14 May 2013 (Cayman 27) The head of Cayman Finance has rejected claims from economist Jeffrey Sach that some residents here sit on hundreds of hedge fund boards. In a series of letters to the Financial Times newspaper in the United Kingdom, Mr. Sachs says the banking system here has $1.4 trillion in liabilities and assets, and he described the system as a "house of cards" for global finance.

But Gonzalo Jalles, CEO of Cayman Finance said: "The money is effectively being transferred between accounts in New York and not being exposed to how a local banker in Cayman decides to invest it."

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