The United Kingdom is up to their nose in "OFFSHORE TAX HAVENS" and The Americans are up to their eye lids in "OFFSHORE TAX HAVENS" as well. Both of these countries tax writing Committees should be leading the charge to stop the swindling of their tax collecting and fairness to their citizens and if they don't they will forever be known as "KLEPTOCRATS".
2
I would suggest, folks, that if you'd really lke to do something about this stuff:
1. Stop shouting. Among other things, it makes you miss the new financial rules that just blocked a massive "inversion," by Pfizer, and slapped new restrictions on retirement advisors.
2. Get financially literate. That way, you have a chance of being taken seriously: it's easy to dismiss people who try to sub conspiracy theories for knowledge. (For that matter, a little plain old literacy wouldn't hurt you none.)
3. Show up and vote. In midterms. Otherwise, you end up with a Congress that will never, ever do jack about this stuff.
1. Stop shouting. Among other things, it makes you miss the new financial rules that just blocked a massive "inversion," by Pfizer, and slapped new restrictions on retirement advisors.
2. Get financially literate. That way, you have a chance of being taken seriously: it's easy to dismiss people who try to sub conspiracy theories for knowledge. (For that matter, a little plain old literacy wouldn't hurt you none.)
3. Show up and vote. In midterms. Otherwise, you end up with a Congress that will never, ever do jack about this stuff.
22
There is no greater symbol of the excesses of the world of corporate tax havens than the Ugland house, a modest five-story office building in the Cayman Islands that serves as the registered address for 18,857 companies.[i] Simply by registering subsidiaries in the Cayman Islands, U.S. companies can use legal accounting gimmicks to make much of their U.S.-earned profits appear to be earned in the Caymans and thus pay no taxes on those profits.
U.S. law does not even require that subsidiaries have any physical presence in the Caymans beyond a post office box. In fact, about half of the subsidiaries registered at the infamous Ugland have their billing address in the U.S., even while they are officially registered in the Caymans.[ii] This unabashedly false corporate “presence” is one of the hallmarks of a tax haven subsidiary.
Companies can avoid paying taxes by booking profits to a tax haven because U.S. tax laws allow them to defer paying U.S. taxes on profits that they report are earned abroad until they ”repatriate” the money to the United States. Many U.S. companies game this system by using loopholes that allow them to disguise profits actually made in the U.S. as “foreign” profits earned by subsidiaries in a tax haven.
http://ctj.org/ctjreports/2015/10/offshore_shell_games_2015.php#.VwUoMHo...
U.S. law does not even require that subsidiaries have any physical presence in the Caymans beyond a post office box. In fact, about half of the subsidiaries registered at the infamous Ugland have their billing address in the U.S., even while they are officially registered in the Caymans.[ii] This unabashedly false corporate “presence” is one of the hallmarks of a tax haven subsidiary.
Companies can avoid paying taxes by booking profits to a tax haven because U.S. tax laws allow them to defer paying U.S. taxes on profits that they report are earned abroad until they ”repatriate” the money to the United States. Many U.S. companies game this system by using loopholes that allow them to disguise profits actually made in the U.S. as “foreign” profits earned by subsidiaries in a tax haven.
http://ctj.org/ctjreports/2015/10/offshore_shell_games_2015.php#.VwUoMHo...
6
What do the majority of holders of off-shore accounts have in common with a majority of OUR politicians who have them too? The crime syndicates, terror groups, drug cartels, tyrants/sycophants are equally dishonest, cheating, evil, absconding and own illegally gotten gains. We should string 'em up. Birds of a feather here. Criminals and felons all.
How can we all possibly ignore this? Talking to you too NYT.
How can we all possibly ignore this? Talking to you too NYT.
5
"“A lot of this stuff is legal, not illegal,” Mr. Obama said.
And that is the problem in the USA.
(Meaning: You can evade taxes in the US, that is why we do not show up in the Panama scandal)
And that is the problem in the USA.
(Meaning: You can evade taxes in the US, that is why we do not show up in the Panama scandal)
6
I'd just like to mirror the famous Captain Renault about Bogie's bar: I'm shocked, shocked to find that gambling is going on in here!
1
"Damien New York 1 day ago
This is just one small law firm that handles these types of transactions. How many other firms are doing the same thing. This is just the tip of the iceberg."
Right you are, Damien. Look to Blank/Rome, Davis Polk & Wardwell, White & Case, Cravath
AND the firm where Senator (D-NY) Chuck Schumer's brother leads the charge on M & A "work" - Paul, Weiss, a firm... led by Mr. Schumer, the brother of Senator Charles Schumer.
Paul, Weiss, a firm roughly twice as big as the one he is leaving. The 141-year-old New York firm has long been known for both its litigation practice — Mr. Karp’s specialty — and its corporate practice, led by Mr. Schumer, the brother of Senator Charles Schumer.
Such has been the strength of Paul, Weiss’s practice that it has grown its revenue and profit over 20 consecutive years, according to Mr. Karp. (NOTE twenty (20) CONSECUTIVE years...a feeder firm, as they all are.)
Paul, Weiss ranked 19th in the mergers league tables, working on 142 deals announced last year that were worth $309.3 billion. Its list of assignments includes Time Warner Cable’s pending $67 billion sale to Charter Communications and Apollo Global Management’s $6.9 billion takeover of ADT, the security systems provider.
http://www.nytimes.com/2016/04/04/business/dealbook/a-cravath-partner-mo...
This is just one small law firm that handles these types of transactions. How many other firms are doing the same thing. This is just the tip of the iceberg."
Right you are, Damien. Look to Blank/Rome, Davis Polk & Wardwell, White & Case, Cravath
AND the firm where Senator (D-NY) Chuck Schumer's brother leads the charge on M & A "work" - Paul, Weiss, a firm... led by Mr. Schumer, the brother of Senator Charles Schumer.
Paul, Weiss, a firm roughly twice as big as the one he is leaving. The 141-year-old New York firm has long been known for both its litigation practice — Mr. Karp’s specialty — and its corporate practice, led by Mr. Schumer, the brother of Senator Charles Schumer.
Such has been the strength of Paul, Weiss’s practice that it has grown its revenue and profit over 20 consecutive years, according to Mr. Karp. (NOTE twenty (20) CONSECUTIVE years...a feeder firm, as they all are.)
Paul, Weiss ranked 19th in the mergers league tables, working on 142 deals announced last year that were worth $309.3 billion. Its list of assignments includes Time Warner Cable’s pending $67 billion sale to Charter Communications and Apollo Global Management’s $6.9 billion takeover of ADT, the security systems provider.
http://www.nytimes.com/2016/04/04/business/dealbook/a-cravath-partner-mo...
3
If your country was worth investing in, your business people would probably not protect their wealth this way. The trick isn't closing loopholes, it is making it a country that is safe and stable to invest in and profitable to invest in. It is foolishness to think that taxation is the way to make wealth benefit a country. It is the citizens investing in their own country and getting other countries to invest in your country.
2
So all the crooks (and there are plenty from the US) do not believe their country is worth investing in? How patriotic to take money you earned in your own country and move it into a shell corporation to "protect your wealth", presumably from the country that "isn't worth it."
3
Ryan,
Were you born yesterday? If you could put all your profits in an untaxed place (or very close to untaxed place) while you could put all your losses and expenses in the place you make your money, wouldn't you???
Were you born yesterday? If you could put all your profits in an untaxed place (or very close to untaxed place) while you could put all your losses and expenses in the place you make your money, wouldn't you???
1
In many parts of the World governments are seen profligacy fanatics The Panama Papers is seen as a disgrace to the civilized World
2
Now, that's no nonsense Democracy.
3
This makes difficult reading. How much greed will people put up with before they go to more violent, direct measures.
7
So much of the rage we see in both parties has been brought on by a feeling among the various publics that our political class takes office with the sole goal of enriching themselves and making sure their families are taken care of---and when that goal is accomplished, maybe we will get around to why we were elected. The concept of servant class---which is what elected officials should aspire to---is all but lost, not only on our political class in Washington D.C., but as these transcripts now show, it is a worldwide phenomenon.
9
Does anyone really think this is news?
This has been going on for as long as there have been unscrupulous bankers, (LOL), billionaire tax cheats and thieves who don't want to pay their fair share of taxes. Someone once said, "behind every great fortune there is a crime"!
I'm sure if they keep digging they will come up with names like Romney, Koch, Adelson, etc., etc!
This has been going on for as long as there have been unscrupulous bankers, (LOL), billionaire tax cheats and thieves who don't want to pay their fair share of taxes. Someone once said, "behind every great fortune there is a crime"!
I'm sure if they keep digging they will come up with names like Romney, Koch, Adelson, etc., etc!
5
It's been going on for a long time. Ulysses S. Grant hid money in Canada, how else could he afford a house in the Thousand Islands?
1
The panama papers leak story has been in the news for the past week, a big International news story. Cant help but wonder how well America's wealthy corporatist politicians and accompanying assembly of big money corporatist tax evading clubs will tighten their gilded wagons to cover up what they can of the legally, illegal, shell companies in the U.S.A, money laundering and out of country hoarding accounts, during this presidential election cycle. Sanders said not to this some time ago, a voice of clarity in the polluted, concrete wilderness of vise.
