January 17, 2003

Offshore hedge funds are only the most recent arrangement by which money is moved in and out of the United States by way of the Crescent of Corruption. The oldest, and most popular, remain so-called offshore shell companies, which are nothing more than stock corporations in which a nominee lawyer in the tax haven country holds perhaps 1 percent of the stock, and the other 99 percent remains anonymous.

In 1997, a jet-setting bunco artiste named Gilbert Alien Ziegler reportedly entered Grenada under a Melchizedek passport and set up the First International Bank of Grenada. The bank, exposed by investigative journalist David Marchant in his "Offshore Alert" newsletter, collapsed in 2001, taking with it some $200 million from U.S. and Canadian depositors. Mr. Ziegler fled Grenada, and now lives in Kampala, Uganda, under an alias.

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