Check Out These Totally Not Shocking Maps of Corporate Tax Avoidance

Illustration for article titled Check Out These Totally Not Shocking Maps of Corporate Tax Avoidance

Ever heard of Goldman Sachs Structured Products Limited? How about GS Holdings L.L.C. II.? No? Both are nodes on a web of more than 4,000 holding companies, woven by the Goldman Sachs Group to evade taxes on its—let's see here—$8.61 billion in profits for Q2. It's an incredibly complex operation, and thanks to this interactive map, we're now able to explore it.

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Cory Doctorow points us in the direction of a new data visualization tool from OpenCorporates, the open database that keeps track of corporate information. The interactive map lets you choose amongst six of the largest corporations in America (Goldman Sachs, Wells Fargo, Bank of America, JP Morgan, Citigroup, and Morgan Stanley) to follow the convoluted web of holding companies each entity has assembled to funnel their earnings across the globe.

Many companies shroud themselves in dozens of layers of control—and according to the creator, almost a third of each network are registered in nations known as tax havens. It's a very real representation of the old 30 Rock joke that GE is just a holding company for the all-powerful Sheinhardt Wig Company. [OpenCorporates via Boing Boing]

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Illustration for article titled Check Out These Totally Not Shocking Maps of Corporate Tax Avoidance

Goldman Sachs.

Illustration for article titled Check Out These Totally Not Shocking Maps of Corporate Tax Avoidance

Morgan Stanley.

Illustration for article titled Check Out These Totally Not Shocking Maps of Corporate Tax Avoidance
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Citibank.

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MAKE2 Mifune

Many companies shroud themselves in dozens of layers of control—and according to the creator, almost a third of each network are registered in nations known as tax havens. Pot, kettle, black.

http://blogs.reuters.com/felix-salmon/2…

Gawker Media has been going through a big corporate revamp over the past year or so. The ultimate parent company has never been in the U.S.: it used to be Blogwire in Hungary, but now Blogwire Hungary has become a subsidiary of a Cayman Islands entity called Gawker Media Group Inc, which also owns various U.S. operations like Gawker Media LLC, Gawker Entertainment LLC, Gawker Technology LLC, and Gawker Sales LLC. (And what, exactly, is, or was, “Nick Denton Engineering“?) It’s unclear how many Cayman companies there are (I think there’s just the one), how many corporate entities there are in Hungary and the U.S., and whether there also might be companies in other jurisdictions. Only three people know for sure: Nick Denton, Gaby Darbyshire, and John Duncan—a lawyer whose official bio says that he’s an expert in corporate governance and taxation, as well as a graduate in Slavic languages.