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The Audio Long Read

From the archive: The great American tax haven: why the super-rich love South Dakota

The Audio Long Read

The Guardian

Society & Culture

4.32.4K Ratings

🗓️ 14 June 2023

⏱️ 38 minutes

🧾️ Download transcript

Summary

We are raiding the Guardian Long Read archives to bring you some classic pieces from years past, with new introductions from the authors This week, from 2019: It’s known for being the home of Mount Rushmore – and not much else. But thanks to its relish for deregulation, the state is fast becoming the most profitable place for the mega-wealthy to park their billions. Help support our independent journalism at theguardian.com/longreadpod

Transcript

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The Guardian archive long read.

1:24.9

Hello, my name is Oliver Bullo. I am the author of the great American Tax Haven,

1:32.7

why the super rich, I love South Dakota. So I write about enlisted finance and money laundering,

1:41.9

tax evasion, kleptocracy and so on. And I chose to write about South Dakota because it was emblematic

1:50.8

of a new form of tax haven, which had come about because of some incredibly complex and,

2:00.0

to be honest, nerdy changes to the global financial architecture, which had made it essentially

2:08.5

less attractive for rich people to put their money in Switzerland or other places of that nature

2:13.2

where we think of them as putting their money and instead to put it in the United States. And there

2:18.1

was a sort of arms race between, you know, particular states in the US of which ones would end up with

2:23.7

this money and South Dakota won. Normally people know much about South Dakota because it's, you know,

2:29.8

with the best will in the world, even South Dakota's corner to fly over state. It's in the middle of

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