8
With the president chiming in, "that not all of this is illegal", and the incredible list of clients, are we expected to believe that anything will really occur except the occasional scapegoat, like Iceland's Gunnlaugsson, to appease the voracious appetite of the 'vulgus turbani'?
Will the maze of dummy corporations and loop holes be navigated resulting in a more equitable distribution of world wealth? Having watched the disparity increase over the last decades, I'm skeptical.
Will the maze of dummy corporations and loop holes be navigated resulting in a more equitable distribution of world wealth? Having watched the disparity increase over the last decades, I'm skeptical.
12
One must admire the whistle-blowers of the world for refusing to keep the ugly secret. We do not know the person's name in this case, but he or she has done the world a great service.
Whistle-blowers are generally punished for the service they do for the world -- as Snowden has been, but we are very lucky that they exist.
Thank you to all the whistle-blowers of the world!
Whistle-blowers are generally punished for the service they do for the world -- as Snowden has been, but we are very lucky that they exist.
Thank you to all the whistle-blowers of the world!
19
One of the biggest stories here is why there are so few Americans in the leak.
fusion.net : "What should be one of the more shocking aspects of the documents is that Mossack Fonseca had a subsidiary to create American offshore corporations in Nevada... Some of the sleaziest offshore lawyers are now using American corporate shells to hide foreign corrupt activity."
"American incorporation services are some of the most noncompliant with international transparency regulations;"
"One of the forms of companies that's even more secret than, say, a British Virgin Islands company is a company incorporated in almost any U.S. state."
Again and again, if an American uses a foreign institution (such as a Swiss bank) to evade taxes, then it's the Swiss bank's problem. But if a foreigner uses an American institution to evade taxes - and America is the world's leader in this industry - the American attitude is that it's not their problem.
fusion.net : "What should be one of the more shocking aspects of the documents is that Mossack Fonseca had a subsidiary to create American offshore corporations in Nevada... Some of the sleaziest offshore lawyers are now using American corporate shells to hide foreign corrupt activity."
"American incorporation services are some of the most noncompliant with international transparency regulations;"
"One of the forms of companies that's even more secret than, say, a British Virgin Islands company is a company incorporated in almost any U.S. state."
Again and again, if an American uses a foreign institution (such as a Swiss bank) to evade taxes, then it's the Swiss bank's problem. But if a foreigner uses an American institution to evade taxes - and America is the world's leader in this industry - the American attitude is that it's not their problem.
13
Maybe they are working on cleansing the list of Americans deemed "innocent" people on the list? http://www.zerohedge.com/news/2016-04-05/here-are-some-americans-panama-...
I totally agree that all the records need to be released, not in spurts concerned about political consequences.
I totally agree that all the records need to be released, not in spurts concerned about political consequences.
7
You actually didn't notice that everybody on the zerohedge list had been at least indicted previously, and nearly all had been convicted and jailed or fined?
1
Leaving so soon ?, and no body asking how got all that money never reported and were is the list of the lawless.
6
Be a real hoot if Trump is snared in this.
4
How about Hillary, Bill, Heidy, Ted, etc., etc.?
2
Or Hillary.
5
Far more productive if the Panama papers, an International news release of this magnitude, is taken seriously by the NYT, to go bipartisan, calling both Republican and Democrat party players, corporatist politicians into account. Trump is repulsive in his history of graft, but, no doubt, this story crosses party lines.
1
It's sad that the article doesn't mention that Argentina's President, Mauricio Macri, is mentioned in the Panama Papers as owner of a offshore company (afterwards, other two companies, one of them still active, were found in other papers).
The government officials are defending the President, indicating that no wrongdoing was discovered, and even the head of the Anti-corruption Office twitted that having an offshore account is not proof of any wrongdoing (a previous twitt was "I love him", referring to the President).
64 other members of the ruling party or close collaborators of the President were also mentioned in the Panama Papers.
Is this a scandal in the local press? No. The press is protecting the President, showing how some former officials and contractors of the previous administration are being put in jail, but not saying anything about the Panama Papers scandal.
A true shame.
The government officials are defending the President, indicating that no wrongdoing was discovered, and even the head of the Anti-corruption Office twitted that having an offshore account is not proof of any wrongdoing (a previous twitt was "I love him", referring to the President).
64 other members of the ruling party or close collaborators of the President were also mentioned in the Panama Papers.
Is this a scandal in the local press? No. The press is protecting the President, showing how some former officials and contractors of the previous administration are being put in jail, but not saying anything about the Panama Papers scandal.
A true shame.
7
Eton Boy Cameron needs to do the honourable thing; he needs to go. NOW!
8
Well,Sanders saw this coming but you're not going to mention that nor
the fact that Clinton voted for this potential situation.Oh.yes and Sanders
won another state because he did the right thing then.
the fact that Clinton voted for this potential situation.Oh.yes and Sanders
won another state because he did the right thing then.
9
Where are the Americans?
3
The CIA and FBI are protecting them!
2
Just goes to show you how wrong the Republicans are. Rich Americans and corporations don't need tax breaks, they have so many they by and large don't have to use these foreign breaks.
The average American worker though does not have the breaks and pays a relative high tax rate just like in Europe... except Europe has included free medical care and low/free tuition...
The average American worker though does not have the breaks and pays a relative high tax rate just like in Europe... except Europe has included free medical care and low/free tuition...
16
Warren Buffet says that the US Tax Code is his tax shelter.
2
I'm reading this differently. He didn't 'step down' - he stepped aside (after conferring with his party) - until his name is cleared of any wrongdoing (which he steadfastly maintains).
He may be found guilty (of something), or not.
He may be found guilty (of something), or not.
5
The Guardian online newspaper continues its daily investigation and exposure of this enormous story on the front page.........while the NYT, which has finally moved the story to the home page, buries it more than half way down! This speaks volumes about the corporate influence of today´s journalism in the U.S.!
15
I tend to disagree. The NYT is treating the whole thing commensurate with what it (at least at this stage) really is: a sensationalised and so far unverifieid, unauthenticated hack, with no actual criminal wrongdoing assigned to anyone.
4
The Sulzbergers and Murdochs are trying to kill this scandal!
4
This illustrates the sort of income inequality we all detest. Okay, not quite all of us.
13
Being wealthy is not a crime, but heads of state and government officials need to be transparent if they wish to avoid the inevitable conflicts of interest.
If you're making public policy and that obviously includes tax policy, then transparency is a matter of public interest. Close the loopholes in the financial system and this will 'correct' the bad actors for a while, at least until they find another loophole.
It's the whistle blowers of the world that are the watchdogs of the public domain. I love that the cowardly Chinese politburo is attempting to hide its duplicity. Unfortunately it's like using one's finger to hide the sun.
If you're making public policy and that obviously includes tax policy, then transparency is a matter of public interest. Close the loopholes in the financial system and this will 'correct' the bad actors for a while, at least until they find another loophole.
It's the whistle blowers of the world that are the watchdogs of the public domain. I love that the cowardly Chinese politburo is attempting to hide its duplicity. Unfortunately it's like using one's finger to hide the sun.
13
One down,many more to go.
3
To quote Homer Simpson: "DOH!" Global financial and governmental systems and the individuals who comprise them, aspire to work in them and profit from them--usually at the expense of the gullible, clueless masses--are uniformly corrupt to a greater or lesser degree (usually greater), and the venal acquisition of wealth is always at the center of such corruption. Powerful people all over the world, often cynically postured in "morally" opposing groups, such as government leaders vs. organized crime, are colluding to avoid paying taxes somewhere? Anywhere? To amass ill-gotten wealth obtained illegally? What a shock! I heard a while ago that one way U.S. Congressmen get rich, in a job that pays $170+ a year, is by rampant insider trading on the stock market, which to my knowledge has not been reported in the press, let alone investigated, let alone any of them held legally accountable for engaging in activity for which an ordinary person (i.e. Martha Stewart) could be prosecuted and sent to prison? After all, no one went to jail for the global financial collapse of 2008, so what's a little "tax sheltering"...a mere bag of shells! To anyone stunned by this news, here's my advice...wake up and smell the coffee.
6
Panama dwarfs Snowden...
Panama is a mail-drop for boilerplate produced in New York City...
Follow the money... and find a way to investigate law firms...
Pity: pivotal government investigators seek careers at the law firms...
Therein lies the gut conflict that has prevented so many investigations...
Panama is a mail-drop for boilerplate produced in New York City...
Follow the money... and find a way to investigate law firms...
Pity: pivotal government investigators seek careers at the law firms...
Therein lies the gut conflict that has prevented so many investigations...
7
Human nature will always disappoint and delight us. This scandal is hugely disappointing on a global scale ... how sad for humanity.
5
Lies! That's all Cameron ever does. Corbyn is correct.
6
The Panama Papers simply reemphasize the sad disregard for four fifths of our planets population. Being a human being implies a certain responsibility to one's fellow humans and wealthy people with rare exceptions are not concerned at all.
The constant theme of this article is that there is most often nothing illegal about these off shore accounts and obviously the wealthy are telling us that it is their money and we should bug off.
The question is "How do you legislate human decency, caring and kindness?" The answer is, you don't.
The constant theme of this article is that there is most often nothing illegal about these off shore accounts and obviously the wealthy are telling us that it is their money and we should bug off.
The question is "How do you legislate human decency, caring and kindness?" The answer is, you don't.
