If these accounts or the reporting of the accounts is illegal, prosecute the law breakers. If they are legal, but odious, change the law. Just as "tax loopholes" were passed by Congress as tax incentives to direct the flow of investments, we should look to our legislative process to correct the situation. Either way, stop the kangaroo court mentality and do something constructive.
6
The unfortunate reality is that there are at least 80 different places where ill-gotten gains can be offshored. Tip meet iceberg.
Oh to be a fly on the wall of many different boardrooms and mansions.
I heard on NPR this morning that the first batch of Americans to be exposed are some Hollywood producers. Starting at the very bottom of the fetid heap of greed.
The other unfortunate reality is how many of those listed will ever see a day at the gray bar hotel? This tax evasive scheme will continue unabatedly, unless We, The People have had enough.
I really, really hope the Kardashians are included. May be the ONLY way to get people's attention in this country.
Oh to be a fly on the wall of many different boardrooms and mansions.
I heard on NPR this morning that the first batch of Americans to be exposed are some Hollywood producers. Starting at the very bottom of the fetid heap of greed.
The other unfortunate reality is how many of those listed will ever see a day at the gray bar hotel? This tax evasive scheme will continue unabatedly, unless We, The People have had enough.
I really, really hope the Kardashians are included. May be the ONLY way to get people's attention in this country.
9
This is beyond massive. The world media is in an uproar about it. The NY Times has it buried. Judging by the sounds of crickets at the Times, there are going to be some big shoes to drop here in the states---why just point out the dope in Iceland?
7
Those who are so excited about the 'Panama Papers' scandal, and eager to whip up a conspiracy theory involving the politician or business of their choice should be careful what they wish for. The next person whose privacy gets invaded in the name of public accountability could be you.
2
Wealthy Americans have no need for off-shore tricks; they have them right here at home thanks to the generosity of the pro-1% Congress and whoever is the occupant of turn in the White House - Reagan, Clinton, Bush, Obama...
Go Bernie!
Go Bernie!
5
"But it is not clear how many United States citizens were implicated in the schemes described by the articles. So far, the documents have connected no American politicians or other influential people to Massock Fonseca, according to McClatchy and Fusion.
One reason there may be relatively few Americans named in the documents is that it is fairly easy to form shell companies in the United States. James Henry, an economist and senior adviser to the Tax Justice Network, told Fusion that Americans “really don’t need to go to Panama.”
“Basically, we have an onshore haven industry in the U.S. that is as secretive as anywhere,” he said."
This sounds like a job for Super Bernie!
One reason there may be relatively few Americans named in the documents is that it is fairly easy to form shell companies in the United States. James Henry, an economist and senior adviser to the Tax Justice Network, told Fusion that Americans “really don’t need to go to Panama.”
“Basically, we have an onshore haven industry in the U.S. that is as secretive as anywhere,” he said."
This sounds like a job for Super Bernie!
6
So who in the U.S. is implicated in the Panama Papers' scandal?
3
I'm sorry for Iceland's PM problem but what I want to know is what Americans are involved. In 11 1/2 million documents there are no Americans involved? Why is there no mention of American involvement in American Newspapers? Do Americans use other money launderers? Or never do this? No...the last question was sarcasm, no need to answer.
3
It will be interesting to see that how China handles this controversy. What is important is why the need for such accounts? Is it because of the tax system? Other nations' money is used by a single nation. It is not correct to say that all such accounts are illegitimate . Legitimate business is also done. What action the different nations take - it will be interesting to watch. Even senior advocates' names are also there,apart from businessmen,and politicians,and their associates,all over the globe. Hollywood has a good script to make a movie. How come,Brazil's name is missing. This expose shows that nothing can escape investigative
journalists .
journalists .
Hats off to those brave enough to look under the hat, Tricks!
You know Putin's kin are gonna dig in, and how about Cameron's father's re-enactment of a scene from House of Cards? At least in the "original" version the Mr. Mustard set him up to look like a tax cheat so his son would have to fold the office of PM to Francis. Cameron comes fit for purpose.
Yeah,. I know this is about Iceland, but we've just about covered it, so I am going where the money rolls, Money Balls.
You know Putin's kin are gonna dig in, and how about Cameron's father's re-enactment of a scene from House of Cards? At least in the "original" version the Mr. Mustard set him up to look like a tax cheat so his son would have to fold the office of PM to Francis. Cameron comes fit for purpose.
Yeah,. I know this is about Iceland, but we've just about covered it, so I am going where the money rolls, Money Balls.
4
Why are you picking on Iceland?
4
I have not heard of any US individuals implicated in this Panama tax avoidance situation. I wonder why?
2
How many US corporate heads are on the list or have they hidden there money somewhere else?
2
When the Bahamas opened tax free banking in the late 1970's who did everything think would be opening accounts? Humans seems to want to believe that their leaders elected or appointed are above reproach,(except the other side that is)
Today's Democracies are no different from yesterday's oligarchies we just call them a different name.
Today's Democracies are no different from yesterday's oligarchies we just call them a different name.
1
Corruption, tax evasion, money-laundering and other illicit activities are all relative. If Putin, or Gunnlaugsson, or some Chinese oligarch does it - splash their names across the front page, rant and rave how terrible it is, and push the meme that they ought to be thrown out or put in jail. If some US company, corporate behemoth or elite oligarch does it…it's okay. Hypocrisy has no bounds.
But check out the Wall Street Journal this morning. Come to find out, the major banks (shocked, I say, shocked) in the US are the biggest users of these off-shore tax havens…too big to fail and too big to jail. Just ask Eric Holder.
But check out the Wall Street Journal this morning. Come to find out, the major banks (shocked, I say, shocked) in the US are the biggest users of these off-shore tax havens…too big to fail and too big to jail. Just ask Eric Holder.
10
Where is the information about Americans on the Panama Papers? Those Americans participating should have their assets seized!! Stop hiding the truth. Get the Corrupt Americans!!!
4
This is interesting. Are NYT reporters investigating the Trillions of dollars hidden overseas by our banks and corporations? No?
10
Is this really a surprise? Psychopathic crooks stealing from the people who pay their salaries. Can't wait to see the entire list of thieves, bet there are a few gringos on it. Just another form of war profiteering from the people who bring you the wars. I don't think the IRS has a line item for murder and illegal war gains. They are not tax shelters they are just Piggy Banks for the evil who have directly played a hand or two in the ongoing destruction of our planet and subsequently our humanity.
6
Please enough already. Who is naïve enough to believe that there are no corrupt
officials in the world. It is merely a matter of discretion and avoidance of detection.
Indeed there is only one leader that in fact was not corrupt. That is to say he accumulated no personal wealth personally and that is Nasser of Egypt whose personal fortune included only his pension his rented flat and a second hand Fiat.
I do not speak of family and children or of living as a leader of a state should.
Corruption is in our blood.
Let's concentrate on how our arch thieves are serving their respective countries. That's all that really matters in the end.
officials in the world. It is merely a matter of discretion and avoidance of detection.
Indeed there is only one leader that in fact was not corrupt. That is to say he accumulated no personal wealth personally and that is Nasser of Egypt whose personal fortune included only his pension his rented flat and a second hand Fiat.
I do not speak of family and children or of living as a leader of a state should.
Corruption is in our blood.
Let's concentrate on how our arch thieves are serving their respective countries. That's all that really matters in the end.
Politicans are the same the world over. Vehemently deny with righteous indignation, then, when confronted with the facts, continue to deny. Phase 3 is the tear-soaked apology--that's coming up.
As to why there aren't any U.S. names associated with these leaks, American crooks don't need to park their cash in Panama, they can hide their money easily in America (especially in states like Delaware), the world's leader in incorporation and shell company creation.
