The Queen's Caymans
Respond to EIR Exposé
May 6, 2007 (EIRNS)Cindy Scotland, the Managing Director of the Cayman Islands Monetary Authority, which "supervises" and steers the hedge funds on that British Overseas Territory, wrote a lengthy letter on April 27 to the editors of Cayman Net News, protesting their April 16 publication of an article reporting on EIR's Richard Freeman's exposé of the role of the Cayman Islands as a hedge fund predators' paradise for the British oligarchy.
"People who are aware of how the Cayman Islands financial services regime operates will know that the Richard Freeman article, on which your paper reports, is far from accurate," Scotland sputtered defensively. She went on to justify the Caymans' notorious secrecy: "Cayman Islands law, based on English Common Law, recognises the right of each individual to privacy. In financial matters, this right is codified in the Confidential Relationships Preservation Law."
EIR Founding Editor Lyndon LaRouche commented that what Scotland and her oligarchical patrons are really saying is: "How dare you peek at the crimes we are committing?"
Scotland may also be concerned at the fact that there is building momentum among members of the U.S. Congress, including some senior members on committees with oversight and jurisdiction on these matters, to pass legislation forcing disclosure of hedge funds, or outright outlawing of hedge fundsas Lyndon LaRouche has called for. According to Congressional sources, a delegation from the Cayman Islands was on Capitol Hill recently, lobbying against any sort of regulation. A Congressional committee has reviewed the sources of EIR's exposé.
Scotland dared not mention the name of LaRouche or EIR in her thousand-word letter. The Cayman Net News article, "Research Website Attacks Cayman Islands Hedge Funds," also chose to omit reference to LaRouche and the EIR, preferring to ascribe Freeman's article which first appeared in the March 9 EIR, to a secondary source, the Global Research website, which republished it later in March.
The Cayman Net News article otherwise quotes accurately and at length from the Freeman article, including: "Hedge funds had already bled the international commercial banks and corporations into absolute bankruptcy," and "combined with their yen carry-trade... are now driving the financial system further into systemic breakdown... With the power accumulated from these unregulated offshore British outposts led by the Cayman Islands, the Anglo-Dutch financial oligarchy has assembled an incredible strike-force, above and against the interest of nation-states."