It reminder me of the time one of the NY tabloids wrote big expose on how the Bloomberg Foundation had off shore investments.
Any sizeable foundation will have off shore investments. It is prudent to diversify.
The so called terrible thing about off shore investments would be hiding income from the IRS. The way the tabloid found out about the investments was because they were specifically reported in the foundations 990 PF, which is an IRS form.
Just shows how the media makes an issue out of non issues and then all the silly people suddenly are outraged at the terrible avlah.
It seems that the government agencies are no different. They are completely disingenuous.