13
We don't have to legislate "human decency, caring and kindness." The only reason these actions are legal is because laws haven't been passed to ban them, or such laws were revoked. We just have to pass better laws.
You can thank lobbyists and powerful corporate interests for shaping law to benefit themselves, at the expense of society, all over the world. They're running circles around us while we try to catch up and stop them. If our governments cared, this kind of money laundering would be illegal.
It's particularly egregious in the USA - as you will have seen, no Americans were named in the Panama leaks, because we don't have to go to a different country to find a tax haven - we ARE a tax haven. And we let it happen.
You can thank lobbyists and powerful corporate interests for shaping law to benefit themselves, at the expense of society, all over the world. They're running circles around us while we try to catch up and stop them. If our governments cared, this kind of money laundering would be illegal.
It's particularly egregious in the USA - as you will have seen, no Americans were named in the Panama leaks, because we don't have to go to a different country to find a tax haven - we ARE a tax haven. And we let it happen.
I know this happened in Iceland, but, who knows what's around the corner for the U.S.? On that note, Sanders is a single issue candidate? It depends on the issue. This one "yuge" with major ramifications.
4-6-16@1:54 am
4-6-16@1:54 am
4
One less corrupt NeoLiberal in power and Hillary loses in Wisconsin. It looks like a great week.
7
Iceland, huh? So the United States isn't the only country with a corrupt leader?
5
Time wounds all heels.
2
These words "legal" & "illegal" are being bandied about a great deal - but let us not forget that many of those whose names are in these papers, and their ilk, wrote the laws that govern these things. Huge amounts of capital rightfully belonging to the societies that allowed their amassing in the first place are being moved out of those societies and hoarded. A stamp of legality does not make such action less reprehensible.
27
I'm surprised that neither Trump nor Cruz declare that the GOP policy - not to tax the rich excessively - had been a good idea. Not only could America keep the wealth of their superrich in the country, it is being spared from scathing criticism, allowing it to take the moral high ground in the international community and crack down on graft and corruption.
1
Did Hilary say that to Goldman Sacks? Will we ever get the transcripts?
3
When the heads of government and state, crime syndicates, and the terror groups alike are actively participating in the shadow system of global finance and capital making a mockery of national and international laws, isn't it time to strive for an international treaty that ensures lawfulness and transparency in the functioning of the global financial system?
18
In other words with the privileged elite flitting about the planet in trans-national fashion isn't it time for thoughts of one world government and a regulatory system to match? The elite, with this "Silk Road" of theirs, makes clear they already live in one of their own devising....
1
Nope...just more "free" trade agreements.....business as usual. Vote for Hillary
4
Well, Dr. J, the fact of the matter is they didn't do anything wrong and, frankly, it's really none of your business or mine what someone legally does with their wealth. It's not being misused. They didn't break any laws. They haven't even done anything corrupt. Go talk to some of your finance colleague and you will probably find that not only is it common for people with much smaller sums, but a wise alternative. And such financial planning isn't without its financial risks, either.
1
George Bernard Shaw said, "Politics is the last resort for the scoundrels". I found it offensive then, but now, I feel, he is right anyway.
All these politicians should be prosecuted and put behind bars.
Our brethren across the globe are struggling even for one square meal. Here we have people stashing away billions and billions. I wonder what they would do with all these ill gotten money.
Though it may sound philosophical, I wish to state how Alexander the Great, conqueror of this entire world, wished to be buried. He requested his generals to bury him with his hands pulled upwards showing his bare hands, to show to the world that even though he was a conqueror, he could not take anything with him when he died. Hope all these politicians learn a lesson from Alexander the Great.
All these politicians should be prosecuted and put behind bars.
Our brethren across the globe are struggling even for one square meal. Here we have people stashing away billions and billions. I wonder what they would do with all these ill gotten money.
Though it may sound philosophical, I wish to state how Alexander the Great, conqueror of this entire world, wished to be buried. He requested his generals to bury him with his hands pulled upwards showing his bare hands, to show to the world that even though he was a conqueror, he could not take anything with him when he died. Hope all these politicians learn a lesson from Alexander the Great.
15
Right, it's easy to deny when you know what's going on; easier when you don't.
I'm just wondering when they'll find stuff on American politicians. Maybe we'll wind up with fewer nominees for president and easier choices.
6
Yeah it is also wondering for me, in fact it is big scandal than wiki leaks and i firstly read this news from http://www.vpnranks.com/panama-papers-reveal-massive-frauds-of-all-time/
1
I'd like the hacker to give us all the Records from the Clinton family and the Clinton Family Foundation next week. Pretty juicy reading.
2
Why would the wealthy and well-connected in the U.S. need to consult all the way down in Panama when they can simply consult with homegrown tax experts on how to exploit and manipulate vulnerabilities in our current tax laws in the good 'ole US of A? Just ask the head of General Electric or any big Pharmaceutical company who hire entire teams of 'in house' tax accounting staff to look for new loopholes to exploit. Or their paid lobbyists to oblige many members of Congress to not vote in favor of tightening standards in existing U.S. tax law.
3
Here are facts on US taxes:
"In contrast, the top 1 percent of all taxpayers (taxpayers with AGIs of $434,682 and above), earned 21.9 percent of all AGI in 2012, but paid 38.1 percent of all federal income taxes.
Combined, the top 1 percent of taxpayers (those with AGIs above $434,682) accounted for more income taxes paid than the bottom 90 percent (those with AGIs below $125,195) combined. In 2012, the top 1 percent of taxpayers paid $451 billion in income taxes, or 38.1 percent of all income taxes while the bottom 90 percent paid $353 billion in income taxes, or 29.8 percent of all income taxes paid."
It is from http://taxfoundation.org/article/summary-latest-federal-income-tax-data-0
Please check your facts before making any accusations.
"In contrast, the top 1 percent of all taxpayers (taxpayers with AGIs of $434,682 and above), earned 21.9 percent of all AGI in 2012, but paid 38.1 percent of all federal income taxes.
Combined, the top 1 percent of taxpayers (those with AGIs above $434,682) accounted for more income taxes paid than the bottom 90 percent (those with AGIs below $125,195) combined. In 2012, the top 1 percent of taxpayers paid $451 billion in income taxes, or 38.1 percent of all income taxes while the bottom 90 percent paid $353 billion in income taxes, or 29.8 percent of all income taxes paid."
It is from http://taxfoundation.org/article/summary-latest-federal-income-tax-data-0
Please check your facts before making any accusations.
7
These stats are misleading. The reason why top 1% pays the most taxes is because their combined income is greater than the 90% of the total populations. Your stat actually shows how middle class is dwindling down and top 1% now controls more wealth than ever before. Also, most tax breaks in billions goes to the only the richest. They might be laying more but they also get the most deductions as well.
2
I love when people cite these facts about how much tax the wealthy pay.
Rather than exhonorate or compliment the wealthy, it just emphasizes how lopsided the wealth of the nation is. In a nation with a completely lopsided wealth distribution, of course more taxes will be paid at the lopsided top of the wealth scale!
But is this a good thing?
Think:
In a town of 100 people, if 1 person pays more in taxes than all the other 99 combined, that's not a reason to celebrate the wealthy 1. That's a reason to ask why the wealth of the town is so skewed to just 1 person.
And to ask if that person has inordinate influence on the policies of the town because of that wealth and if that's healthy for the overall quality of life of the majority in the town.
And ask yourself this:
Would you rather own a small business in a town where only 1 person has most of the wealth or in a town where, say, 60 people had sufficient wealth to support your business?
Take that example and enlarge it to the top-heavy wealth profile of the US (as proven by the amount of taxes paid at the top) and one sees that concentrated wealth is not only bad for a national economy based on consumer spending (the more people with wealth the better) it's bad for democracy given how the rich can buy influence in our political system.
Thanks for making the point about the very real, very damaging way policies that favor wealth concentration have succeeded in the US over the last few decades.
Nice work!
Rather than exhonorate or compliment the wealthy, it just emphasizes how lopsided the wealth of the nation is. In a nation with a completely lopsided wealth distribution, of course more taxes will be paid at the lopsided top of the wealth scale!
But is this a good thing?
Think:
In a town of 100 people, if 1 person pays more in taxes than all the other 99 combined, that's not a reason to celebrate the wealthy 1. That's a reason to ask why the wealth of the town is so skewed to just 1 person.
And to ask if that person has inordinate influence on the policies of the town because of that wealth and if that's healthy for the overall quality of life of the majority in the town.
And ask yourself this:
Would you rather own a small business in a town where only 1 person has most of the wealth or in a town where, say, 60 people had sufficient wealth to support your business?
Take that example and enlarge it to the top-heavy wealth profile of the US (as proven by the amount of taxes paid at the top) and one sees that concentrated wealth is not only bad for a national economy based on consumer spending (the more people with wealth the better) it's bad for democracy given how the rich can buy influence in our political system.
Thanks for making the point about the very real, very damaging way policies that favor wealth concentration have succeeded in the US over the last few decades.
Nice work!
The rich pay a lot of taxes because they have most of the money. That's the cold hard fact and there's no way you can honestly spin it otherwise. Why is it that people who are rich beyond most people's comprehension feel so abused and threatened?
This disclosure will not change anything, because in today's world money and power are synonymous. In the USA, we in the middle class are considered gnats on the behind of an elephant, i.e. the Republican Party which so aptly holds the elphant as its sacred image.