As to why there aren't any U.S. names associated with these leaks, American crooks don't need to park their cash in Panama, they can hide their money easily in America (especially in states like Delaware), the world's leader in incorporation and shell company creation.
8
Let's hope the New York Times will do due diligence. We already know that Romney has moved substantial funds offshore. I'm sure many more have done the same. No wonder people like Mr. Romney can claim a tax bracket of 14%.
9
Despite decades of effort to eradicate money laundering and the secreting of illicit funds in dark accounts, the practice is still very much alive and well and being supported by a number of governments and professionals who profit handsomely from supplying the necessary vehicles and services. Some people justify the practice as providing "asset protection" services to their clients through an accommodating government that allows dark vehicles to exist. There is still enough anarchy in the international community that, if Panama were to shut down its activities, they would quickly move elsewhere to another small country in the Caribbean or the Pacific that would be very pleased to make money this way.
6
This is the argument that always comes up against fair regulations or progressive taxes. The business or money will relocate to the lowest jurisdictions. But there are no level of taxes or absence of regulations or even public subsidies that can guarantee business won't relocate. But if there are actual penalties (20-40 years seems right) many people will think twice about violating financial and labor laws. Maybe there's a good use for camp X-ray Guantanamo Bay after all.
6
Nobel Prize to person or people who leaked the Mossack Fonseca documnets.
And the Nobel recipient(s) can then park their prize money in the tax-free offshore account of their choice, i.e. Panama, Delaware, Nevada, Wyoming, Cayman Islands, Bermuda....
And the Nobel recipient(s) can then park their prize money in the tax-free offshore account of their choice, i.e. Panama, Delaware, Nevada, Wyoming, Cayman Islands, Bermuda....
8
It wouldn't come as a surprise that these leaks were just the tip of an iceberg. Ramon Fonseca called coverage of the financial affairs of his clients a "witch hunt", saying, there were more dirty money in New York and London and Miami than in Panama.
The leaks would hardly hurt Russia, because it has - under Putin - developed a siege mentality, making the public allergic to Western criticism. If the Kremlin dismisses the report, it must have feel a sense of smugness that Petro Poroshenko is under fire, for setting up a secret offshore company in the British Virgin Islands. As a president he was banned from doing business under the constitution. This will rock the boat in Ukraine further more. Close relatives of seven current or former Chinese leaders have been found to have links to offshore firms. Yet it's doubtful whether the Chinese in the mainland are aware of what is going on outside China.
The leaks would hardly hurt Russia, because it has - under Putin - developed a siege mentality, making the public allergic to Western criticism. If the Kremlin dismisses the report, it must have feel a sense of smugness that Petro Poroshenko is under fire, for setting up a secret offshore company in the British Virgin Islands. As a president he was banned from doing business under the constitution. This will rock the boat in Ukraine further more. Close relatives of seven current or former Chinese leaders have been found to have links to offshore firms. Yet it's doubtful whether the Chinese in the mainland are aware of what is going on outside China.
5
Iceland is a banana Republic. Actually more of a hedge fund with a fishing subsidiary and about 320,000 employees. A lot of American economists, left wingers and Marxists often hold it up as an example of the benefits of external defaults.
6
The Panama Papers leak shows how the global capital and financial structure is built around the theft of public money, illgotten wealth, crime, and terror operations that, in turn, sustain the Virgin British Islands like tax havens and their custodian dirty regimes around the world.
15
The U.S. data and names will soon be released, at least 441 clients, 3,072 companies, 211 beneficiaries and 3,467 U.S.-based shareholders of Mossack Fonseca. Will U.S. news cover that or deflect with coverage only of other countries' tax cheats?
15
But where will the info be published? I don't think the msm can publish that because of all the money tied to the press. I am gleefully looking forward to this information, maybe that's not the right word, but I think you know what I mean....
1
Interesting. Perhaps a country that is so critical of Israel's behavior, and supposedly holds itself to such high moral standards should be more wary of their own state of affairs. At moment, Iceland's glass house seems very fragile.
6
Isn't it strange that one hardly ever hears about US states, Delaware, ie. as tax havens? Nor do we hear about Americans using tax optimisation, but lovishingly write about everyone else, for example the very wicked Russians and or the Chinese, etc... etc...
10
This story made the headlines quickly here in Germany, as it well should. It's a huge story, something that is long overdue for exposure, presented by a reputable news source (Sueddeutsche Zeitung). I immediately checked the English language papers for comparable coverage. The Brits were on top of it. Then I turned to the NYT for the US counterpart but, alas, nada. Checked again the next day. A small piece buried somewhere amongst the larger pieces. Hmm. Interesting.
17
I'm eager to see what connections there are to USA political and big business persons.
8
This is a good thing, but I would like to see the same type of expose on Americans and their Cayman Island stash.
10
Come on NY Times, why is this story still being buried?! Where is your coverage about Hillary Clinton and Obama pushing through a trade deal with Panama that makes this kind of off shore money stashing worse? I am starting to think this paper is seriously biased toward Clinton.
11
All of these transactions are perfectly legal, no doubt. And that's the problem. The law itself has been corrupted. Maybe shining this light on these self-serving practices will help. But don't hold your breath. The miscreants exposed in this episode will find plenty of new rocks to crawl under, where unfortunately they won't lack for company.
22
I hope to learn of U.S. citizens, corporate masters & legislators who evade taxes while using the middle-class to fund the government benefits they don't want to pay for.
18
Why USA and Canada politicians names not there....I hope this report will remove SHELL companies...
9
Let this be a warning to those voting right wing on immigration. As usual for the right, it's about the money.
3
Go Iceland! Keep your government honest.... Bring out the yogurt and protect your beautiful people and country.
I am eagerly waiting for the NYTimes to publish all the names of US politicians and federal reserve peeps with shell companies along with the value of those companies. Let's get some truth in journalism going and actually look at the corruption (or integrity as the case may be) in our own living room.
Please. Just do it even if it disrupts the status quo and tarnishes a few cherished darlings....
I am eagerly waiting for the NYTimes to publish all the names of US politicians and federal reserve peeps with shell companies along with the value of those companies. Let's get some truth in journalism going and actually look at the corruption (or integrity as the case may be) in our own living room.
Please. Just do it even if it disrupts the status quo and tarnishes a few cherished darlings....
14
@KD
New York City
K. Defarge?
New York City
K. Defarge?
2
Can the New York Times, at a minimum, report and print the names and professions of all of those residing in the United States who are a part of this? And whether or not they declared their foreign accounts on their taxes?
I don't care about Iceland. I care about those in the United States who are cheating and gaming the system. And I care to read a "paper of record" that takes this as a serious issue of domestic economic policy.
I don't care about Iceland. I care about those in the United States who are cheating and gaming the system. And I care to read a "paper of record" that takes this as a serious issue of domestic economic policy.
8
It's perfectly legal. What a tired but effective excuse, and we hear it offered up every time by or for these shell corporations, offshore tax havens, intricately networked trusts and other deliberate tax dodges, namely that they're not illegal. Well, hello, they should be. Whatever legitimate reasons may exist for stashing away and making assets hard to trace must be able to stand the light of day. At which point virtually all of these schemes would vanish precisely because there are so few legitimate reasons for these ruses, which is what they are, to exist.
8
Outside of a few populists holding rallies, I don't see many people stepping down. The list, if we ever really see who's who, is made up of the most powerful and richest people in the world. This is how they hold on to their wealth so I don't see many top officials in this or any other government doing anything because if they do they won't be invited to be members of the club.
6
I've known since I was a child that this is how the world works. Absolutely everywhere, politicians and businessmen steal from the public, then stash their loot somewhere or launder it. The challenge has always been proof. But proof is hard to get when the likes of Putin kill to keep their secrets.
