Portside

'Florida’s West Palm Beach now has more than sunshine to attract the hedge fund kingpins of Connecticut and New York. The city has just established a “Flagler Financial District” to help nudge the nation’s high-finance elite out of their cold-weather haunts. Why a new financial district now? New federal regs require hedge fund managers to bring back home the fee income they parked in offshore tax havens before 2009. The West Palm Beach selling point to these hedgies: In Florida, you won't face any income tax on this repatriated income. Palm Beach Post columnist Frank Cerabino wants West Palm to greet incoming billionaires with its own Statue of Liberty. He even has some lines for the statue plaque: “Give us your tiara-ed, your posh, your wretched refuse of the Hamptons shore".'