10
I don't mind paying taxes. I just got a fairly middle-class job after years of un- and under-employment, so a huge chunk of my paycheck now goes to taxes. It means I can't really start paying off my debt in earnest, and that I can only save $50 toward a house downpayment per paycheck in an exploding housing market (the savings will be worthy of a downpayment at this rate, well, never). But I'm a lefty, so I don't mind paying taxes. My husband is a stagehand and works on-call, occasional hours. We couldn't live on his income alone. Yet because he's so unevenly taxed by his various employers, he often owes tax at the end of the year. We're talking on an income that is just above the no-tax allowance bracket in the good years. Below that in the lean ones. You should see how the Revenue Agency hounds him for the nickels and dimes he owes. I saw an expose on the Canadian Revenue Agency (our IRS) sometime last year, all about how big corporations owe millions in backtaxes and the CRA never bothers going after them. They'd rather spend all their resources nickle and diming out-of-work stagehands all year. As I say, I never minded paying taxes. Until I compared how the tax system treats my husband, juxtaposed with how they don't even bother collecting on millions of dollars. It kind of sours me on the whole thing, I have to admit. Why do I feel a sense of social responsibility, and rich people don't? Here I thought it was supposed to go "to whom much is given, much is expected"?
29
Why do I feel a sense of social responsibility, and rich people don't?
its th lack of a conscience that allows people to become rich, in th same way that a lack of conscience allows some people to become murderers
its th lack of a conscience that allows people to become rich, in th same way that a lack of conscience allows some people to become murderers
1
Is it too much too ask that the same political leaders who write, enforce, and adjudicate our tax laws follow them?
I would not be surprised if some of our politicians are stuffing their money in off-shore bank accounts. I will also not be surprised if this story goes dead well before the 2016 elections. The executives of media corporations stuff their money in off-shore accounts, too. The middle and working classes are paying for this boat. And what do we get in return for our money? Two long unnecessary wars and the tab for a bank bailout, interest free. When does our tax money actually work for us? And when do we start prosecuting those who enforce the law the way we hold everyone else accountable?
I would not be surprised if some of our politicians are stuffing their money in off-shore bank accounts. I will also not be surprised if this story goes dead well before the 2016 elections. The executives of media corporations stuff their money in off-shore accounts, too. The middle and working classes are paying for this boat. And what do we get in return for our money? Two long unnecessary wars and the tab for a bank bailout, interest free. When does our tax money actually work for us? And when do we start prosecuting those who enforce the law the way we hold everyone else accountable?
38
Funny but everyone knew Mitt Romney (and he even admitted it) had offshore accounts and no one seemed interested in it at the time. I remember many saying there was nothing illegal about it.
4
Never trust anyone around money.
ANYONE !!
ANYONE !!
7
Some day there won't be the need for money on Earth.
1
When human beings are extinct and the lions reign and the elphants follow.
2
Dear World Government,
Can we have the $533 Trillion (US) you stole from us back now, before you crash the economy again and make all the cocos and clearing house derivatives worthless again? Please?
Just send us, the population of the world, checks. It can't be that hard.
$533 Trillion. We're waiting. You have the sophisticated systems. Use them, please.
That would be a good amount of demand injected into your system, yes? And then maybe some companies could actually profit from making something, instead of using that $533 trillion in a hall of mirrors to gamble with, and make the numbers go up, up, up until they're like little fairy wings in the starlight above a polluted lake in rural China?
Pretty please? $533 Trillion.
We're waiting.
Can we have the $533 Trillion (US) you stole from us back now, before you crash the economy again and make all the cocos and clearing house derivatives worthless again? Please?
Just send us, the population of the world, checks. It can't be that hard.
$533 Trillion. We're waiting. You have the sophisticated systems. Use them, please.
That would be a good amount of demand injected into your system, yes? And then maybe some companies could actually profit from making something, instead of using that $533 trillion in a hall of mirrors to gamble with, and make the numbers go up, up, up until they're like little fairy wings in the starlight above a polluted lake in rural China?
Pretty please? $533 Trillion.
We're waiting.
22
This is the reason we dont see American names. Panama is not the only place doing this.
In 2010, the United States and Panama signed a trade-promotion agreement that, among other things, obliged Panama to provide to the U.S. authorities, on request, “information regarding the ownership of companies, partnerships, trusts, foundations, and other persons, including . . . . ownership information on all such persons in an ownership chain.”
From the New Yorker.
In 2010, the United States and Panama signed a trade-promotion agreement that, among other things, obliged Panama to provide to the U.S. authorities, on request, “information regarding the ownership of companies, partnerships, trusts, foundations, and other persons, including . . . . ownership information on all such persons in an ownership chain.”
From the New Yorker.
16
Amen!
Somebody has a brain.
Is it me or this "Panama Papers" - should be the "Mossack and Fonseca Papers" is mostly rabble rousing of a huge magnitude.
I have yet to hear of any actual tax evasion or money laundering that is violating banking and financial regulations in the OECD countries.
So far is all guilt by association. Like saying that Panama is a Tax Haven, which a blatant lie and a conflagration and amalgam of things.
We will see what happens. But so far is all smoke and mirrors. The logic goes like this Putin--- Friends of Putin ---- offshore corporations ---tax havens ---corruption.
The papers that publish this are in for a huge haul and lots of payments in lawyer fees.
Somebody has a brain.
Is it me or this "Panama Papers" - should be the "Mossack and Fonseca Papers" is mostly rabble rousing of a huge magnitude.
I have yet to hear of any actual tax evasion or money laundering that is violating banking and financial regulations in the OECD countries.
So far is all guilt by association. Like saying that Panama is a Tax Haven, which a blatant lie and a conflagration and amalgam of things.
We will see what happens. But so far is all smoke and mirrors. The logic goes like this Putin--- Friends of Putin ---- offshore corporations ---tax havens ---corruption.
The papers that publish this are in for a huge haul and lots of payments in lawyer fees.
And Hillarywas Secretary of State. She deserves credit for this, along with President Obama.
1
Where is the US in all of this you ask? Nothing gets done without our banks acting as the intermediary. Despite a multi-billion dollar money laundering fine on HSBC, the Panama papers reveal that it continued to rake profits from setting up shell companies for its Wealth Management clients.
HSBC and UBS no surprise are big Hillary donors.
I hope someday soon we will find out how the Clinton Foundation gets funded and uses its dirty donations.
HSBC and UBS no surprise are big Hillary donors.
I hope someday soon we will find out how the Clinton Foundation gets funded and uses its dirty donations.
16
From the perspective of the US. the solution is simple:
eliminate all corporate taxes, substantially cut income tax rates, and become the world's biggest tax haven.
A tax code not based on envy would be a great boon to American freedom.
eliminate all corporate taxes, substantially cut income tax rates, and become the world's biggest tax haven.
A tax code not based on envy would be a great boon to American freedom.
And who will pave the highways for free?
18
Barely anyone paves them now for money.
1
Are you filling out your tax forms and feeling sick as you read this?
22
@just Robert,
There's not enough Pepto in the world for this or triptans for migraines.
4-6-16@12:26 am
There's not enough Pepto in the world for this or triptans for migraines.
4-6-16@12:26 am
Tiny change: And there aren't enough triptans...
4-6-16@11:24 am
4-6-16@11:24 am
Elizabeth Warren has been saying this for decades, "The system is rigged." And she's been mocked & ridiculed by powerful elites & politicians who want voters to continue to support this rigged system. Kudos to those that leaked this information & looking forward to more leaks.
45
One rule for the rich, another for the rest of us.
20
As Sec. of State, Hillary Clinton strongly promoted the Free Trade Agreement with Panama, despite many warnings that it would make it make far more difficult to crack down on Panama's very low income tax rate, banking secrecy laws, and long history of non-cooperation with foreign partners. Upon Congress ratifying the deal, Hillary unconditionally lauded the agreement. It is remarkable how she continues to float above all of the poor or disastrous decisions that she has taken in her long career.
20
If there were any justice, she would be exposed for the fraud she is. It would be a bonus if Trump were also hit with this.
12
But she had something to do with the agreement with Panama that made this kind of behavior more difficult. Read the previous quote from the New Yorker.
1
The Panama Papers shell game are only an expression of corporate and rich individual's greed. They do it without scruples because they can and shame is no deterrent. Corrupt money moves around the world at the speed of light and like drone operators these individuals do not see the damage they cause to governments and the people who must pay higher taxes to fill in for their extreme irresponsibility.
Will something be done? When the fox rules the government hen house laws are passed that only make it easier to run the system. There is only a scandle because they were caught. And besides its only a game that rich people play though the rest of us are the losers. So don't hold your breath that these common practices will ever change.
Will something be done? When the fox rules the government hen house laws are passed that only make it easier to run the system. There is only a scandle because they were caught. And besides its only a game that rich people play though the rest of us are the losers. So don't hold your breath that these common practices will ever change.
9
The mortgage interest rate tax deduction is one of the ONLY tax breaks the middle class gets. Off shore accounts and other shenanigans of the affluent are not the problem, it's the middle class deducting their mortgage interest in homes they can barely afford anyway. Right - nice theory!