How is it to see the injustice? To have the veil of plausible deniability stripped away around the entire world? For years our public "servants" and "job-creators" have stolen from us. Even as they take from you, your parents, and your children, they sneer. This is why I couldn't support Hillary Clinton after watching the debate. The same sneer I would have expected from a third-world oligarch.
How is it to see the injustice? To have the veil of plausible deniability stripped away around the entire world? For years our public "servants" and "job-creators" have stolen from us. Even as they take from you, your parents, and your children, they sneer. This is why I couldn't support Hillary Clinton after watching the debate. The same sneer I would have expected from a third-world oligarch.
8
The sickening truth about all this is that no matter what your political persuasion there is no escaping the fact that over 50% of all the transactions (whether or not lawful) detailed in the Panama Papers were processed via the British Virgin Islands which is a British overseas territory. Add in other parts of "Great" Britain where transactions were processed and far more than 50% was processed on British territory whether or not in the UK or "offshore".
Why on earth successive British governments of all political persuasions haven't done something about this remains a conundrum other than it may be financially beneficial to be the world's largest money launderer.
Maybe it is about to stop because (a) all the transactions will be published for all to see next month so there is no hiding place for clients of Mossack Fonseca; and (b) there may be many more and even larger leaks and exposures already in the pipeline.
Why on earth successive British governments of all political persuasions haven't done something about this remains a conundrum other than it may be financially beneficial to be the world's largest money launderer.
Maybe it is about to stop because (a) all the transactions will be published for all to see next month so there is no hiding place for clients of Mossack Fonseca; and (b) there may be many more and even larger leaks and exposures already in the pipeline.
7
Let's not forget that this story involves a major theft of data, and once again the thieves have the arrogance and self righteousness to make themselves judge and jury by publishing the stolen information. It may be expedient, but in the absence of any semblance of due process, this is not the right way to bring about justice.
3
No due process but without the theft these financial crimes would never have been exposed.
3
The Panama Papers not only could but definitely SHOULD intensify the anger about and tax evasion by the super rich and the ever rising income inequality everywhere! The privilege of owning massive amounts of money cannot continue to be abused by the thousands of high rollers in politics, industry, sports and the "celebrity" world with shell companies and offshore accounts that are set up by handlers like Mossack Fonseca.. I sincerely hope that the NYTimes will report who in this country is part of this mega fraud. Their names have already been leaked.
29
It would not surprise me if it were announced that many U.S. corporate Ceo's and other top executives and corporate board members were on this list. Could it also include the NY Times top echelon? Maybe that is one of the primary reasons why they so oppose Bernie Sanders candidacy given that he railed against the Panama Trade Agreement. The skeletons are not only in the closet but are jumping out as we speak.
17
Why do I STILL have to go to The Guardian to get the details on this story? What are the investigative reporters of The Times doing?
33
Exactly. Ditto. The "Guardian" is my go to, also.
Add the "Panama Papers" to Jane Mayer's "Dark Money" and one starts to get an idea of how "Banana Republics" and "Shadow Governments" organize.
Do you suppose we'll find Donald Trump's name on the next batch to be released?
RICO them all.
Add the "Panama Papers" to Jane Mayer's "Dark Money" and one starts to get an idea of how "Banana Republics" and "Shadow Governments" organize.
Do you suppose we'll find Donald Trump's name on the next batch to be released?
RICO them all.
2
While this may be an opportunity to get rid of some corrupted individuals, why would people be surprised?
11
Now why would close associates of Putin use shell companies to hide their wealth? To hide it from Russia, or - drumbeat - to hide it from the West, which has a tendency to use sanctions against Russian individuals?
8
With a history of violent death of Putin's political enemies (one on the streets of Moscow and one in the USA), Mr. Putin can stash $2 billion with a childhood friend and be assured he can get it back whenever he chooses.
2
The corrupt circle of associates and sycophants surrounding Putin where siphoning wealth out of Russia long before sanctions and the invasion of Ukraine. Like in China and elsewhere this is about hiding the spoils of a rigged system from the public and their understandable discontent.
1
This is a time when I appreciate President Obama's circumspection. Putin and his worldwide counterparts (l hope not too many of them American) are not reality tv hosts. Some of them control real nuclear weapons, and most of them know how to create diversions if needed.
Steady but slow should be made the attack,
When into corners these rats do we back.
It may not feel right that they don't do time,
But safer we'll be, if down ladders they climb.
Steady but slow should be made the attack,
When into corners these rats do we back.
It may not feel right that they don't do time,
But safer we'll be, if down ladders they climb.
10
Treasure Islands: Tax Havens and the Men who Stole the World, by Nicholas Shaxson, Bodley Head, RRP £14.99 316 pages
Writing a book on the dodgy nature of tax havens is, in the current climate, a safe bet. What is unusual about Nicholas Shaxson’s Treasure Islands, however, is that it lays the blame for tax havens squarely at the doors of the UK and US governments, mocking their recent attempts to crack down on offshore jurisdictions.
Treasure Islands traces the roots of the modern offshore system, from Britain’s introduction of a tax on overseas earnings in 1914 to the role of tax havens in the recent credit crunch, stating: “Anyone who wants to understand the modern financial machine must understand offshore.”
But this is not a book that argues both sides of the topic. Shaxson is very clear about his opinion of tax havens: “Offshore is a project of wealthy and powerful elites to help them take the benefits from society without paying for them.”
He is scathing of supposed attempts by wealthy OECD nations to crack down on tax havens, ridiculing French president Nicolas Sarkozy’s recent assertion that “tax havens and bank secrecy are finished”. Shaxson argues that these nations are the guardians of the offshore system, which throws an alarming light on the UK government’s current plans to clamp down on tax avoidance and evasion.
27
From ZeroHedge.com: And, to top it off, there is one specific firm which is spearheading the conversion of the U.S. into Panama: Rothschild.
And, to top it off, there is one specific firm which is spearheading the conversion of the U.S. into Panama: Rothschild.
Rothschild, the centuries-old European financial institution, has opened a trust company in Reno, Nev., a few blocks from the Harrah’s and Eldorado casinos. It is now moving the fortunes of wealthy foreign clients out of offshore havens such as Bermuda, subject to the new international disclosure requirements, and into Rothschild-run trusts in Nevada, which are exempt.
And, to top it off, there is one specific firm which is spearheading the conversion of the U.S. into Panama: Rothschild.
Rothschild, the centuries-old European financial institution, has opened a trust company in Reno, Nev., a few blocks from the Harrah’s and Eldorado casinos. It is now moving the fortunes of wealthy foreign clients out of offshore havens such as Bermuda, subject to the new international disclosure requirements, and into Rothschild-run trusts in Nevada, which are exempt.
Why do I get the feeling that there are many more shoes yet to drop?
33
There's a stark contrast between Hillary Clinton's support of the Panama Free Trade agreement in 2011 and Bernie Sander's opposition. While she touted the job creation benefits of the agreement he made clear that such benefits were illusory and that the agreement would lead to extensive corruption. Now 5 years later we can clearly see the wisdom of Senator Sanders position.
83
In at first foolishly deciding to ignore the Panama Papers, the NYT was protecting HRC from scrutiny re her enabling of these offshore offenses & and hoping to cloud over Bernie's opposition – these should now be major considerations in the primaries & the general elections, but don't look for light from the NYT in cahoots with the offenders & the HRC campaign it has already endorsed so early in the year.
8
1)The Panama Trade agreement was discussed and approved by Congress.
Read the discussions and you will see that the issue wasn't about our financial and banking system which is much more onerous and less friendly than the ones in Delaware, The Channel Islands and Luxembourg for example.
