Travers takes UK Lord to task over metaphor
(CNS): The chair of Cayman Finance has been quick off the mark again to respond to what he described as a “grimly ill-conceived metaphor” by Lord Myners, the UK’s City of London Minister, who compared the Cayman Islands to Afghanistan and Columbia in a recent parliamentary debate in the UK. Anthony Travers wrote to the Financial Times, which is where Myners’ comments were quoted, to take the Lord to task about his suggestion that offshore financial centres, like addicts, should be "weaned off tax if that is the only source of competitive advantage that they offer."
Travers, the chair of the Cayman Islands Stock Exchange and Cayman’s financial industry body (formerly the Cayman Islands Financial Service Association but recently renamed Cayman Finance) suggested in his correspondence with the UKs leading financial broadsheet that there was an irony in the comments quoted in the article Tension eases as London backs Cayman loan on 1 October.
Myners had stated that low taxation might not be a sustainable economic model for offshore centres. "In the same way as we are having to wean the farmers of Afghanistan off the poppy and the farmers of Colombia off coca, we have to wean offshore financial centres off tax if that is the only source of competitive advantage that they offer," the UK Lord and financial minister said during a debate.
Travers suggested that Lord Myners take a look in the mirror. “It is better argued that it is the UK government’s addiction to high taxes and irrelevant regulation that is causing the diminishing benefits to the UK Treasury, and indeed if the EU initiative is not derailed, UK taxable income will decline further and Chancellor Alastair Darling’s woeful projections will look increasingly optimistic,” Travers wrote in defence of offshore financial service centres.
“Rather than the drug-crazed one-trick ponies Lord Myners suggests, it is the comparative clarity of a superior legislative regime, an indirect tax system and a relevant regulatory approach that is the cornerstone of the Cayman financial model. No Cayman financial institution has failed, and Cayman continues to experience net inflows of business.”
Travers pointed out for the umpteenth time that throughout the financial crisis the Cayman Islands debt to gross domestic product ratio has been less than 30 per cent of the real UK figure. “The Cayman budget today will again be balanced,” he wrote in a letter published on Tuesday. “Perhaps there is a message here to those with clarity of thought. Lord Myners: do get the metaphor straight.”
With a persistent distortion of the facts in the international media regarding the situation in the Cayman Islands, Travers, as an increasingly high profile spokesperson for Cayman Finance has had his work cut out for him recently as criticisms of the jurisdiction mount and he seeks to counter those criticisms wherever they are made.
Category: Business
Myners comment was in FT just over a week ago and Travers has every right to respond to it or perhaps you would prefer we just sit back and let these people say what they want about Cayman .
The bottom line is when Travers speaks the press/ media sit up and listen – the reason for that is simple he knows what he is talking about .These are reputable broadsheets he is talking to and NOT the National Enquirer .
So we just sit back and take all that the UK has to throw at us – I dont think so …..you fight fire with fire , Travers has more expertise in these affairs than the majority of british ministers making the comments .He is making intelligent comment and observation what is wrong with that
All these ministers from UK are trying to do is divert attention away from the screw ups and the mess that has been created in the UK.
Anthony Travers OBE is no fool , he is widely regarded as one of the foremost experts globally with regards offshore law and finance .
I do not understand why people choose to knock him – by doing so you are only showing your ignorance of what this is all about and to be honest by running him down you are also damaging Cayman . I suspect that jealousy is a large factor in all of this .
Anthony Travers is a major component as to why Cayman had such success , he took Maples from 1 office to a true global presence .
Travers responses for Cayman Finance are unanswerable and are winning the public opinion war on the world stage .The views of one or two deeply envious residents are truly irrlelevant.
Good Lord Travers did NOT say he was quick off the mark CNS did . Myners comment was repeated in the FT 10 day ago. Perhaps you should read his letter and not the cheat finder. Could the comments here be any more pathetic ?
Apologies should have written
Perhaps you should read his letter and not the cheat sheet Could the comments here be any more pathetic ?
You describe Mr Travers as being ‘quick off the mark’ in his comments this week regarding Lord Myners.
