SIGN IN to access Harper’s Magazine
Need to create a login? Want to change your email address or password? Forgot your password?
1. Sign in to Customer Care using your account number or postal address.
2. Select Email/Password Information.
3. Enter your new information and click on Save My Changes.
Subscribers can find additional help here. Not a subscriber? Subscribe today!
“Peter Lowy, the son of Australian billionaire Frank Lowy, appeared early Friday before a U.S. Senate subcommittee investigating ways the ultra-wealthy use tax havens to avoid paying taxes,” Forbes reported in a story today. “But rather than uncover new information or help further the probe, Lowy apparently frustrated investigators when he declined to answer questions and instead asserted his rights under the fifth amendment.”
Forbes described Lowy as a “former investment banker in London and New York who is now reportedly a U.S. citizen.” According to the magazine:
Lowy’s father Frank, an immigrant and former deli owner, is executive chairman of Westfield Group, one of the world’s biggest shopping-mall chains, and one of Australia’s richest men. Worth an estimated $4.6 billion, he ranked No. 222 on the March 2008 Forbes Billionaires list. Peter, one of three sons, all of whom work in the business, is chief executive of Westfield’s U.S. operation, which has interests in 55 shopping malls in 13 states.
The Lowy family was “named in a Senate subcommittee report that delved into how the Swiss bank UBS and LGT Bank, which Liechtenstein’s royal family oversees, have assisted the rich in skipping out on paying taxes,” Forbes said. Frank Lowy recently released a statement in Australia “in which he rejects the Senate subcommittee’s characterization that he or his family took steps–including the establishment of a U.S. corporation–to hide assets or sidestep tax obligations. Lowy’s statement says the Senate subcommittee’s report relies on stolen documents.”
And guess which political campaigns Peter Lowy contributes to? According to Federal Election Commission records, he and his wife have given more than $30,000 to Senator Joe Lieberman since 2003. Oh, and Lieberman is the chairman of the Senate Homeland Security & Governmental Affairs Committee, of which the Permanent Subcommittee on Investigations — which issued the tax report Forbes mentioned and which is the committee which Peter Lowy appeared before last week — is part.
Peter Lowy and wife have also contributed more than $6,000 to Senator John McCain since 1999. And they have contributed to a host of other prominent political figures, including John Kerry, John Edwards, Christopher Dodd and Hillary Clinton (nearly $10,000). And add to that at least $75,000 to Democratic congressional committees and $25,000 to the National Republican Senatorial Committee.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
In Havana, the past year has been marked by a parade of bold-faced names from the north — John Kerry reopening the United States Embassy; Andrew Cuomo bringing a delegation of American business leaders; celebrities ranging from Joe Torre, traveling on behalf of Major League Baseball to oversee an exhibition game between the Tampa Bay Rays and the Cuban national team, to Jimmy Buffett, said to be considering opening one of his Margaritaville restaurants there. All this culminated with a three-day trip in March by Barack Obama, the first American president to visit Cuba since Calvin Coolidge in 1928. But to those who know the city well, perhaps nothing said as much about the transformation of political relations between the United States and Cuba that began in December 2014 as a concert in the Tribuna Antiimperialista.
Estimated portion of registered voters in Zimbabwe who are dead:
Honeybees can recognize individual human faces.
Pope Francis announced that nuns could use social media, and a priest flew a hot-air balloon around the world.
Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!
“Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'”