2)Our tax laws are very clear: Flat tax for corporations, 10% -20% flat tax rate depending on your income and no tax on capital gains. Panama is a jurisdiction that has individual agreements with countries about taxation of individuals on global earnings. Depending on your nationality you pay taxes as if your were in your country. So we are not a tax heaven. You will pay taxes. I was taxed at a 15% rate on top of my contributions to Social Security. My retirement account is based on Malta (no ones talks about that). I live in Kuwait and the country allows me to work without paying taxes. I need to make a declaration of income etc.
3)The problem with secrecy I can understand it. But a) Limited liability and protection of your privacy are paramount in other areas of the economy and civil liberties. Do you go around telling people how much you make and where you have your money? If you are a entrepreneur or a merchant or export your products, do you think that you are violating the law or getting preferential treatment because you are in the board or a member of a shell corporation of have an offshore account. I have bank accounts in different countries, is that illegal?
Read the discussions and you will see that the issue wasn't about our financial and banking system which is much more onerous and less friendly than the ones in Delaware, The Channel Islands and Luxembourg for example.
2)Our tax laws are very clear: Flat tax for corporations, 10% -20% flat tax rate depending on your income and no tax on capital gains. Panama is a jurisdiction that has individual agreements with countries about taxation of individuals on global earnings. Depending on your nationality you pay taxes as if your were in your country. So we are not a tax heaven. You will pay taxes. I was taxed at a 15% rate on top of my contributions to Social Security. My retirement account is based on Malta (no ones talks about that). I live in Kuwait and the country allows me to work without paying taxes. I need to make a declaration of income etc.
3)The problem with secrecy I can understand it. But a) Limited liability and protection of your privacy are paramount in other areas of the economy and civil liberties. Do you go around telling people how much you make and where you have your money? If you are a entrepreneur or a merchant or export your products, do you think that you are violating the law or getting preferential treatment because you are in the board or a member of a shell corporation of have an offshore account. I have bank accounts in different countries, is that illegal?
1
Shell company incorporation should be illegal for all US persons and companies.
The states of Delaware, Wyoming, Florida and Nevada are all swamps of incorporation malpractices. Wall Street firms are not incorporated in New York but Delaware so they can utilize the no liability language of Delaware incorporation language. The swamp needs to be emptied. The G-20 could close down the tax havens, hopefully this massive leak will push the global oligarchy to understand that greed can be punished.
The cruise ship industry most often incorporates each ship via Panama..the entire industry has a 1% effective tax rate. Legal but a scam.
The states of Delaware, Wyoming, Florida and Nevada are all swamps of incorporation malpractices. Wall Street firms are not incorporated in New York but Delaware so they can utilize the no liability language of Delaware incorporation language. The swamp needs to be emptied. The G-20 could close down the tax havens, hopefully this massive leak will push the global oligarchy to understand that greed can be punished.
The cruise ship industry most often incorporates each ship via Panama..the entire industry has a 1% effective tax rate. Legal but a scam.
39
The world is a lie designed to distract us from the fact that the people in charge cannot line their pockets fast enough.
Maybe it's time for pitchforks and torches...
Maybe it's time for pitchforks and torches...
44
Iceland? The Panama Papers is much bigger than just Iceland. What about Britain's Cameron? From the rumblings, it sounds like the ICIJ will release the names of dozens of U.S. politicians too.
NYTimes and the headline should show the BREADTH of this story, which is going to be huge. I'm guessing HUNDREDS of New York City's best and most "philanthropic" denizens will be caught up in this scandal.
If you ask me, American media, is playing this story down. Everyone's acting as if they're scared. I wonder why.
NYTimes and the headline should show the BREADTH of this story, which is going to be huge. I'm guessing HUNDREDS of New York City's best and most "philanthropic" denizens will be caught up in this scandal.
If you ask me, American media, is playing this story down. Everyone's acting as if they're scared. I wonder why.
91
Correct, American media (NYT) took time before reporting this story. It was in all the major papers in the UK, but not on NYT's website. I wonder why.
6
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday.
Technology firm Apple was holding $181.1 billion offshore, more than any other U.S. company, and would owe an estimated $59.2 billion in U.S. taxes if it tried to bring the money back to the United States from its three overseas tax havens, the study said
The conglomerate General Electric has booked $119 billion offshore in 18 tax havens, software firm Microsoft is holding $108.3 billion in five tax haven subsidiaries and drug company Pfizer is holding $74 billion in 151 subsidiaries, the study said.
"At least 358 companies, nearly 72 per cent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of 2014," the study said. "All told these 358 companies maintain at least 7,622 tax haven subsidiaries."
Fortune 500 companies hold more than $2.1 trillion in accumulated profits offshore to avoid taxes, with just 30 of the firms accounting for $1.4 trillion of that amount, or 65 per cent, the study found.
est that $ 20 - $ 30 trillion is in offshore tax havens, or about th combined gdp of japan and th usa
Technology firm Apple was holding $181.1 billion offshore, more than any other U.S. company, and would owe an estimated $59.2 billion in U.S. taxes if it tried to bring the money back to the United States from its three overseas tax havens, the study said
The conglomerate General Electric has booked $119 billion offshore in 18 tax havens, software firm Microsoft is holding $108.3 billion in five tax haven subsidiaries and drug company Pfizer is holding $74 billion in 151 subsidiaries, the study said.
"At least 358 companies, nearly 72 per cent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of 2014," the study said. "All told these 358 companies maintain at least 7,622 tax haven subsidiaries."
Fortune 500 companies hold more than $2.1 trillion in accumulated profits offshore to avoid taxes, with just 30 of the firms accounting for $1.4 trillion of that amount, or 65 per cent, the study found.
est that $ 20 - $ 30 trillion is in offshore tax havens, or about th combined gdp of japan and th usa
57
The Panamanian Papers and the recent revelations about organized bribery by Unaoil on behalf of corporations reveals how deep and broad the corrupting influence of money has become in the world.
Bribery begets corruption which begets failed states which begets terrorism. Shell companies enable criminals, corporate executives and corrupt politicians to hide their loot from their victims.
The sanitizing effect of sunlight would help kill this rot; by knowing who is profiting from shell companies and bribery, people can make informed decisions in the voting booths and shareholder meetings. Which is exactly what the bad guys don't want.
Bribery begets corruption which begets failed states which begets terrorism. Shell companies enable criminals, corporate executives and corrupt politicians to hide their loot from their victims.
The sanitizing effect of sunlight would help kill this rot; by knowing who is profiting from shell companies and bribery, people can make informed decisions in the voting booths and shareholder meetings. Which is exactly what the bad guys don't want.
27
I'm shocked, shocked, that political players, along with every other money-grabbing individual, is secretly parking money overseas. Shocked!
16
How were these leaked? Given the amount of damage they do to Putin, it sure sounds like some CIA or other agency could have been the source. The Icelandic PM as collateral damage could just be icing on the cake.
4
The source of the leaks was a whistleblower in the German financial sector.
10
Sounds like someone's been watching his RT.
4
How did a whistleblower in the German financial sector gain access to the confidential documents of a Panamanian law firm detailing financial transactions of the firm's clients? Surely Mossack Fonseca has a legal duty to safeguard its clients' confidential information? Or did the leak come from inside the firm?
Just as I thought, politics is baloney, all is corruption and the rich will get richer and hide their money. I am glad there is now a paper trail but so what, nothing will change.
26
you ar4 depressingly accurate
5
"Nothing will change".
Yes, it did, Lily. My ears perked up, my nose twitched, my heart thumped and my backbone got stiffer. I got visible proof that I'm not in this alone. Worldwide, this is the reason that all governments are shafting their poorest, including the USA that cuts food stamps, year after year, and refuses to give a living wage.