As a matter of clarification, Lord Myners made the comments referred to by Mr Travers over six months ago on 26 March.
Jason Knauf
Press Officer to the UK Financial Services Secretary, Paul Myners
Thank you Mr. Knauf.
Mr. Travers and his highly impressive PR advisors, both foreign and domestic, are to be commended for being diligent in doing all the necessary background research prior to putting a tirade into print. Very impressive, and on a par with the notable comment made some months ago by his advisors in referring to Mr. Travers’ understanding of the US.
Publishing a well researched rant in a UK broadsheet is so rewarding after all. Undoubtedly there was a great deal of temptation to go off half-cocked, particularly given the FIRE, READY, AIM approach so favoured by some.
You have no idea of the level of pride we feel knowing that Cayman is represented by such well informed figures. You should soon have their comments on Mr. Chamberlain’s meeting with Herr Hitler.
Many in Cayman do not know whether to laugh or cry at such gaffs. At least the international community have no reason to cry – except from the excesses of laughter.
What makes it a gaffe exactly? Travers did not pull this comment out of thin air 6 months later. It was quoted in an October 1 article as a ‘recent’ statement by Myners. So it was out there in the news just a week ago. You can argue that it did not demand a response, and you may not likeTravers’ style personally, but calling it a gaffe is just a cheap shot that benefits noone. The comment was being used now, and was responded to now. How does that offend or embarrass anyone?
I don’t understand the anger toward Travers or his paid advisors, who are dealing with extraordinary circumstances given the focus on offshore centres by the OECD and G20 nations. CIFSA’s actions and statements have put the attention back on our accusers and caused reporters to question the validity of the accusations. Just like the poster below who dug up Myners own ‘tax scheme’. People may think twice before spewing their inaccurate and unsupported comments about Cayman if they know their facts will be challenged publicly.
Proper research into the timing and context of any quote requiring comment would have taken only a few seconds. All that is required is to put a segment of the relevant quote in quotes and Google it. Surely that is not too much to expect.
The international community will take Cayman seriously only if those who claim to speak on Cayman’s behalf offer informed and measured comments. The local community expects nothing less.
Very well said Anon 10:33
Agreed. We expect better.
A little research:
In March 2009 a Sunday Times article revealed that Lord Myners had been chairman of Aspen Insurance Holdings, a Bermuda-based insurance company, for five years, avoiding more than £100 million a year in tax.
What???? He used an financial centre himself???
The Times went on to report that Myners was also chairman of Liberty Ermitage, an offshore fund based in Jersey. Besides this, Gartmore, the fund management company that Lord Myners chaired for 15 years, also ran a Jersey-based offshore business.[15]
Lord Myners: "In the same way as we are having to wean the farmers of Afghanistan off the poppy and the farmers of Colombia off coca, we have to wean offshore financial centres off tax if that is the only source of competitive advantage that they offer," the UK Lord and financial minister said during a debate."
What was he debating? His pillow? Maybe we have to "wean" two-faced politicians off of making those types of comments.
Is this really in the best interests of Cayman?
I very much doubt that making enemies in high places will secure much advantage other than satisfying ones instinct to score points. You won’t only alienate those individuals – you will also alienate all who are influenced by that person (quite a few for a law lord). What we need is journalists and power brokers on our side for the war on tax freedom that will inevitably continue for as long as the world has tax and global capital. Can we please have a carefully thought out and grown up response from Government representatives that is in our best strategic interests in accordance with some sort of tactical plan. in the current example as with most of these statements we would be far better served by entering into private discourse with the law lord concerned and then setting the record straight in the public arena in a thoughtful and urbane manner. The less vindictive and personal the reaction from Government and its representatives the better. Better still as another reader has mentioned – no reaction at all. It is also incumbent on Government and its representatives to analyze and agree with Government and stakeholders some sort of strategic plan for our future war. It would be sensible to ask the public for their input and to publish the plan. The future tactics to be employed should be set out in the strategic plan and followed by all in Government so that personal egos do not get the better of these employees. If one can’t handle the work in the manner called for they should be quickly removed. Any doubt as to whether comments are in the best interests of Cayman should be taken very seriously and in the event of doubt the commentator removed. This is not an issue one can play fast and loose with. We need to win friends and influence them. Alienating influential lawyers/legislators does not further our cause. Government should also look at its representatives and question in each case whether they think the leopard will change its spots. I doubt it.
