The company reportedly has $7 billion of profits parked offshore with 12 subsidiaries in Bermuda.“What is fun about this is that Nike apparently named its tax shelters after its shoes,” according to a Forbes contributor.Writing on the Forbes Tax Analysts blog, David Brunori says according to the Citizens for Tax Justice, ten of the Bermuda subsidiaries are actually named after Nike shoes: Air Max Limited, Nike Cortez, Nike Flight, Nike Force, Nike Huarache, Nike Jump Ltd, Nike Lavadome, Nike Pegasus, Nike Tailwind and Nike Waffle.“Yes, Nike has a shoe named the Waffle — which was designed on a real waffle iron,” he writes.Brunori says Nike “is very aggressive when it comes to sheltering profits overseas”.“My friends at the Citizens for Tax Justice released a report blasting the apparel giant for keeping many subsidiaries overseas for the sole purpose of avoiding US taxation.”However, he writes: “But having foreign subsidiaries for the purpose of minimising tax burdens is neither illegal nor immoral. In fact, it’s really no different than any of you taking your home mortgage interest or charitable deductions. Nike’s savings are just bigger. Rational people — and corporations are people too — will always try to keep more of their own money in their pockets. I have no problem with anyone minimising their tax burdens legally.”