Another article in this paper stated that, the influence of Bernie Sanders notwithstanding, higher taxes on the wealthy were a "non-starter." Don't be so sure. In the end, given a choice between higher taxes on the wealthy and pitchforks, reasonable people should go for the higher taxes. If you've read much history, you don't want pitchforks. And don't write the good senator off quite yet, either. He was rather prescient about Panama as a tax haven back in 2011.
14
@klord,
I saw part of a Democracy Now! report on "Birdie" Sanders's concerns about Panama. He's just won Wisconsin. Go Birdie! : )
4-6-16@12:43 am
I saw part of a Democracy Now! report on "Birdie" Sanders's concerns about Panama. He's just won Wisconsin. Go Birdie! : )
4-6-16@12:43 am
3
Panama is not a tax haven. At least not more than Delaware, Nevada or Wyoming et al. The income tax rate for individuals is 15% from 11,000 USD to 50.000 and 25% over that bracket of income. That's more or less the same tax rate for Federal Income tax in the US which ranges from 10% to 39.6% depending on income.
We just have global taxation - unless your country of origin has a double taxation treaty with Panama. You just pay Panamanian tax on your earnings and income in the country. We don't charge tax in your capital gains, unless your jurisdiction asks us to collect the taxes. Just as in the United States.
That's why we prefer to have individual treaties with countries.
About the secrecy, Panamanian laws and international treaties require Panamanians banks and law firms to disclose information on individuals if there is evidence that they are actually laundering money or evading taxes. We are just protecting the right for individuals to privacy.
There are lot more things to say about these "Panama Papers' - which should be in fact named - The Mossack and Fonseca Papers". But I guess that Panama = Banana Republic = Corruption = Tax Haven is easy for public consumption.
Let's compare Ecuador for example and their tax policies :
https://internationalliving.com/countries/ecuador/taxes/
Do you think that retirees are evading taxes too?
We just have global taxation - unless your country of origin has a double taxation treaty with Panama. You just pay Panamanian tax on your earnings and income in the country. We don't charge tax in your capital gains, unless your jurisdiction asks us to collect the taxes. Just as in the United States.
That's why we prefer to have individual treaties with countries.
About the secrecy, Panamanian laws and international treaties require Panamanians banks and law firms to disclose information on individuals if there is evidence that they are actually laundering money or evading taxes. We are just protecting the right for individuals to privacy.
There are lot more things to say about these "Panama Papers' - which should be in fact named - The Mossack and Fonseca Papers". But I guess that Panama = Banana Republic = Corruption = Tax Haven is easy for public consumption.
Let's compare Ecuador for example and their tax policies :
https://internationalliving.com/countries/ecuador/taxes/
Do you think that retirees are evading taxes too?
1
Donald Trump next?
6
Those familiar with NYC real estate are also familiar with the shell companies used to buy 7 and 8 digit apartments all the time. I have to ask why are anonymous "commercial" limited liability corporations allowed to set up shop in residential buildings?
21
I am surprised to see so much indignation from people filing mortgage interest deduction which is a legal tax evasion or belonging to 80% of earners paying 20% in taxes. This is the problem with raising taxes - rich will avoid, poor have nothing, so the middle class will foot the bill. Any tax increases would hit annual earners in the $85K-$1M range, i.e., teachers, lawyers, doctors, union workers, and others.
6
It was quite a spectacle listening to the prime minister of Iceland hemming and hawing while being questioned about his hidden fortunes in Panama. Hi scurried away like a cockroach mumbling unintelligibly. Prime minister of the U.K.
David Camron is also under the gun especially after he vowed to crackdown on illegal tax heavens while his father hid his assets in offshore tax heaven. Sadly
the consequences will be minimal.
David Camron is also under the gun especially after he vowed to crackdown on illegal tax heavens while his father hid his assets in offshore tax heaven. Sadly
the consequences will be minimal.
9
Good for Iceland. The people there know what it's like to lose a currency, to see life savings vaporize and to see an entire economy go down the drain just because a few greedy individuals decided that making money at any cost was a worthwhile endeavor. That's why this is happening. The next time a corrupt politician is caught red-handed the people of Iceland will take action again. Good for them. I wish we could do the same in this country. No, wait... ours are not greedy and we're not a courageous people; they're "job creators" and we're "moochers." That's what Paul Ryan and Mitt Romney said back in 2012.
28
Why is this a surprise? Our own former Republican presidential candidate, Mitt Romney, managed to accumulate $20 million in his IRA by investing it in highly-leveraged private equity buyout deals through a Cayman Islands entity created by one of the top US law firms. All perfectly legal, but if any of us who are trying to secure our retirement tried to do the same thing, we couldn't afford to pay the legal fees -- especially if we were one of the 47% Mitt said were "takers" and would never support him. (He was right.)
23
Why doesn't Iceland apply for statehood? It's not that far away, and the 323,000 people who live there could have 2 senators, and just as much voting power in the Senate as California with 40 million people! And besides, they would get one rep in the House, and probably have somebody who could run for president. A cooler Donald Trump? And as we can see, they already have experience in the corruption department, and I'm sure they could meet all the requirement for statehood in no time. It would be a win-win for everybody!
3
Remember the Mother Goose rhyme that said, "The king was in his castle counting all his money"? Nothing has changed.
We people must unite and stand up for what we know to be right. We must stop imagining that these thieves will return our money without us putting them in jail and making sure all laws are written so that tax havens are ILLEGAL. Until we DEMAND this - NOTHING WILL CHANGE.
We people must unite and stand up for what we know to be right. We must stop imagining that these thieves will return our money without us putting them in jail and making sure all laws are written so that tax havens are ILLEGAL. Until we DEMAND this - NOTHING WILL CHANGE.
29
Christine - So we must think about this when we cast our vote for President. Which of the candidates is most likely to foster a vote for tax havens to be illegal?!
9
This may inspire a little creativity in people who haven't filed their taxes yet.
7
Why the outrage! Aren't these folks "job creators," after all?
30
How can I donate my meager tax return to the International Consortium of Investigative Reporters?
13
"Steal a little and they throw you in jail, steal a lot and they make you King." - Bob Dylan
44
Bob borrowed from Aesop 620-560 BC, "We hang the petty thieves and appoint the great ones to public office."
8
The tax havens are just another instance of the spread of income inequality between the rich and the poor. It is ridiculous that British commonwealth countries allow British citizens to avoid paying British taxes. These companies are willing to deal with anyone who has enough money, making economic sanctions less effective. Wealthy citizens should not be allowed to keep their money out of the country
13
The whole thing makes one sick. It also creates a general anxiety throughout the world and hope seems further away than ever. There is so much suffering going on for real populations and the corporations are destroying the way of life on this planet. If this isn't addressed expect less drinkable water, land mass disappearing, watch infrastructure crumble further while illness goes up and medical costs and care sour through the roof while getting minimal care. This puts a giant whole in trust for the future.
21
What is that new federal regulation--extensively reported on recently--about how you can't deposit $10K in cash without triggering major federal paranoia and/or seizure of assets? The regulation that's making trouble for all kinds of legitimate businesses, such as restaurants depositing their nightly cash?
Meanwhile, back at the ranch, the 1% are slipping trillions upon trillions in greased money all over the world. No one bats an eye. Our country, our laws are nothing more than a hypocritical farce, for the benefit of the 1%.
Meanwhile, back at the ranch, the 1% are slipping trillions upon trillions in greased money all over the world. No one bats an eye. Our country, our laws are nothing more than a hypocritical farce, for the benefit of the 1%.
32
Forming an Offshore Trust ensures substantial protection for assets from scrutiny, tax and civil legislation. It should be apparent that while the cost
of forming and maintaining an Offshore Trust may be considered substantial, the establishment of such an asset protection entity will provide for peace of mind for those looking to protect their substantial assets or provide for their heirs / offspring in the longer term. The point here is that is done on purpose.
One common denominator is that these Tax Havens base their trust regulations and statutes on English law, because the very idea of a trust is
an old English idea dating back to the time of the Crusades. (that's how the Catholic Church got filthy rich). Other European jurisdictions such as Luxembourg, Malta, Switzerland, offer successful trust administration and have adapted their statutes in order to conform with the proper trust administration models based upon English legislation. The solution is to change English law, which is easier said then done.
of forming and maintaining an Offshore Trust may be considered substantial, the establishment of such an asset protection entity will provide for peace of mind for those looking to protect their substantial assets or provide for their heirs / offspring in the longer term. The point here is that is done on purpose.
One common denominator is that these Tax Havens base their trust regulations and statutes on English law, because the very idea of a trust is
an old English idea dating back to the time of the Crusades. (that's how the Catholic Church got filthy rich). Other European jurisdictions such as Luxembourg, Malta, Switzerland, offer successful trust administration and have adapted their statutes in order to conform with the proper trust administration models based upon English legislation. The solution is to change English law, which is easier said then done.
2
Can't wait to see what the Panama papers reveal about Trump's tax-dodging, illegal hoards. They've got to be out there, everyone ought to realize that a lying egomaniac like him would take advantage of whatever illegal money-saving measures he could.
6
May be. But it appears as 'beyond truth'. On the contrary gives him an opportunity to vomit the names if any American involved. Even then also the prospective Prez unlikely to reveal the names unless his counterparts are named in the leaked documents.
The corporate news media is covering up the dirt on highly-connected Western companies and individuals.
19
Donald Trump is popular because traditional politicians of all types are so corrupt.
Donald Trump is corrupt in his own way.
