Panama Papers

[dualstow]

Saw this last night, but was too tired to dig into it. Interesting. Biggest data leak ever.

http://panamapapers.sueddeutsche.de/art ... c3495adf4/
https://en.wikipedia.org/wiki/Panama_Papers

[MachineGhost]

Saw this last night, but was too tired to dig into it. Interesting. Biggest data leak ever.

http://panamapapers.sueddeutsche.de/art ... c3495adf4/
https://en.wikipedia.org/wiki/Panama_Papers

Let me check the calendar....  yep, bring on the annual propaganda!

I would fully expect Germans to think privacy was illegal.

Let's cut to the chase: https://panamapapers.icij.org/the_power_players/

What, no Slick Hilly or Mittens?  I guess they have more class for which law firms they use.

[dualstow]

I would fully expect Germans to think privacy was illegal.

They are way more protective of privacy than are Americans, especially when it comes to banking.

[Ad Orientem]

The secret world of offshore banks and money-laundering has been under the microscope ever since the financial crisis. Now it is the turn of lawyers, registrars, and the hidden network of facilitators.

The treasure trove of 11.5m documents leaked – or more precisely stolen - from the Panama law firm Mossack Fonseca lifts the lid on the extraordinary practices of the global elites, and on the alleged services of off-shore legal cabinets for terrorist organisations, drug cartels, sanctions busting, and front companies of all kinds.

The files on 213,000 firms first slipped to the Suddeutsche Zeitung and then shared with the International Consortium of Investigative Journalists (ICIJ) is the biggest data leak in history. It will have long-lasting ramifications.

The avalanche of allegations has barely begun. The red-hot dossier on US citizens has not even been released. Yet the scandal has already triggered a string of criminal investigations around the world, kicking off in Australia and New Zealand within hours.

Germany’s vice-chancellor Sigmar Gabriel said the files go far beyond issues of tax evasion, touching on vital national interests and the rule of law. “It is about organized crime, evasion of UN sanctions, and terrorist finance,” he said.

“This shadow economy is a risk for global security. We must ban the anonymous letterbox companies. The international community must ostracize any country that allows these dirty dealings,” said Mr Gabriel.

Read the rest here...
http://www.telegraph.co.uk/business/201 ... d-privacy/

[dualstow]

Got a thread in progress here:

http://gyroscopicinvesting.com/forum/ot ... 46472/#new

[Ad Orientem]

Ooops. I missed the previous thread. Perhaps one of the moderators can merge this one into the other.

[Libertarian666]

I'd be willing to bet that this won't affect the biggest tax haven of all.

That's the USA... if you aren't a US person, that is.

[dualstow]

The Prime Minister of Iceland has resigned. That was fast.

[MachineGhost]

I'd be willing to bet that this won't affect the biggest tax haven of all.

That's the USA... if you aren't a US person, that is.

That may not be for much longer.

The U.S. Treasury Department intends to issue a long-delayed rule forcing banks to seek the identities of people behind shell-company accounts, in the wake of the "Panama Papers" scandal which exposed global wealth hidden from tax authorities via offshore vehicles. A department spokesman said the law would "soon" be turned over to the White House for review and issuance, but did not confirm a timetable for the initiative.

I've never understood why it was okay to persecute (prosecute) Americans holding (hiding) money overseas, but we're open 24 hours for all the illegal and criminal money in the world to come here.  I smell another Wall Street rat.  Nevada still allows anonymous corporations and New Mexico allows anonymous LLC's.  It would have been smarter to use the USA than Panama.

[MachineGhost]

Also, David Tepper -- a hedge fund billionaire -- flew the coop and expatriated to Florida because of New Jersey's outrageous taxes.  Such 1%ers alone contribute to more than a 30% chunk of the state's income taxes!!!

[quote=http://www.slate.com/blogs/moneybox/201 ... udget.html]“We may be facing an unusual degree of income-tax forecast risk,” Frank Haines, budget and finance officer with the Office of Legislative Services told a Senate committee Tuesday in Trenton.
[/quote]

Gee, you'd think??????  It's wonder all these "soft in the head" millionaires and billionaires don't "get religion" more often.  But maybe like PS says, they value other aspects than their obscene wealth not to pay their "fair share".  No arguments from me.

[curlew]

I've never understood why it was okay to persecute (prosecute) Americans holding (hiding) money overseas, but we're open 24 hours for all the illegal and criminal money in the world to come here.  I smell another Wall Street rat.  Nevada still allows anonymous corporations and New Mexico allows anonymous LLC's.  It would have been smarter to use the USA than Panama.

+1 (or whatever). Donald Trump couldn't have said it better.