We are trillions in debt... and the funny thing is, that money went to no one that I know. Now I'm about to find out where it went.
"Knowledge is power", Lily. My day is brighter for all this.
Yes, it did, Lily. My ears perked up, my nose twitched, my heart thumped and my backbone got stiffer. I got visible proof that I'm not in this alone. Worldwide, this is the reason that all governments are shafting their poorest, including the USA that cuts food stamps, year after year, and refuses to give a living wage.
We are trillions in debt... and the funny thing is, that money went to no one that I know. Now I'm about to find out where it went.
"Knowledge is power", Lily. My day is brighter for all this.
5
Don't forget to cover the other major recent investigation based on leaks from UNAOIL.
http://www.theage.com.au/interactive/2016/the-bribe-factory/day-1/the-co...
http://www.theage.com.au/interactive/2016/the-bribe-factory/day-1/the-co...
6
Ramon Fonseca continued:
We just dig the hole
We have no idea who puts which body in it.....
We just dig the hole
We have no idea who puts which body in it.....
11
O, Iceland, my dear pristine little Island Nation! Nothing will tarnish my love for your people and your island's beauty.
Alas, there is always someone who may fall victim to the sirens of greed even in the lovely land you have the privilege to inhabit.
May you fare well!
Alas, there is always someone who may fall victim to the sirens of greed even in the lovely land you have the privilege to inhabit.
May you fare well!
5
Wow! I am impressed as how puritanic and ridiculous the populace have become?
Guilt by association and the lack of due process is rampant.
I am going just go ahead and tell my friends that my ex had gonorreah.
The media outlets who published these illegally obtained documents are going to get so sued. I especially wait for the Guardian. A paper that loses money every year and has become a laughing stock for real journalism.
Guilt by association and the lack of due process is rampant.
I am going just go ahead and tell my friends that my ex had gonorreah.
The media outlets who published these illegally obtained documents are going to get so sued. I especially wait for the Guardian. A paper that loses money every year and has become a laughing stock for real journalism.
1
Odd how no Americans are named.
You get three guesses why.
You get three guesses why.
39
We will be hearing a lot more very soon. This is HUUUGE.
11
See my comment above. ICIJ is organized and funded by Soros, Carnegie endowment & similar outfits. Don't hold your breath.
5
So you'd unhesitatingly dismiss the content and relevance of the 11.5 million leaked documents, simply because the ICIJ has at some point received funding from Soros and "similar outfits" (whatever that means)?
That would make about as much sense as someone prone to disliking Putin choosing to dismiss any and all of Putin's ideas out of hand, regardless of their content... i.e. it makes no sense at all.
Try a little objectivity and considered, independent thinking sometime-- it makes our world a better place.
That would make about as much sense as someone prone to disliking Putin choosing to dismiss any and all of Putin's ideas out of hand, regardless of their content... i.e. it makes no sense at all.
Try a little objectivity and considered, independent thinking sometime-- it makes our world a better place.
Is there any doubt that the 1% own the world? The rest of us do not stand a chance against this tidal wave of money they control both legal and absconded.
74
you are being more literal than you might think
the 62 richest billionaires own as much wealth as the poorer half of the world’s population, and th richest 1% now have more wealth than the rest of the world combined.
https://www.oxfam.org/en/pressroom/pressreleases/2016-01-18/62-people-ow...
the 62 richest billionaires own as much wealth as the poorer half of the world’s population, and th richest 1% now have more wealth than the rest of the world combined.
https://www.oxfam.org/en/pressroom/pressreleases/2016-01-18/62-people-ow...
24
Let's say if Bill Gates, George Soros and Carlos Slim had offshore accounts and shell corporations would they be 'corrupt' and 'criminals?
If this the beginning of a second socialist revolution. So be it. But at least let's keep the respect for the law and due process in place shall we?
If this the beginning of a second socialist revolution. So be it. But at least let's keep the respect for the law and due process in place shall we?
1
Very true BUT the 99% have the mass numbers, and the 1% depends on them to do everything. We know how these economic & social imbalances have panned out in the past when push comes to shove...is that where we want to go?
Something is truly globally rotten.
40
So far I haven't heard of many Americans involved, and I have some ideas why.
First the Obama administration went after offshore tax shelters early on and I think he was somewhat successful.
Second, tax rates in the US are already low compared with most of the world so there's not much point of an overseas tax shelter.
Third, for those wealthy who don't want to pay the already relatively low taxes here, there are plenty of ways to shelter money inside the US legally.
That or they're just using Cayman Islands banks, in which case ignore the three points above.
First the Obama administration went after offshore tax shelters early on and I think he was somewhat successful.
Second, tax rates in the US are already low compared with most of the world so there's not much point of an overseas tax shelter.
Third, for those wealthy who don't want to pay the already relatively low taxes here, there are plenty of ways to shelter money inside the US legally.
That or they're just using Cayman Islands banks, in which case ignore the three points above.
26
NewsHour speakers from this front said US and UK are the gold standard of this scam. Our governments are more stable, thus the risk of loss if less.
2
We also don't have state-owned resource monopolies for politicians to loot; our politicians tend to be from legal backgrounds rather than business backgrounds; most of our businesses aren't closely managed by the government; and it's quite acceptable for our businessmen to be fantastically wealthy and not feel the need to hide it while pretending to be citizens of ordinary means who haven't been enriching themselves.
7
I said I hadn't heard of any Americans involved, I didn't say there weren't any.
If I'm wrong RLS could you name actually name them? Or are you just going to leave us in suspense?
If I'm wrong RLS could you name actually name them? Or are you just going to leave us in suspense?
2
"“Basically, we have an onshore haven industry in the U.S. that is as secretive as anywhere,” he said."
The above is from the accompanying article on the subject, and is part of the reason why voters are attracted to Sanders and Trump. We have legalized criminal behavior for the benefit of the .01% at the cost of the rest of us.
The above is from the accompanying article on the subject, and is part of the reason why voters are attracted to Sanders and Trump. We have legalized criminal behavior for the benefit of the .01% at the cost of the rest of us.
53
' .... adding that the “vast majority” had been used for “legitimate purposes.”'
Does this mean that 'a small minority was used for illegitimate purposes' and he knew that?
Does this mean that 'a small minority was used for illegitimate purposes' and he knew that?
5
Yes, he stated that there's a minority being used for illegitimate purposes which his company is not responsible for because they are not in charge of handling the assets only incorporating the companies. A dubious claim to say the least but that is the firm's defense.
1
I doubt that there's a single law firm in the world that has formed more than 240,000 companies without at least one illegitimate one sneaking in there. I'm pretty sure that that's what he meant. He also never suggested that he knew which of them were illegitimate.
2
Until shown otherwise, they are all illegitimate
1
From Bernie Sanders speech to the Senate on Panama in 2011:
"Panama’s entire annual economic output is only $26.7 billion a year, or about two-tenths of one percent of the U.S. economy. No one can legitimately make the claim that approving this free trade agreement will significantly increase American jobs.
"Then, why would we be considering a stand-alone free trade agreement with this country?
"Well, it turns out that Panama is a world leader when it comes to allowing wealthy Americans and large corporations to evade U.S. taxes by stashing their cash in off-shore tax havens. And, the Panama Free Trade Agreement would make this bad situation much worse."
Meanwhile, Clinton as Secretary of State advocated and lauded the Panama agreement which Obama signed in 2011.
Now there's your front-page story, NYT. Iceland is all very interesting but as a paper of record in an election year, why aren't you reporting this American angle?
"Panama’s entire annual economic output is only $26.7 billion a year, or about two-tenths of one percent of the U.S. economy. No one can legitimately make the claim that approving this free trade agreement will significantly increase American jobs.
