Mike Danneskjold Announces New Initiative

Online, October 11, 2012 (Newswire.com) - Today Mike Danneskjold, former head of the Galt Foundation, a liberty-oriented think tank, announced his intention to form a full service trustee and trust banking institution designed to provide unparalleled privacy to clients. The new, as yet unnamed, institution will cater not to the super-wealthy as so many "offshore" banks and companies do, but rather will focus more on clients who simply have a little set aside and would like to diversify their funds into other jurisdictions.

"We think it's a scary time to have all your eggs in the U.S. basket," Danneskjold said on Wednesday. "If you have more than $10,000 and it's all in one currency located in one country, you are taking on too much risk." Sadly, over 95% of Americans have no money or assets outside of the United States.

Danneskjold's new initiative will involve diversified jurisdictions known for privacy, but will also seek to make moving assets out of the country more easy. "Most people have never given it [moving money out of the country] much thought," he said, "but then again, the economy and world situation have never looked this bleak before. America used to be the safe haven, now the only safety is in diversification."

Danneskjold confirmed the time frame for the launch of the new company to be in the first half of 2013. In keeping with the theme of privacy, the new initiative will be capitalized by anonymous venture capitalists and entrepreneurs. More announcements, including the name of the new enterprise, should be forthcoming in the weeks ahead.