. Often he'll stop, and start again with noticeable random pauses mid-sentence. A couple times he stopped reading and I could hear talking in the background. None of this is edited out -- it's like they let him read it all, first time through, and didn't do anything over and didn't bother to edit out the mistakes. Just bizarre, but he still successfully passes along the information of the book in a somewhat entertaining manner (this guy makes up about a thousand voices for the many different people Shaxson quotes from to tell his story).

Pick up this book. I liked it so much I also bought a hard copy to re-read it.

9 people found this helpful

Important and shocking

Treasure Islands is a book that takes you on a journey into the secret world of finance. Although I have had some experience with the subject before, I was shocked at the scale that tax fraud and secrecy has reached. The book covers both the historical background for how we ended up in todays situation, as well as up to date examples of how the financial crisis was in large caused by tax havens.

This book is a must read, and it should be mandatory for all politicians, students and voters.

2 people found this helpful

Everybody should read this book. Period.

It's both interesting and depressing to listen how we're just a tiny pieces on a much bigger board that's been played above us. The book is most about offshore but it does cover quite nicely how the free floating currency has its ways to of making the rich more rich and poor even worse off. I know this is a socialistic view and I consider myself more of capitalist, but this is exactly what's wrong in capitalism and somehow needs to be addressed. I don't know what a common man can do about this but to raise awareness and go from there.
The only thing that bothered me a little on this book is the narrator. He's great and easy to listen, but so clearly partial that it bothers at some points when the speaker is so clearly a "villain". And the accents are perhaps sometimes too exaggerated, but overall a very pleasant listen.

2 people found this helpful

Beyond ideology

Although this book might seem a bit provocative, the argument presented against the offshore business is mostly fact based. I think that it is safe to say that economic policy does not need to be based on ideology anymore, but we can go beyond ideology and base our political opinions on facts.

Offshore business does not help economy as a whole, but it is rather a way to increase the profits of the few and externalize the risks for those, who are doing the productive work and are the true source of the wealth. Also offshoring is not only about tax evasion, but it is mostly, especially in financial sector, a way to go around the laws and regulations that e.g. necessitate the risk management for the banks. Without proper risk management, bankers can make at offshore up to six times more profit than with proper risk management and tax payers at onshore will pay the bill when the bubble bursts.

This is one of those books that can be gladly recommended for anyone, because offshore business is quite timely topic as it was major contributor for the current financial crisis. There is still plenty to discuss and the public awareness of the true nature of offshoring is increasing quite rapidly.

Narration was also quite good and quite British.

1 person found this helpful

Stranger than fiction!

Would you recommend this audiobook to a friend? If so, why?

This is one of the best books that I've read in years. The audio version is outstanding.

Who was your favorite character and why?

The people trying to leave the bastions of tax secrecy were courageous, scared, and compelling.

Have you listened to any of Tim Bentinck’s other performances before? How does this one compare?

No, but he's very easy to understand.

Any additional comments?

One of the best things that I've read in years.
This book will become increasingly important over the next several years, as economic pressures on individuals and governments prompt people to start asking where all the money went.

2 people found this helpful

A real eye opener

Would you consider the audio edition of Treasure Islands to be better than the print version?

If you read this with an open mind, you may see the future of global finance and be able to better prepare for what is about to happen.

2 people found this helpful

Bad Narator

Why the narrator felt the need to speak in accent or tone for the car actors in the book, this ruined the experience.

Lacking basic economics understanding.

The writing is not bad; the topic interesting and deserving more attention. However, the author lacks rudimentary understanding of modern economy and the functions of modern finance. The author seems stuck w the medieval notion that farming and manufacturing are real and productive, while finance mostly a waste. While he makes some valid points, it is impossible to expect a fair opinion on modern finance from him. Even on shore 100% transparent bond/stock secondary trading is probably still a total waste in his mind.

The author also went on endlessly about how off shore enables corruption in poor countries. However, would an African dictator loot his country any less savagely, if Cayman island/Jersey doesn't exist? Personally I strongly doubt that, and I do not see the author present any evidence to the contrary.

Different but good

the audible words are different than the book. the are extra quotes, information, and different chapters which was confusing. however, the overall information and presentation was very good.

A lot of anecdotal testimonials from the left side of political spectrum

The book offered interesting insight into tax havens and how the offshore system works. Sadly the author’s political ideology bled through on every issue and read very “testimonially” with constant anecdotal quotes from randos . Would have loved to see more actual data presented to support his opinions. With the advent of crypto the protectionist/capital control agenda he advocates for is going to be less and less practical. My favorite part of the book was the history of Jersey and London.