Greedy Capitalist Pig's the Lowy clan are under investigation for tax evasion via a Liechtenstein tax haven.
A US Senate inquiry into the use of offshore tax havens is examining the banking strategies used by Australia's second-richest man and his sons.
Mr Lowy, a former Reserve Bank board director (talk about puting the cookie monster in charge of the cookie jar), is ranked by the BRW Rich List as being worth $6.3 billion and is the major shareholder of Westfield. US law requires American residents to disclose any interest in a foreign trust.
Son Peter Lowy an American citizen and head of the U.S. division of Westfield Group ranks as one of the wealthiest individuals in Los Angeles, he is a major political donor and philanthropist (to himself).
"Tax havens are engaged in economic warfare against the United States, and the honest, hardworking American taxpayer is losing," subcommittee Chairman Sen. Carl Levin (D-Mich.).
The Senate hearings have focused on the Swiss bank UBS and a private bank, LGT, owned by the royal family of Liechtenstein. Levin said that Frank Lowy, Peter's father, set up a foundation with LGT in 1998 after telling the bank that he did not want Australian tax authorities to know about the money involved.
The report says the documents "make it clear that LGT was aware that Mr Lowy and his sons were hiding assets in the new foundation from Australian tax authorities". And they add that the Lowys "took a number of measures" to keep the foundation, and their relationship with the bank, secret.
An inquiry by the US Internal Revenue Service into the Lowy family foundation is continuing.
Interesting, this is the same US Senate committee that uncovered the Australian Wheat Board's shonky dealings with Saddam Hussein while the Liberal Government had their heads in the sand.