… leave Garrett Park to go shelling on the Delaware beaches, while everyone knows that the real shelling action in that state lies within the nondescript buildings in Wilmington that house shell companies from around the world.
People are beginning to be aware of this because of all them Russky oligarchs in the news.
For the state of Delaware, these small [incorporation] fees add up to as much as 41% of the state’s entire revenue. In 2019, they collectively amounted to $1.4B...
Adopted in 1899, the Delaware General Corporation Law “reduced restrictions upon corporate action to a minimum” and promised to maintain the most hospitable business enclave in the nation — a place where corporations could frolic in the open fields of capitalism, unencumbered by income tax, bureaucratic policing, and shareholder litigation.
As we frolic ‘pon the open early spring fields of sand, all around us the open fields of capitalism sprout another astounding bumper crop for wee Delaware and we are so oblivious. It’s all secret, see, so even if we wanted to shake the sand off our feet and take a serious look at Delaware’s incomparable tax haven we couldn’t.
Delaware and Nevada are two of the jurisdictions where it is the easiest to obtain the anonymous companies money launderers like best. Those states are in fact significantly less transparent than famous tax havens like the British Virgin Islands... Delaware and Nevada have not just risked the rest of the country, they have risked the entire world. They have tunneled a gaping hole in the domestic laws of any country concerned with preventing corruption, fraud, tax evasion, drug trafficking, terrorism, and all the other ills facilitated by anonymous shell companies.
Here’s one guy who at one time had a slew of Delaware shell companies:
On 2 November 2011, [Victor] Bout was convicted by a jury in a Manhattan federal court of conspiracy to kill U.S. citizens and officials, delivery of anti-aircraft missiles, and providing aid to a terrorist organization, and was sentenced to 25 years’ imprisonment. Since June 2012, Bout has been held at the United States Penitentiary, Marion.
This guy must be itching to help Putin’s war effort!