"Then, why would we be considering a stand-alone free trade agreement with this country?
"Well, it turns out that Panama is a world leader when it comes to allowing wealthy Americans and large corporations to evade U.S. taxes by stashing their cash in off-shore tax havens. And, the Panama Free Trade Agreement would make this bad situation much worse."
Meanwhile, Clinton as Secretary of State advocated and lauded the Panama agreement which Obama signed in 2011.
Now there's your front-page story, NYT. Iceland is all very interesting but as a paper of record in an election year, why aren't you reporting this American angle?
170
Good research job. Thank you.
18
So right Cassowary. It wouldn't kill the Times to make note of that speech.
Would it?
Would it?
19
Yes, thank you! New York Times, how about some relevant coverage on this topic relating to the election and the administration? You realize your reputation as a fair newspaper lives on beyond this election?
2
Iceland, unlike the US, is a civilized country. When will we see the American Oligarchs who beyond a doubt are part of this
36
Where are the US Plutocrats. We know rhey"re part of this.
34
The Panama Papers is like a global September 11th in terms of how it should get the ball rolling toward some major political self-reflection and booting people out of office and other institutions. Prepare for a new wave of leaders.
12
World leaders, mega-corporations, movie stars, media moguls, billionaires, mob kingpins, cartel leaders, hedge fund gurus, all found hiding their ill-gotten gains in (yet another) an offshore haven.
I am shocked, I tell you, shocked!
I am shocked, I tell you, shocked!
32
The Panama papers are the tip of a very large iceberg that has been floating offshore for decades. The corruption of public figures and private citizens has been facilitated by legions of lawyers and banks who eagerly take their cut. The offshoring economy is an expansive cancer destabilizing the very fiber of governments meant to stabilize society. Under the banner neo-liberalism, they've picked over and privatized everything from armies to the electric grid to education and stashed their ill gotten profits in tax havens beyond the scrutiny of tax accessors. Remember Romney in the Caymans anyone? No wonder we've recently witnessed "no votes of confidence" ringingly loudly from the Occupy to the Arab Spring movements.
103
Sojourner told the truth...so have you.
8
Don't forget for-profit prisons. No wonder we lead the world in incarceration. Only Americans could have figured out how to monetize that!
9
Any "banner" is a clue to corruption. Any "system" is corrupt.
Assuming most of the offshore companies are legal, isn't the Injustice department violating basic attorney/client confidentiality reviewing these stolen documents?
1
I don't know what the injustice dept. is (were you trying to make a joke?), but the US government is allowed to review material that has been published on news websites just as you or I can. Attorney/client privilege is a separate issue. I think you're thinking of the doctrine of "fruit from the poisoned tree," which applies to whether evidence obtained illegally can be admitted in legal proceedings. At this point it's not clear whether this information would be allowed or not.
6
Let me begin by stating that I have absolutely no knowledge of how to hack a computer.
I find it very odd that our Injustice department, responsible for prosecuting such data breaches, would take advantage of the Panama Papers that were obviously absconded with illegally.
First the F.B.I. tries to win new powers to hack phones. Now the Injustice department is using stolen data.
The Law is above the law.
I find it very odd that our Injustice department, responsible for prosecuting such data breaches, would take advantage of the Panama Papers that were obviously absconded with illegally.
First the F.B.I. tries to win new powers to hack phones. Now the Injustice department is using stolen data.
The Law is above the law.
4
In the interest of public interest stolen documents are kosher, but you might argue over what it in the public interest. Of the 72 reporters ans osurces arrested for corrupting public servants on behalf of their US paper, only a select few were held to account. If the secret is more valuable than the sale, you can even cash in on your haul, nibling.
4
Your first paragraph is an outcome of knowing you are being stored if not observed, aside from our public asides. The way I write is also an outcome of always being on toe. Poirot for your thoughts, Miro!
The "injustice department"? That's some mature, even handed analysis right there.
Once the information is out you can't ignore it anymore than you can ignore wikileaks or the snowden info. Also the law firm in question was clearly involved in massive criminal activity anyway so if the leak was criminal it looks like the justice department would have bigger fish to fry.
Once the information is out you can't ignore it anymore than you can ignore wikileaks or the snowden info. Also the law firm in question was clearly involved in massive criminal activity anyway so if the leak was criminal it looks like the justice department would have bigger fish to fry.
1
Unceasing global and local corruption,
that's what we have,
it costs us our lives,
our dignity,
our pride,
it smashes our laws,
it threatens our security,
it causes our wars,
it changes our climate,
it erodes our trust--
And we say it is for our values we fight--
What values?
This is disgusting. I come from India, one of the most corrupt nations on earth. Now I live in the US, another corrupt country, although better than India. I am fed up of the guys and gals on the billionaire side, who want to lock their money up in their very own Pandora's Box, where there is no tax to pay and financial shenanigans are accommodated by legal firms. As for the banks being complicit in this dirty business, I am not surprised, in fact I would be surprised if the nefarious banks weren't involved one way or another. Strip these guys of their monies, put them in stocks and feed them gruel once a day for the rest of their lives until they languish and perish.
that's what we have,
it costs us our lives,
our dignity,
our pride,
it smashes our laws,
it threatens our security,
it causes our wars,
it changes our climate,
it erodes our trust--
And we say it is for our values we fight--
What values?
This is disgusting. I come from India, one of the most corrupt nations on earth. Now I live in the US, another corrupt country, although better than India. I am fed up of the guys and gals on the billionaire side, who want to lock their money up in their very own Pandora's Box, where there is no tax to pay and financial shenanigans are accommodated by legal firms. As for the banks being complicit in this dirty business, I am not surprised, in fact I would be surprised if the nefarious banks weren't involved one way or another. Strip these guys of their monies, put them in stocks and feed them gruel once a day for the rest of their lives until they languish and perish.
33
And that perp in Florida will spend 20 years behind bars because he stole a snack? Socrates was right. There truly is no such thing as justice.
73
This is how I'd put Prism to work...checking up on the nanosecond manipulations they call incentivized betting these days.
7
When a drop like this comes, I find myself dancing around like a Nibeling Dwarf. There is nothing so precious as a criminal's data stream, Rhinestones.
Your daz are numbered, Hagen!
Your daz are numbered, Hagen!
6
Me thinks the Times doth drag it's feet on this one. Must be a deadly connection to Wall Street in those documents.
141
Absolutely!!!
6
Well, actually, the Times addressed that issue head-on in its Public Editor column. You might want to read it before throwing accusations around: http://publiceditor.blogs.nytimes.com/2016/04/04/why-no-big-splash-for-p...
2
Why aren't unions picking up on the massive tax ripoffs through shell companies reported on in the Panama papers? Politicians won't close the loopholes and allow billions in write-offs. Unions sell out their members by meekly allowing it to happen. The money is there in NYC and NYS for the raises union leaders are supposed to be fighting for.
2
Because everyone uses off-shore vehicles to hide and launder their corruption money, that's why. That includes politicians, union officials, journalists, regulators, policemen, everyone. Almost everyone of any import has an offshore account. If not him, his wife or his nephew does.
8
The unions have long been in the water with big business - the only way they could survive, notwithstanding the rank and file. Since the 70's or early 80's the "unions" saw the writing on the wall and sidled up to big business. What else could they do? Union stewards and lawyer managers led them to where they are now: the only course for survival.
4
You think we should be paying more attention to the BIG names on the list? Jeez, stop picking on Iceland.
25
Well, realistically, this isn't going to do much to Xi and Putin. Their doubters would already be cynical about them, and their supporters likely will either never see the reports or rationalize them as the forged product of Western conspiracies.
