Bermuda Transfer Scrutinized in California Election
California gubernatorial candidate Meg Whitman has come under scrutiny for a Bermuda financial connection. The self-made billionaire is vying to be the Republican candidate for California Governor in the November 2010 election.
The democrat backed California Accountability Project is peering into millions of dollars transferred to both Bermuda and the Cayman Islands, with the bulk going to the Caymans.
According to information provided to the IRS by the Margaret C. Whitman Charitable Foundation, the foundation transferred $1 million to Bermuda-based Archipelago Holdings, Ltd. in September 2007. [PDF report, pg 14]
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Nick Velasquez of the Accountability Project goes on to ask:
Is Meg Whitman still shifting her millions into offshore tax havens to avoid having to pay her fair share? California’s voters expect and deserve to know if Whitman is continuing to engage in tax avoidance schemes.
A highly successful businesswoman, Ms. Whitman joined the fledgling start-up online auction company eBay in 1998, when it had 30 employees and revenues of approximately $4 million. She grew the company to approximately 15,000 employees and $8 billion in annual revenue by 2008.
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As of February 2010, the billionaire has put $39 million of her own money into the race. Her campaign has been endorsed by high-profile Republicans including former Presidential Candidate John McCain [R-AZ], and former U.S. Secretary of State Condoleezza Rice.
If elected, she would become the first female governor of California.
