THE PLANK MAY 11, 2009
Last week, President Obama called for curbs on offshore tax havens, where multinational corporations and wealthy individuals collectively hold an estimated $5 trillion in assets beyond the reach of national governments.
Switzerland, for example, has been known for banking secrecy since the Middle Ages. Following April's G20 summit, the nation has finally pledged to adopt the tax-sharing principles set out by the Organization for Economic Cooperation and Development (OECD). Switzerland remains on a "grey list" of countries committed to international disclosure standards but not yet complying with them.
Click through today's TNR slideshow to see where else the wealthy have notoriously stashed their cash.
Image courtesy of Spiegel.