We already have an LOGB making silly statements for the international press to take up. We do not need an echo from the private sector.
Tony you are definitely my hero. Its about time that Cayman gets a hero who has the intelligence to fight back. Don’t people understand what this means to us (financial industry)? I believe we should have more people in your corner saying the same thing. Where are the lawyers and other financial people who practice in this industry?
Clearly Mr. Traver’s is not averse to writing to the press and making his opinions known. That probably does require a type of bravery. However, many of us believe that accolades should be reserved for well thought out activities which will actually benefit Cayman. Tirades against British ministers in times of frustration may be understandable. Laudable is an entirely different thing.
Thank God we have Mr Travers to deal with that bunch of British Mad Cows who seem bent on destroying us.
Whilst I agree the UK politician’s comments may be misplaced, I’m not sure it is appropriate or indeed necessary for Mr Travers to be firing back as he has. These outbursts directed at the British Parliament at this particular time (when our hand is in proverbial lion’s mouth) are silly. Someone in government needs to exert some control over him and indeed other private spokespersons engaging in vitriol particularly given the amount of negative press the country has received in the recent weeks both from within and without.
Absolutely correct. This sort of outburst may appeal to the peanut gallery, but it is very unlikely to produce any kind of result that is favourable to Cayman. Cayman’s international relations require tact and diplomacy not verbal tantrums.
As long as there are jurisdictions out there with higher tax rates than Cayman, then Cayman will always have a competitive edge. The wealthy will soon start shifting their wealth to Cayman to avoid bailing their own jurisdictions out….soon come…
"Lord Almighty Myners" as he believes he is, is in "Coohoots" with the FCO, Operation Tempura/Cealt and Jack the Cayman Ripper !!!!
I have a good feeling that I’m going to get a "good laugh" within the next 24 hours on one of your other captioned stories. What a "Bang" it will be !!!
Need I say which one ???
React, wait a few weeks – react again (no time to think) – wait a few weeks then react again (no time to think) – wait a few weeks then react again (no time to think) – react – now what was it that I was supposed to be doing apart from reacting – I know there was something that might have been a good idea – oh ya – react again.
Thisis an ignorant comment from someone who does not bother to learn about all the actions CIFSA has taken to protect the financial industry in Cayman. If you had attended the CIFSA event a few months back when the Washington lobbyists Quinn & Gillespie were on island you would have a much better understanding of the strategy being implemented to effectively communicate with political leaders, international media, and organizations like the G20 and OECD.
Not only is a lot going on behind the scenes but Mr. Travers has been doing radio, television, and print media interviews in a coordinated effort to dispel common myths about Cayman. Open your eyes and ears and you will see this for yourself.
There is no way to stop backbench political blowhards from naming Cayman in their rhetoric about tax havens, but it is important that CIFSA attempt to snuff out inaccurate comments and use it as an opportunity to get the true facts out there.
I think Tony is doing an excellent job.
Seems a somewhat defensive perspective, but given what has appeared in black and white that is perhaps to be expected. Remind me please, who is it that is providing local PR advice to CIFSA. Given outcomes, perhaps CIFSA should reconsider their "Vision" and government should reconsider their "Focus"?
😉
Defensive? Are we not talking about defending one of the most important industries in Cayman?
The argument seems to be more on proactive vs. reactive approach. From all the publicly available information I have seen CIFSA has become much more proactive under Travers and they now have major international advisors on these issues.
Surely allowing others to tell lies about our jurisdiction is not productive. I don’t see the gains in nitpicking about which comments CIFSA chooses to respond to. I am pleased to see them respond to any inaccuracy. We need to discredit those that attack us publicly. While this statement may be more indirect than most it was clearly a shot across our bow. No sense denying that.