But sadly Donald Trump is actually slightly more honest than most traditional politicians like Clinton or Cruz.
Donald Trump is corrupt in his own way.
But sadly Donald Trump is actually slightly more honest than most traditional politicians like Clinton or Cruz.
9
Trump has bragged about how he uses the 'legal' bankruptcy laws to protect his shady business gains. It's like he and his followers think that is very clever of him. No mention though of the regular people who he has defrauded who end up in bankruptcy themselves and not for huge financial gain like Trump.
2
Well, the Panama Papers leak certainly punctuates the conversation about income inequality quite nicely, doesn't it?
35
Not really. Ask yourself one question about those being named: Are they new money or old money? All of the Russians are new money; they came from nothing and got their money the old fashioned way - they stole it. (While you're at it, consider the sources of the Kennedy or Delano fortunes.) Their rags to stolen riches story is about a few poor but thuggish people turning the tables on income inequality in favor of themselves.
This story is not about income inequality but brutish thuggery.
This story is not about income inequality but brutish thuggery.
1
Several papers and newspapers in Europe, Asia and Austalia began reporting the story of this leak more than 12 months ago and what the leaked data say and mean simultaneously from a certain time on Sunday, April 3. It is very important. One third of the world's economy is thought to be hidden, untaxed.
Why has the reporting in the US been minimal?
Who are the 200 who have American addresses and have accounts with this offshore company?
What is going on?
Why has the reporting in the US been minimal?
Who are the 200 who have American addresses and have accounts with this offshore company?
What is going on?
34
This is not about 'what is going on', but something 'went on ' long back and people are made to know about it now. This is not 200 people but most of the 3500 are having the address of America in their offshore accounts. It does not mean that these are the Americaqn Citizen. I do not think the documents are useful for America and the data is triggered against the people and politicians of the developing countries. The data is highly relevant for a country like India in the context of P.M. Modi's election promise to bring all the black money with the Swiss Bank back.
1
Well, the press is told not to talk about the 200.
Iceland is showing us a thing or two. Disclosures such as these are what ought to go viral. This is for our future and our children's future, people.
19
Are you a government prosecutor or corporate ethics officer? Are you investigating illegal tax-avoidance activity based on the Panama Papers? You need InvisiBux, the automated offshore money-sniffing app. Just duct-tape hundreds of smartphones to a wall, and connect them with color-coded yarn, while InvisiBux figures out who should be arrested. (A 5% tax-free finder's fee is sent to the makers of InvisiBux.)
5
Blackwater,
Will your app work in any locale, or is it hemisphere specific? May one remunerate in U.S. currency or would you prefer payment in bitcoin? (My government is already heavily invested in duct-tape and has a minor interest in various color-coded yarn mills globally. Would this be a conflict of interest?)
Will your app work in any locale, or is it hemisphere specific? May one remunerate in U.S. currency or would you prefer payment in bitcoin? (My government is already heavily invested in duct-tape and has a minor interest in various color-coded yarn mills globally. Would this be a conflict of interest?)
6
Panama Papers Scandal is just a tip of the Iceberg, there are far more important rich and elite in the US, UK, Continental Europe , Russia etc who use other such tax havens with more cunning ways and not pay taxes. In the UK even the royal family is involved such racket. In Spain the King and his family do the same just as the EX Italian gigolo PM. who is now in prison. In the US half the members of US Congress are in the same boat hiding their wealth in offshore accounts.
17
What the heck do they need all these tax cuts for? For the slow-learners who haven't set up their LLCs yet?
13
Officially, the leading countries of the West are not corrupt. At least, that's what they say.
However, the total GDP of Tax Havens countries (as determined by the IMF) is 25 Trillion dollars, the highest GDP in the world. Thus the ignorance can only be deliberate.
However, objective criterions show otherwise. One has to realize that greed does not affect finance and tax avoidance alone. Consider what is going on with untested chemicals and the considerable cancer incidence rates they entail:
https://patriceayme.wordpress.com/2016/04/04/plutocracy-causes-cancer/
However, the total GDP of Tax Havens countries (as determined by the IMF) is 25 Trillion dollars, the highest GDP in the world. Thus the ignorance can only be deliberate.
However, objective criterions show otherwise. One has to realize that greed does not affect finance and tax avoidance alone. Consider what is going on with untested chemicals and the considerable cancer incidence rates they entail:
https://patriceayme.wordpress.com/2016/04/04/plutocracy-causes-cancer/
13
Busted!
See, it's not only the Americans and Russians. The world RUNS on greed.
I love it.
See, it's not only the Americans and Russians. The world RUNS on greed.
I love it.
8
This what we understand. The various developmental activities taken up in various countries are appear to be sham. The development even if any show, is not virtual. The meetings, Conferences, debates and discussions taken up by ASEAN, OPEC, SAARC etc., all appear as the concerted efforts to formulate plans and procedures that are best to conceal the wealth of powerful politicins and businessmen. The countries are approaching various financial institutions and World Banks with various schemes and programmes and taking milllions of billions of dollars as loans. But, do not s;pend them for the purpose they are released. They got good tools for concealing their unspent amount and wealth. Even, the World Bank also not taking into cognizance the development shown in the reports while sanctioning further loans and it is at least not sharing the information with Swiss Bank.
1
an Icelandic newspaper reports that the prime minister in fact has not stepped down at least so his office has told a reporter from the Financial Times. This is getting delightfully crazy.
3
@Bill,
Crazy--definitely.
4-6-16@1:18 am
Crazy--definitely.
4-6-16@1:18 am
When this leak starts to involve some of our American super-rich elected officials (and candidates), let's see what kind of ink the story gets.
https://emcphd.wordpress.com
https://emcphd.wordpress.com
23
Bernie Sanders had already correctly warned us not to do free trade agreements with Panama, yet establishment team Obama and Clinton went ahead for the free trade agreement.
We imposed sanctions on Iran, however tax haven countries like Panama, British Virgin Islands, Cayman Islands, Bahamas, Ireland, Switzerland pose bigger risk to everyday Americans. The financial assets of tax haven countries must be frozen.
Establishment candidates represent everything progressives stand against
Feel the Bern !!!
We imposed sanctions on Iran, however tax haven countries like Panama, British Virgin Islands, Cayman Islands, Bahamas, Ireland, Switzerland pose bigger risk to everyday Americans. The financial assets of tax haven countries must be frozen.
Establishment candidates represent everything progressives stand against
Feel the Bern !!!
26
Wait, wait - When will we know the names of Americans?
5
Elizabeth Warren and Bernie Sanders have it right: the game is rigged and we know who's doing the rigging. Only a fool would be fooled by how bought-and-paid-for is our Congress, which is wholly in the pockets of the folks who have the kind of money that would even "fit" with an offshore, shell company. Most working schlubs have not even enough money to hide under the mattress, let alone some off-shore account. And our roads and bridges collapse, our railways run on 1950s-built systems and the rest of the world passes us by. Don't forget we're number one and Trump will make us great again!
25
@Lennerd,
The two people you named must agree to share a ticket for the fall elections and they must to do it--NOW.
4-6-16@1:26 am
The two people you named must agree to share a ticket for the fall elections and they must to do it--NOW.
4-6-16@1:26 am
1
Mr. Gunnlaugsson’s claim that he is taking an indefinite leave of absence is like U.S. presidential candidates saying they are suspending their campaigns. Gunnlaugsson is done, and his party knows he’s finished.
It will be interesting to hear what other major political leaders have to say about the Panama Papers, as they “try to get out in front of the story”. There is more fallout – let us see how toxic this gets before the cleanup.
It will be interesting to hear what other major political leaders have to say about the Panama Papers, as they “try to get out in front of the story”. There is more fallout – let us see how toxic this gets before the cleanup.
8
@Julius Pulp,
Before the cleanup? How bout IF there's a clean up?
4-6-16@1:23 am
Before the cleanup? How bout IF there's a clean up?
4-6-16@1:23 am
2
Good point!
1
To an oft asked question (please credit commenter Benton Love on Slate) - "The reason no Americans have been named: there used to be a bunch of Americans who did keep money in secret offshore accounts, mostly in Switzerland, for the express purpose of evading taxes.
The US government laid heavy pressure on Swiss banks, like UBS and Credit Suisse, to turn over information on any Americans holding these accounts or otherwise never conduct business in the US again. These banks complied.
In addition, the IRS offered amnesty and repatriation to anyone holding these accounts to cough up what they owed, and a lot of people did just that.
You will find very few Americans willing to stash money in secret offshore accounts anymore for this reason. Americans can and will--perfectly legally--stash money in low tax rate economies and enjoy a bunch of un-repatriated gains created in these economies, but only an idiot would attempt to do so secretly now, in 2016.
You will notice Obama's specific use of the term "tax avoidance" and not "tax evasion""
The US government laid heavy pressure on Swiss banks, like UBS and Credit Suisse, to turn over information on any Americans holding these accounts or otherwise never conduct business in the US again. These banks complied.
In addition, the IRS offered amnesty and repatriation to anyone holding these accounts to cough up what they owed, and a lot of people did just that.
You will find very few Americans willing to stash money in secret offshore accounts anymore for this reason. Americans can and will--perfectly legally--stash money in low tax rate economies and enjoy a bunch of un-repatriated gains created in these economies, but only an idiot would attempt to do so secretly now, in 2016.