2
Each of the 400,000+ citizens of Iceland have their DNA banked in the largest database of DNA on earth. Given the banking crisis and, now, the Panama papers, perhaps geneticists can isolate the location on the human genome of poor judgement and dishonesty. Should be rather easy, with supercomputers able to scan the genome in seconds or minutes.
2
Pretty well evidenced the Icelanders are Vikings to the hardcore. They push just to show they know you are there.
2
We shared that banking crisis--and share the problem of corrupt officials. But unlike the US, Iceland vigorously prosecuted, and imprisoned, those responsible for its economic woes.
And unlike the US, Iceland's citizens are protesting loudly....almost as if they won't tolerate corruption in their government. Definitely not like us. Or like Russia, or China, or any of the other nations with officials caught in this data breach.
The world needs MORE of that DNA, not less.
And unlike the US, Iceland's citizens are protesting loudly....almost as if they won't tolerate corruption in their government. Definitely not like us. Or like Russia, or China, or any of the other nations with officials caught in this data breach.
The world needs MORE of that DNA, not less.
20
Please god, I sincerely hope Clinton's name does not appear on this list, but PLEASE let it come out now if it does. We cannot have something like this come out in october after it's too late.
50
OK, she'd have to be beyond stupid to get inside a tax shelter with these clowns. I'm sure she's got a reputable firm to throw down for her.
But SuperPacs are built of this incorporated fog and smoke front. So smoke 'em while you got' em, because this Jenga Tower is coming down, Gunthar.
But SuperPacs are built of this incorporated fog and smoke front. So smoke 'em while you got' em, because this Jenga Tower is coming down, Gunthar.
12
As noted by another, HRC helped enabled these scams & Bernie fought against it … this should be, but probably won't be a major campaign issue …
'From Bernie Sanders speech to the Senate on Panama in 2011:
"Panama’s entire annual economic output is only $26.7 billion a year, or about two-tenths of one percent of the U.S. economy. No one can legitimately make the claim that approving this free trade agreement will significantly increase American jobs.
"Then, why would we be considering a stand-alone free trade agreement with this country?
"Well, it turns out that Panama is a world leader when it comes to allowing wealthy Americans and large corporations to evade U.S. taxes by stashing their cash in off-shore tax havens. And, the Panama Free Trade Agreement would make this bad situation much worse."
Meanwhile, Clinton as Secretary of State advocated and lauded the Panama agreement which Obama signed in 2011.
Now there's your front-page story, NYT. Iceland is all very interesting but as a paper of record in an election year, why aren't you reporting this American angle?'
'From Bernie Sanders speech to the Senate on Panama in 2011:
"Panama’s entire annual economic output is only $26.7 billion a year, or about two-tenths of one percent of the U.S. economy. No one can legitimately make the claim that approving this free trade agreement will significantly increase American jobs.
"Then, why would we be considering a stand-alone free trade agreement with this country?
"Well, it turns out that Panama is a world leader when it comes to allowing wealthy Americans and large corporations to evade U.S. taxes by stashing their cash in off-shore tax havens. And, the Panama Free Trade Agreement would make this bad situation much worse."
Meanwhile, Clinton as Secretary of State advocated and lauded the Panama agreement which Obama signed in 2011.
Now there's your front-page story, NYT. Iceland is all very interesting but as a paper of record in an election year, why aren't you reporting this American angle?'
3
I would guess that if her name does not appear, it is because she changed her name.
When the little nodules of street chaos finally realize that they cannot stop this. By the way, does the name Clinton mean anything here?
6
I was wondering when the Times would pick up this explosive story that is slowly being revealed through a whistle-blower's release of over a million documents covering the formation of over 100,000 shell companies used to hide the ill-gotten gains of politicians and international drug smugglers.
I read about it two days ago when The Guardian gave the story and their follow-up's extensive coverage. For the last two days I wondered what ever happened to news coverage at the Times and why was it sitting on a scandal of such immense proportions.
I still don't know the answer, but am glad that finally the Times is catching up with the rest of the world by beginning to give the story the coverage it deserves.
Now to turn back to The Guardian online to see what else has come to light and what other world leaders and major corporations are implicated.
I read about it two days ago when The Guardian gave the story and their follow-up's extensive coverage. For the last two days I wondered what ever happened to news coverage at the Times and why was it sitting on a scandal of such immense proportions.
I still don't know the answer, but am glad that finally the Times is catching up with the rest of the world by beginning to give the story the coverage it deserves.
Now to turn back to The Guardian online to see what else has come to light and what other world leaders and major corporations are implicated.
129
I understood why NYTs and like papers pooh poohed the idea we would find close examination of UK tabloids' tactics worth the public interest back when Cameron's emails were coming out of custodial BlackBerry's like they'd been to Tempora and back...no content, or character if you ask me. Abusing Tempora to get off the hook for hacking around with professionals. Did we miss that news, NYTs?
NewsCorp was staring a $2 billion dollar FCPA fine in the monocle, and I'm sure most other US outlets were guilty of same paying foreign government sources for profitable story plays. So let's just say they don't explore their own families' laundries. Dalitz dig, Purple Gang!
NewsCorp was staring a $2 billion dollar FCPA fine in the monocle, and I'm sure most other US outlets were guilty of same paying foreign government sources for profitable story plays. So let's just say they don't explore their own families' laundries. Dalitz dig, Purple Gang!
2
I believe the data was only given to a few news outlets, not including the NYT. But in addition, there were millions of documents that were dumped. So far they seem to describe leaders in other nations, but it may be that eventually they will shed light on questionable behavior by U.S. citizens as well.
3
I read it in The Guardian, too. At that time, it was no where to be found in this paper.
10
Interesting that this story is making quite the splash overseas, while in the US, it's already a mid-tier story. One would think a story that highlights corruption on a global scale would be deemed important by US media - but hey, no Trump, no ISIS. It's no wonder the American public is so ill-informed.
206
So far no reports of Americans' misdeeds, hence this story is filed under "foreign news" and therefore of secondary interest, while ISIS is played up as an existential threat to each and every one of us, and the American presidential primaries' race is Glorious Entertainment.
The Icelandic Prime Minister and his wife are small potatoes.
Who, pray tell, are the Americans in the Panama Papers?
The bigger taters. Why are they not being exposed?
I guess the NYT has to check with their internal legal team first.
Also, why was the NYT not included with the other news organizations that had access to these leaks over the past year?
Who, pray tell, are the Americans in the Panama Papers?
The bigger taters. Why are they not being exposed?
I guess the NYT has to check with their internal legal team first.
Also, why was the NYT not included with the other news organizations that had access to these leaks over the past year?
163
How does one unknown firm in a tiny country amass so many clients and wealth? Tell me that is not weird
47
An exclusive insider network of supposed elites ...there is no "Fightclub" right?
I read the story, the fact that they can only list Prime Ministers under clouds of suspicion now, since 14,000 names can be a little unwieldy for a newspaper article.
And I am surprised. I shouldn't be. But I am.
Just as I was shocked to hear John Dean during Watergate, listening as a young soldier overseas to Armed Forces Radio, disbelieving my ears... a "cancer on the Presidency?" It was nothing compared to hearing the Nixon tapes.
And here we are again. I am not naive, nor ignorant of the motivations of human beings when they think no one is looking...I am just completely stunned into silence, almost a tribute in a sense, to their elegant and pervasive lawlessness.
It takes wikileaks and millions of documents and 14,000 evaders, Prime Ministers, their relatives, on down through government, the very governments they are charged with keeping solvent and safe, to shake me out of my stupor of "äverage guy can't believe this is going on at this level" embarrassment.
I am ashamed for them. For us. That we can't do better. That we simply can't.
The world economy is in shambles, people suffer, and what do the well-heeled do, our ministers, our protectors? They trifle about with their greedy, beady little eyes keeping an eye on the tax shade.
