Bloomberg's money is invested through a blind trust that prevents him from knowing his specific holdings, but he signs the tax returns that clearly list the overseas funds.
"I don't have any control over where my investments go," Bloomberg said.
"And incidentally, as far as I know, the investments that my money managers make are perfectly legal, they're fully disclosed and they're appropriate to maximize the assets which I'm giving away to charities," he told reporters.
The practice is legal and not uncommon, but it could be considered to conflict with the spirit of Bloomberg's oft-repeated message that it is crucial to the financial health of New York City and the nation to keep companies and their economic activities in the United States, funding the tax base that pays for government services.
"We need more people here paying taxes and when they make money, they pay more taxes," he said this week.
From the Daily News:
Azi Paybarah from the Observer followed up by asking Bloomberg whether his investments in the Caymans -- a notorious tax shelter -- undercut his argument that the United States should have financial regulations consistent with the rest of the globe. Bloomberg's snarky response:
"I think last I checked, people in the Cayman Islands are very nice people. They have a lot of people from the Cayman Islands that live here. If you have any problems with people from the Cayman Islands, I think you might want to address it to them. But you seize a good example. Every diverse investment pool invests around the world. We live in a global world. The companies that we invest in do business around the world globally."