You will notice Obama's specific use of the term "tax avoidance" and not "tax evasion""
13
I don't understand what people on here are saying blaming Clinton and Obama for this for a 2011 trade deal with Panama. This firm has been open since the 80s in Panama. I can see if the list had tons of US wealthy who "invested" since 2011 (and perhaps they DO exist somewhere?), but I don't see the connection between this particular list of people and our fairly recent trade agreement.
Perhaps it left the door open for Americans to invest in these off shore companies, but THIS list of people? I don't get it.
Perhaps it left the door open for Americans to invest in these off shore companies, but THIS list of people? I don't get it.
6
The McClatchy Company published an article yesterday about Americans named in the leaked files. The company has access to the files (unlike the NY Times).
They profile several individuals and state that "no [U.S.] politicians of note" are in the files (which, painful as it may be, is a category one must now assume includes Trump).
http://www.mcclatchydc.com/news/nation-world/national/article69943337.html
Additionally, Politico has published an informative article addressing why Americans generally wouldn't have have used Mossack Fonseca to assist with offshore structures.
http://www.politico.com/agenda/story/2016/04/the-panama-papers-where-are...
They profile several individuals and state that "no [U.S.] politicians of note" are in the files (which, painful as it may be, is a category one must now assume includes Trump).
http://www.mcclatchydc.com/news/nation-world/national/article69943337.html
Additionally, Politico has published an informative article addressing why Americans generally wouldn't have have used Mossack Fonseca to assist with offshore structures.
http://www.politico.com/agenda/story/2016/04/the-panama-papers-where-are...
4
Right under the link to this article is a link to what used to be called a "side-bar" back in the days of print media, a piece summarizing "what we know" thus far about this latest titillation. I am quoting the following sentence from that explanatory side-bar, because the last phrase had me at least figuratively rolling on the floor:
"The documents, known as the “Panama Papers,” named international politicians, business leaders and celebrities in a web of unseemly financial transactions, according to the articles, and raised questions about corruption in the global financial system."
"Raised questions about corruption in the global financial system"???
Nah. Say it isn't so.
"The documents, known as the “Panama Papers,” named international politicians, business leaders and celebrities in a web of unseemly financial transactions, according to the articles, and raised questions about corruption in the global financial system."
"Raised questions about corruption in the global financial system"???
Nah. Say it isn't so.
7
Yes. Globally Corruption in the financial systems. I virtually rolled over the floor after reading this. Is this not a Global concerted effort of powerful people of the various countries to amass as much wealth as possible at the cost of development in their own land?
On 17 August 1945 George Orwell, published a book called "Animal Farm"
70 years later, 99% of us are farm animals supporting the palaces of the 1%, who should, more accurately, be called the "zero contributors".
70 years later, 99% of us are farm animals supporting the palaces of the 1%, who should, more accurately, be called the "zero contributors".
12
Yes. The 70% and 80% are meant to feed the 1%.
1
This is just the tip of the iceberg. The rich and political hacks who are beholding to them are inviting disaster on a major scale. Is there no end to greed? If there were a fund for hackers to find out more I would donate.
17
Indeed shocking news from Iceland; A politician resign due to possession/ association with dark money, deposited in the shadows away from tax or public scrutiny.
But prime minister Gunnlaugsson should not despair, people like him thrive in US politics. He still have time to start Super PAC and run for congress; with his moral standards he has a great chance to win either on a Republican or Democratic ticket. Especially if one is well connected to the big banks like Mr. Gunnlaugsson.
On this continent we don't considered it as corruption nor greed just pure free speech.
But prime minister Gunnlaugsson should not despair, people like him thrive in US politics. He still have time to start Super PAC and run for congress; with his moral standards he has a great chance to win either on a Republican or Democratic ticket. Especially if one is well connected to the big banks like Mr. Gunnlaugsson.
On this continent we don't considered it as corruption nor greed just pure free speech.
21
This might be the biggest chink in the armor of the 1% in this century - don't let it go to waste! We need to raise our voices and end this global madness.
THIS IS A BIG STORY OVERSEAS! Where is our timid Fourth Estate? Perhaps implicated?
THIS IS A BIG STORY OVERSEAS! Where is our timid Fourth Estate? Perhaps implicated?
42
Corporations rule. That explains. There is no longer any 4th estate.
5
The reason Americans have not yet been implicated is because the ones who have their fat offshore accounts are super busy, changing the names on the accounts to an anonymous, fictional, innocuous sounding LLC.
18
Or maybe because it is legal. You know tax loopholes. Different tax codes for the wealthy and elite, rest of us have to play by the book.
10
When confronted with legitimate evidence of wrongdoing, the prime minister uses the same language that Donald Trump and his ilk in the Presidential race use when similarly confronted. Of course, walking out of an interview based on 'gotcha' questions and being treated unfairlly are standard tactics of the frauds in public office and people with ambitions for public office. There must be a manual circulating somewhere that instructs frauds how to respond to legitimate questions.
11
‘Sanders ardently opposed the trade deal 5 years ago that led to Panama Papers abuses; Clinton supported it.'
‘The free trade agreement Clinton and Obama supported “would effectively bar the United States from cracking down on illegal and abusive offshore tax havens in Panama,” per Sen. Sanders.’
“In fact, combating tax haven abuse in Panama would be a violation of this free trade agreement, exposing the U.S. to fines from international authorities,” he stressed.
“Email shows Clinton State Dept pushing Panama pact amid warnings it would help the rich hide money #PanamaPapers” per David Sirota.
“Right-wing figures like Rupert Murdoch joined Clinton in supporting the trade deal. The media mogul’s conglomerate News Corp., which runs Fox New, lobbied on behalf of the agreement.”
“As secretary of state, Clinton also pushed hard for the Trans-Pacific Partnership, or TPP, a neoliberal trade agreement that is very similar to the Panama deal, but exponentially larger.”
http://www.salon.com/2016/04/05/sanders_ardently_opposed_the_trade_deal_...
"Bill Clinton has a mysterious shell company"
http://uk.businessinsider.com/bill-clinton-has-a-mysterious-shell-compan...
‘The free trade agreement Clinton and Obama supported “would effectively bar the United States from cracking down on illegal and abusive offshore tax havens in Panama,” per Sen. Sanders.’
“In fact, combating tax haven abuse in Panama would be a violation of this free trade agreement, exposing the U.S. to fines from international authorities,” he stressed.
“Email shows Clinton State Dept pushing Panama pact amid warnings it would help the rich hide money #PanamaPapers” per David Sirota.
“Right-wing figures like Rupert Murdoch joined Clinton in supporting the trade deal. The media mogul’s conglomerate News Corp., which runs Fox New, lobbied on behalf of the agreement.”
“As secretary of state, Clinton also pushed hard for the Trans-Pacific Partnership, or TPP, a neoliberal trade agreement that is very similar to the Panama deal, but exponentially larger.”
http://www.salon.com/2016/04/05/sanders_ardently_opposed_the_trade_deal_...
"Bill Clinton has a mysterious shell company"
http://uk.businessinsider.com/bill-clinton-has-a-mysterious-shell-compan...
20
Wow. Just checked out the uk.businessinsider article you reference re: Clinton's "mysterious shell company." Required reading for everyone considering voting for Hillary Clinton.
Thank you for the good research. Keep up the good work.
Thank you for the good research. Keep up the good work.
1
It is going to be interesting how many political leaders,busineess'(legitimate/illegal), corporations and individuals will be involved in this.It may begin to explain a lot of the goings on around the globe these many many years..
Also in 2011 USA had a trade deal with Panama. Go to DemocracyNow.org and see what Bernie Sanders had to say about this trade deal then.Most interesting in fact I'll bet those in favor knew what they were voting for, and it was not 'trade' as we know it, but goods of a financial nature.
Also in 2011 USA had a trade deal with Panama. Go to DemocracyNow.org and see what Bernie Sanders had to say about this trade deal then.Most interesting in fact I'll bet those in favor knew what they were voting for, and it was not 'trade' as we know it, but goods of a financial nature.
14
What happens if/when "The Donald" shows up in the records? Or any other leading political person in America. This could get real interesting.
12
What I want to know is: Where did the money come from? People don't "earn" millions of dollars. Surely the bigger story here is rampant government corruption.
104
Right now a main purpose of humanity is to provide an environment within which a few of us can manage to get filthy rich, and can safely hide what we have earned, embezzled, scammed, extorted, or whatever. Those of us who do not manage to get filthy rich exist mainly to be the source of riches for the filthy rich. We are there to keep the system going, even while it is devouring us.
Tax laws should apply and be enforced worldwide. To the degree that financial privacy promotes tax avoidance and much worse, it must be limited.
Tax laws should apply and be enforced worldwide. To the degree that financial privacy promotes tax avoidance and much worse, it must be limited.
48
Financial privacy should not be limited. It should be eliminated.
16
Why Some Societies Practiced Ritual Human Sacrifice -
From NYT Science - pretty good idea for these smiling devils
From NYT Science - pretty good idea for these smiling devils
9
Pigs at the trough.
16
Anybody else got a hankering for some Van Halen.
I'm not surprised. I'm not outraged, because I'm not surprised.
Time to get the popcorn and allow the schadenfreude to wash over me.
"It's runnin' a little bit hot tonight...."
I'm not surprised. I'm not outraged, because I'm not surprised.
