California treasurer earmarks insurers for blacklist

By Jim Lamb, San Francisco

THREE insurers are among 23 companies suggested for a blacklist by California treasurer Philip Angelides, who wants to block state purchases of stocks and bonds from US companies that hide their assets in foreign tax havens. "You have companies here that are setting up sham offshore mailboxes just to avoid paying taxes," said Mr Angelides. He said that such actions also allow companies to escape legal protections available to shareholders in the US.