Leach says Congress needs to look offshore to solve Enron problem

Republican Congressman Jim Leach of Davenport says regulators need to look beyond the auditors who catered to now-bankrupt Enron. Leach says Congress and federal officials need to examine the “shell” companies Enron’s lawyers organized in the Cayman Islands. He says lawyers organize companies in the Cayman Islands to avoid taxes and proper regulation. He says there should be a national crusade against this type of incorporation.Leach says when lawyers set up these tax-avoidance schemes, it puts a greater burden on ordinary taxpayers.Leach says it’s time to prohibit the use of Cayman Islands accounts as a tax-dodge.Leach is moving from Davenport to Iowa City to seek re-election.