The New Bermuda Triangle

ALLAN BAXTER/THE IMAGE BANK/GETTY IMAGES

1 Executives at hedge fund Paulson & Co. use about $450 million of their own money to start PaCRe, a reinsurance company in Bermuda

2 PaCRe invests that $450 million in Paulson’s funds

3 Because Bermuda doesn’t levy a corporate income tax, PaCRe’s profits on the $450 million investment accumulate tax-free

When they want to cash out, the hedge fund managers sell their stake in the reinsurer, paying capital-gains tax on their profit

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