Exactly why is anyone the least bit surprised that all the controls put in place to keep all of us from having any financial privacy are avoided by those who put the controls in place? How many people here at TBP think some of our current crop of political hacks in Congress may have some hidden dollars revealed in these papers?
And, while I’m at it… how many people think these journalists will be objective about who gets named and who does not?
http://www.vox.com/2016/4/3/11356326/panama-papers
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Panama Papers: a massive document leak reveals a global web of corruption and tax avoidance
Updated by Matthew Yglesias on April 3, 2016, 9:30 p.m. ET
Mossack Fonseca is not a household name, but the Panamanian law firm has long been well-known to the global financial and political elite, and thanks to a massive 2.6-terabyte leak of its confidential papers to the International Consortium of Investigative Journalists it’s about to become much better known. A huge team of hundreds of journalists is poring over the documents they are calling the Panama Papers.
The firm’s operations are diverse and international in scope, but they originate in a single specialty — helping foreigners set up Panamanian shell companies to hold financial assets while obscuring the identities of their real owners. Since its founding in 1977, it’s expanded its interests outside of Panama to include more than 40 offices worldwide, helping a global client base work with shell companies not just in Panama but also the Bahamas, the British Virgin Islands, and other notorious tax havens around the world.
The documents provide details on some shocking acts of corruption in Russia, hint at scandalous goings-on in a range of developing nations, and may prompt a political crisis in Iceland.
But they also offer the most granular look ever at a banal reality that’s long been hiding in plain sight. Even as the world’s wealthiest and most powerful nations have engaged in increasingly complex and intensive efforts at international cooperation to smooth the wheels of global commerce, they have willfully chosen to allow the wealthiest members of Western society to shield their financial assets from taxation (and in many cases divorce or bankruptcy settlement) by taking advantage of shell companies and tax havens.
If Panama or the Cayman Islands were acting to undermine the integrity of the global pharmaceutical patent system, the United States would stop them. But the political elite of powerful Western nations have not acted to stop relatively puny Caribbean nations from undermining the integrity of the global tax system — largely because Western economic elites don’t want them to.
What’s a shell company? Why would someone want one?
Sometimes a person or a well-known company or institution wants to buy things or own assets in a way that obscures who the real buyer is.
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