"Bill gates would be fabulously more wealthy if he had started Microsoft in Bermuda," says William Woods, chief executive of the Bermuda Stock Exchange. "He may have known a lot about computer programming when he started the company, but his ignorance about tax cost him a fortune." Mr Gates has not done badly even so, but he knows better now. Teledesic, a company co-founded by the Seattle-based billionaire that plans to offer broad-band Internet access by satellite, is incorporated in Bermuda.
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