Bloomberg’s Offshore Millions

The mayor of New York’s foundation sends millions to the Caymans, Bermuda and elsewhere, but his city doesn’t get a dime

It was a dark time for the city. In 2008, and early into the next year, morale was low, Wall Street was sputtering and New York Mayor Michael Bloomberg was steeling New Yorkers for pain. Brace for service cuts and tax hikes, he warned—while also pledging to find a way to keep tax money, particularly from the city’s richest citizens, from fleeing.