U.S. Rep. Alan Grayson, the outspoken, populist Democrat who thunders against Wall Street fat cats,and used to to joke about Mitt Romney's low tax bill, incorporated a couple hedge funds in the Cayman Islands so investors could avoid taxes.
Grayson Fund Ltd. and Grayson Master Fund were incorporated in 2011 in the Cayman Islands, a well known tax Haven that Romney used as well, records show.. That was the same year he wrote in the Huffington Post that the IRS should audit every Fortune 500 company because so many appear to be "evading taxes through transfer pricing and offshore tax havens."
In a phone interview Wednesday, Grayson said the funds were incorporated in Grand Cayman at the advice of an attorney he declined to name. It was a vehicle for foreign investors to invest in his funds while limiting their tax liabilities, he said, but no money had been invested in them yet.
"There are no investors in those funds or that fund as the case may be," said Grayson, who said he thought only one fund was incorporated in the Caymans.
"When I set up my investment funds I set it up like everyone else," Grayson said, complaining about the Tampa Bay Times looking for "some stupid, bull---- story. ... You want to write sh-- about it, and you can't because not a single dollar of taxes has been avoided," he snapped.
Grayson's financial disclosure statements indicate he has between $5-million and $25-million invested in the Grayson fund, and he lists no income from it.
Sure Alan. Not a single dollar.