What a great veil is rent...and what we see is not the holy of holies, but the crass soul, self-interested, shallow, of man.
And I am surprised. I shouldn't be. But I am.
Just as I was shocked to hear John Dean during Watergate, listening as a young soldier overseas to Armed Forces Radio, disbelieving my ears... a "cancer on the Presidency?" It was nothing compared to hearing the Nixon tapes.
And here we are again. I am not naive, nor ignorant of the motivations of human beings when they think no one is looking...I am just completely stunned into silence, almost a tribute in a sense, to their elegant and pervasive lawlessness.
It takes wikileaks and millions of documents and 14,000 evaders, Prime Ministers, their relatives, on down through government, the very governments they are charged with keeping solvent and safe, to shake me out of my stupor of "äverage guy can't believe this is going on at this level" embarrassment.
I am ashamed for them. For us. That we can't do better. That we simply can't.
The world economy is in shambles, people suffer, and what do the well-heeled do, our ministers, our protectors? They trifle about with their greedy, beady little eyes keeping an eye on the tax shade.
What a great veil is rent...and what we see is not the holy of holies, but the crass soul, self-interested, shallow, of man.
98
US corporations don't need to go offshore to form shell companies. They can be set up in Delaware, Nevada and Wyoming. Basically we have an onshore haven industry in the US that is as secret as anywhere.
Ironically, Mossack Fonseca had a subsidiary to create American offshore corporations in Nevada.
Ironically, Mossack Fonseca had a subsidiary to create American offshore corporations in Nevada.
114
Lawmakers will never pursue this problem with the tenacity one would expect given that they themselves benefit from the feeble oversight of offshore administrators and banks. These operations stockpile corporate documents for companies used to provide shelter for earning income without really having to declare it. The information they keep could put many behind bars.
This is why this 'Panama Papers' euphoria will fizzle after a week or so. No one with any sort of power wants it to go anywhere.
This is why this 'Panama Papers' euphoria will fizzle after a week or so. No one with any sort of power wants it to go anywhere.
58
Law and the enforcement of the law are variable and fungible based on one's wealth or the lack of it. That crowd in Iceland is just the beginning if the duplicity and tax dodging are exposed. Looking forward to some in depth reporting based on these new revelations.
27
I'll bet that the names of close associates of top U.S. officials appear somewhere in those documents.
98
You know who definitely does not appear on that list? Bernie Sanders.
Can you say that about any other candidate running with confidence?
Can you say that about any other candidate running with confidence?
116
That's why we won't elect Bernie Sanders. My God, the country will go to the dogs with an honest one at the helm and the well oiled American machine will come to a screeching halt. The apocalypse, the apocalypse!
20
We all know that Russia and Ukraine are corrupt to the bone so there aparatichiks' assertions that "there is nothing new here" have the familiar tinge of orwellian doublespeak. That the nordics, with their squeaky clean image, and the Brits are in the same boat however, just reinforces the common man's view of the human condition: always juggling between moral integrity (and good sleep), and corruption made easy through power.
46
So we have heard all about Putin and the Iceland leader, but the elephant in the room is how many and who from the US is listed in the Panama Papers? Let Russia and Iceland deal with their trash, who should we be chasing with pitchforks and burning at the stake? Or are we exceptional? Really?
166
After 2008 we all know that financial crimes are never punished in the USA.
4
As Secretary of State, Hillary Clinton supported the Panama, Colombia, and Korea trade deals. See: https://blogs.state.gov/stories/2011/10/13/passage-colombia-panama-and-s...
Bernie Sanders voted against all three agreements. Sanders on Panama:
“It turns out that Panama is a world leader when it comes to allowing wealthy Americans and large corporations to evade US taxes by stashing their cash in off-shore tax havens. And, the Panama Free Trade Agreement would make this bad situation much worse.
“Each and every year, the wealthy and large corporations evade $100 billion in U.S. taxes through abusive and illegal offshore tax havens in Panama and other countries.
“According to Citizens for Tax Justice, ‘A tax haven...has one of three characteristics: It has no income tax or a very low-rate income tax; it has bank secrecy laws; and it has a history of non-cooperation with other countries on exchanging information about tax matters. Panama has all three of those....They're probably the worst.’
“The trade agreement with Panama would effectively bar the US from cracking down on illegal and abusive offshore tax havens in Panama. In fact, combating tax haven abuse in Panama would be a violation of this free trade agreement, exposing the US to fines from international authorities.”
Senate Speech by Sen. Sanders on Unfettered Free Trade
http://www.sanders.senate.gov/newsroom/press-releases/senate-speech-by-s...
Bernie Sanders voted against all three agreements. Sanders on Panama:
“It turns out that Panama is a world leader when it comes to allowing wealthy Americans and large corporations to evade US taxes by stashing their cash in off-shore tax havens. And, the Panama Free Trade Agreement would make this bad situation much worse.
“Each and every year, the wealthy and large corporations evade $100 billion in U.S. taxes through abusive and illegal offshore tax havens in Panama and other countries.
“According to Citizens for Tax Justice, ‘A tax haven...has one of three characteristics: It has no income tax or a very low-rate income tax; it has bank secrecy laws; and it has a history of non-cooperation with other countries on exchanging information about tax matters. Panama has all three of those....They're probably the worst.’
“The trade agreement with Panama would effectively bar the US from cracking down on illegal and abusive offshore tax havens in Panama. In fact, combating tax haven abuse in Panama would be a violation of this free trade agreement, exposing the US to fines from international authorities.”
Senate Speech by Sen. Sanders on Unfettered Free Trade
http://www.sanders.senate.gov/newsroom/press-releases/senate-speech-by-s...
235
I. don't think this has anything to do with trade deals, but rather tax shelters so I think your comments about Hillary Clinton are irrelevant here. It really doesn't mention anything about the US, but that could obviously change as this is researched more.
12
JZP, did you bother to read Sen. Sanders' remarks that he made in 2011 before the passage of these agreements? Trade deals are about much more than outsourcing of jobs. The TPP, for example, will weaken health, food, safety, labor, environmental, and financial regulations, (2) increase drug prices and limit access to generic drugs, (3) undermine internet freedom, and (4) ban Buy American policies.
73
JZP, I left out one of the best part about the TPP. It will threaten US sovereignty. Foreign tribunals will give multinational corporations the right to sue a government if domestic laws reduce their future profits. Lawyers would rotate between serving as judges and representing corporations.
72
The worldwide kleptocracy certainly has tentacles deep in the US congress.
Let's see some NYT muckraking on this topic.
Let's see some NYT muckraking on this topic.
176
Congress doesn't have a clue what's going on, Wall Street law firms do but you'd never get anything out them.
19
Wish I believed that, but I'm sure there are some Congress critters up to their eyeballs in these shell games.
22
Look, ya'll we got trillions rotting in the vault on Maiden lane, so let's not demand replacement value or we got trouble taylor made.
3
Corporations can (and should) shield investors from liability beyond their original investments--that is their first purpose, and it should be their only purpose. There is no reason to also allow incorporation to obfuscate ownership, as seems to be the motive behind these kinds of offshore shell companies.
39
The fact that corporations PURPOSE is to give owners FREE liability insurance at the expense of non-owners is exact problem with them. Limited liability should be something that either:
1. Individual owners pay for or
2. Corporations pay for
based on their risk of default. Instead, taxpayers subsidize the risk--exactly the kind of moral hazard free markets are supposed to avoid.
Disgusting and immoral.
1. Individual owners pay for or
2. Corporations pay for
based on their risk of default. Instead, taxpayers subsidize the risk--exactly the kind of moral hazard free markets are supposed to avoid.
Disgusting and immoral.
5