It has been revealed that New York City Mayor Michael Bloomberg’s family foundation makes extensive use of off-shore tax havens and hedge funds in the Cayman Islands, avoiding U.S. taxes that other major foundations choose to pay. You know the Cayman Islands: that’s where the criminal law firm in John Grisham’s novel The Firm helped its Mafia clients hide their income. I’m not suggesting that Bloomberg is ripe for a takedown by Tom Cruise. I am suggesting that it looks terrible, and leaders have a duty to avoid looking terrible. Continue reading →