Breezeblog

Bermuda got some unwanted publicity yesterday when Barack Obama’s campaign released this ad accusing John McCain of being on the side of tax-dodging Bermuda-based US companies. Anyone who knows anything about reinsurance and insurance knows the issue is a whole lot more complicated than that – I’d like to see Obama turn around and diss the industry when Bermuda companies bail the US out of the next natural catastrophe.   To nuderstand Bermuda’s role, check out the Association of Bermuda Insurers & Reinsurers site under “US Taxation”. For more rebuttals see The Royal Gazette.

Still, it didn’t do Bermuda any favours with the bulk of mainstream voters who have no idea about how offshore business works – and it underlines the dilemma many Bermudians feel: as much as they wish to finally see a black US president, what price might that cost for the Island’s economy?