President Obama spoke eloquently on reining in offshore tax havens. Forget the irony of tax cheating Tim Geithner's opening remarks and his past problems using TurboTax. What happens when there are no tax havens to crack down upon? Der Spiegel reported:
Less than 120 hours after the close of the London summit, the Organization for Economic Cooperation and Development (OECD) published the shortest blacklist of all time -- with exactly zero entries.
This reminds me of George W. Bush admonishing Wall Street traders for excess executive compensation. There wasn't a CEO in the room. Now we have the Obama "no country" crackdown.