Perhaps a review of the article would demonstrate that Lord Myners did not actually identify Cayman in the context of Afghan poppy farmers. That distinction goes to someone else.
The current discussion is focused on the point that a very unfortunate "Oh is that who he was talking about" image problem was created for Cayman by someone leaping forward and associating Cayman with Lord Myners unflattering comments. Irrespective of what was intended by the outburst, or how brave it was to have produce an outburst, how can anyone think that it was actually a wise thing to put in print.
Cayman has been in the news in the UK for some time about the current situation. It was mentioned in FT times article on Cayman. I think we’ve moved past from the "Oh is that who he was talking about" image problem.
I couldn’t agree more
Why did Mr. Travers choose to suggest that Cayman has no competitive advantage other than tax? Given that government has abandoned anything to do with preserving the financial services sector for the long term, it is to be hoped that Mr. Travers will recover from the Fire, Ready, Aim approach seems to have overtaken him as well.
Travers point was that the UK was looking at taxation from the wrong perspective. It is the unsustainable high taxes by UK and other G20 nations that will be their undoing. So Myners comments about low taxation in offshore centres are misguided and desperate. Travers was not arguing the ‘competitive advantage’ point which is meaningless misdirection by Myners. Just noise.
I agree that Mr. Travers comments are likely to be seen in the UK as "just noise".
Unfortunately he has given renewed prominence to Lord Myners who does not deserve it. Mr. Travers is undoubtedly trying. He just needs to think before putting fingers to keyboard. Who is advising him on what to respond to anyway?
It would seem that it was Mr. Travers who associated Cayman with the remarks of Lord Myners which referred only to "offshore centres" whose "only source of competitive advantage" was tax. That may have felt good, and may impress the ignorati, but it was not too clever.
Lord Myners, whose political career has been heading down the toilet, will be grateful to Mr. Travers for the additional column inches featuring his name. That would seem to be a sure way of encourage Lord Myners to keep up his tirades and now he has comments which link Cayman with them.
"No Cayman financial institution has failed" So why are the insolvency practitioners and litigators having the time of their lives right now? Maybe he meant to say "No carefuly structured Cayman insolvency remote structure has failed to leave the losses in the hands of onshore institutions".
He said what he meant, and what he said was correct. A financial institution is a bank, trust company etc.; it is not an SPV or a hedge fund. He is making the comparison with the failures of major financial institutions in the US, the UK and elsewhere.
Then perhaps he should have said that Cayman has had no "Northern Rock" failures and has not had to bail out its banks (in the last 12 months – remember CNB’s little problem with a certain insurer after Ivan). Clarity is everything.It is important that people who put themselves out there as representing Cayman know what they are talking about and make points clearly.
Mr. Travers is much better at being coherent than Mac. Unfortunately that is not saying much. Hopefully he will find some kind of editorial committee who can point out the way his writings are likely to be interpreted – before he hits the send key.
Keep it up Tony. Myners, like Gordon Brown, is an idealogical nincompoop.
Ya – Cayman is smart sending a fly weight boxer to a heavy weight no rules cage fight.
You’ve lost me. Surely you are not suggesting that Myners is a heavyweight and Travers is a flyweight?
Really interested to know on what grounds you call Mr Travers a fly weight? On pretty much any measure the man is one of the most impressive individuals found anywhere in the Cayman Islands (from a legal and financial point of view). He would be considered a heavy weight in most circles. He is a self made multi millionaire, ran one of the most succesful law firms of all time and has many many friends in extrememly high places. You might not like his tactics but you surely can’t call him a light weight?
Please give evidence of why you think he is a light weight? Don’t just be negative for the sake of being negative.
The less intelligent action would be to make comments based on information that is thinner on the ground than the first guineps of the season. Travers personality may not appeal to a number but his relative qualifications and history in Cayman are such that most would, in comparison, look like a past it’s prime cassava racing Usain Bolt in the 100.
Anthony Travers may not be a ‘Born’ Caymanian, but he certainly is a National Hero of the Cayman Islands in my book.
The man’s got some Big-‘uns !
Hip hip, horaaay !