Time to get the popcorn and allow the schadenfreude to wash over me.
"It's runnin' a little bit hot tonight...."
3
I am looking for the list of American politicians, business "leaders" and politicians that have been involved. NYTimes where is that?
27
It's criminal that our tax rates on the income wealthy individuals are KNOWN to earn in this country are so low given that so much of their income is able to be hidden in this manner.
22
All this under Obama's watch. Why isn't the "change you can believe in" president more forthcoming about this type of widespread corruption. Have they checked the Clinton's name off the list?
14
What does this have to do with Obama? Or are you one of those who blame him for everything else in the world that he did not do?
17
What does OBAMA have to do with it? Is there ANYTHING people don't blame on our pres. How can he stop a ME dictator from putting money in a Panama off shore business?
Contrary to popular belief, we aren't REALLY the police of the world.
Contrary to popular belief, we aren't REALLY the police of the world.
17
Oh, of course. Everything in the world is Obama's fault.
5
How many Apples (for instance) could have been had (for the deprived)... with illicit monies stacked away in just the Panama tax haven?
If all of the illicit and deceitful gains... gained by individuals and corporations... over just the past one year... were to be unearthed, world wide...
... and allocated to a trust within UNO under aegis of a righteous group of arbitrators...
... there would be enough monies to allocate resources to uplift all of the downtrodden out of poverty... and change the face of human kind... for good.
https://www.causes.com/posts/894762
If all of the illicit and deceitful gains... gained by individuals and corporations... over just the past one year... were to be unearthed, world wide...
... and allocated to a trust within UNO under aegis of a righteous group of arbitrators...
... there would be enough monies to allocate resources to uplift all of the downtrodden out of poverty... and change the face of human kind... for good.
https://www.causes.com/posts/894762
9
And of course the UNO people working the trust would never divert any money their way. The Brazilians elected the PT to clean up a mess. That worked out well.
A slight misquote from Shakespeare:
Tie all the lawyers to a stake - and let them feel the BERN.
Tie all the lawyers to a stake - and let them feel the BERN.
10
Except it's not the lawyers money; it's the clients. Would you BERN the lawyers who represent the poor and dispossessed. Sounds like it to me. What would Bernie do?
One of the reasons why I am not enamored of our current POTUS—he voted for the Panamanian trade deal that enabled these kind of shananigans, as well as other dubious financial dealings. Bernie has yet to change his tune, the one that keeps hitting the nail squarely on its head. Me thinks my subscription to the NYT may be misplaced trust.
8
It's the only song he knows.
We can no longer abide global elites who flaunt the rules they force us to live by. #imwithher
14
Is that Mitt Romney hiding under the covers?
13
From the article:
"Though there is no suggestion of illegality...","Holding money offshore would not be illegal...""While there was no suggestion of illegal activity...".
Like this makes it alright. Who makes these laws? The monied interests who profit from them.
Like Mr Corbyn said: "“The government[s] [of the world] needs to stop pussyfooting around on tax dodging,”
"Though there is no suggestion of illegality...","Holding money offshore would not be illegal...""While there was no suggestion of illegal activity...".
Like this makes it alright. Who makes these laws? The monied interests who profit from them.
Like Mr Corbyn said: "“The government[s] [of the world] needs to stop pussyfooting around on tax dodging,”
16
It may well be that not many Americans turn up on this list because they didn't trust Panama in the first place. Why go long distance to set up offshore accounts when your average NY law firm - who you know and work with on so many other ways to draw down your tax 'burden' - and who have been doing it for decades, will do it for you? One can only hope the Snowden effect snowballs.
15
Let me tell you how it will be
There's one for you, nineteen for me
Cause I'm the taxman, yeah, I'm the taxman..
George Harrison was not tilting at windmills when he wrote that in 1966. Looks like the Brit toffs managed a way around it. Taxman, we barely knew ye!
There's one for you, nineteen for me
Cause I'm the taxman, yeah, I'm the taxman..
George Harrison was not tilting at windmills when he wrote that in 1966. Looks like the Brit toffs managed a way around it. Taxman, we barely knew ye!
5
I just want to send my condolences to all you Bernie Supporters who are heart broken because there hasn't been any mention of Hillary and Bill Clinton in connection with the Panama Papers.
3
read this
http://dailycaller.com/2016/04/05/hillary-clinton-ties-emerge-in-panama-...
my sincere condolences to you.
Feel the Bern!
http://dailycaller.com/2016/04/05/hillary-clinton-ties-emerge-in-panama-...
my sincere condolences to you.
Feel the Bern!
5
No mention of them--yet.
2
Hillary opposed the Panama Free Trade Agreement when she campaigned in 2008. As Secretary of State, she joined President Obama in promoting it. He signed it into law.
She also promoted the TPP -- called it the "gold standard" -- until a few months ago. I'm sure she won't change her mind again if elected.
She also promoted the TPP -- called it the "gold standard" -- until a few months ago. I'm sure she won't change her mind again if elected.
2
What's so disgusting about this is that no one seems to suffer anything but 'embarrassment'. They resign, take their billions with them, and that's it?
17
It's all perfectly legal. It's the system that the 1%, which controls governments, set up for themselves so they can avoid paying taxes that fund the governments. That's for us to do. They just control the governments so they will continue to have a legal system that enables their tax avoidance. Why do you think keeping power in the right hands is so important to them? If government should come within the control of the rest of us, well anything might happen.
6
The Times is so biased it can't even write a straight sentence.
"The politicians, celebrities and sports figures identified in the leaks included close associates of President Vladimir V. Putin of Russia..."
So were those close associates politicians, celebrities, or sports figures? Or -- let me guess -- none of the above!??
"The politicians, celebrities and sports figures identified in the leaks included close associates of President Vladimir V. Putin of Russia..."
So were those close associates politicians, celebrities, or sports figures? Or -- let me guess -- none of the above!??
4
corruption aside, how about a flat tax?
1
Flat taxes are regressive.
3
The oligarchy has no clothes
8
Didn't we all know this already? It's been done throughout history. Look at everything King Tut kept hidden away. We're just a lot better at it now.
But here we are piling on the 1% (more like the .5%) with more flaccid "moral" outrage. "We could use that money for education!" Sure, you know, and do great things with it like the billions of dollars of state lottery money. The fact is the 99.5% and their governments would just throw the money down a rabbit hole anyway.
The only casualty in all of this is the prime minister of Iceland and that's only because Iceland is so small there's no place for him to hide.
Do you have your HDTV? Do you get to watch your favorite shows whenever you want with DVR capability? Isn't the Masters on this weekend? Don't you get gobs and gobs of moral outrage with the likes of millionaire Rachel Maddow?
What official or institution or even nation could take president Putin's money away from him? Great Britain? Why would they do that? They're the ones who hid his money for him in the first place.
But here we are piling on the 1% (more like the .5%) with more flaccid "moral" outrage. "We could use that money for education!" Sure, you know, and do great things with it like the billions of dollars of state lottery money. The fact is the 99.5% and their governments would just throw the money down a rabbit hole anyway.
The only casualty in all of this is the prime minister of Iceland and that's only because Iceland is so small there's no place for him to hide.
Do you have your HDTV? Do you get to watch your favorite shows whenever you want with DVR capability? Isn't the Masters on this weekend? Don't you get gobs and gobs of moral outrage with the likes of millionaire Rachel Maddow?
What official or institution or even nation could take president Putin's money away from him? Great Britain? Why would they do that? They're the ones who hid his money for him in the first place.
1
And conservative German politicians like Shroeder and gobs of other euro politicians who would have never had a shot at this kind of money got rich off Russia's steal and bribe business model. Believe me, all those not in the Panama papers, want to be! Since sanctions, all of europes elite and wanna be elite are missing the Russian grease just like they missed the money when the nazis were rising and buying. Some things never change.
This story from HAAretz tells us moe about the Panama Papers than anything we are likely to see in the US media. The video makes one want to deny membership in our species.
The fact that the Consortium of Investigative journalists mentions the NYT as one of its chosen outlets to make the papers public makes one truly question the Times Political stance. The time has come for along look in the mirror.
http://www.haaretz.com/world-news/1.712497
The fact that the Consortium of Investigative journalists mentions the NYT as one of its chosen outlets to make the papers public makes one truly question the Times Political stance. The time has come for along look in the mirror.
http://www.haaretz.com/world-news/1.712497
5
Tax avoidance is about to become a crime against humanity.
5
as it should!
11
I believe that the Bible is very clear about this matter. A rich man has as much of a chance getting into heaven as a Camel passing through the eye of a needle
5
I don't think these people put great faith in the Bible.
1
it seems strange that the only stories currently being reported don't involve Americans as yet.
17
Where are our southern border despots: Mexico, Guatamela, Hondouras, El Salvador?
1
I guess all this explains the leak in the trickle down theory.
3
As 'Deep Throat,' Mark Feld told Bob Woodward (maybe) in that garage in Washington D.C., 'follow the money.' It will not surprise me within a couple of weeks that we will see the emergence of names like Mitt Romney and his ilk on the lists. He has tax schemes in other parts of the world, so why not in one of these havens. I am not suggesting he will be the only one, but...given his history. And also watch who will be trying to quash the release of any information, that will go a long way towards who is complicit.
2
What if the clintons are among those named? Are you prepared to be ecumenical in your condemnations and prosecutions?
This year, this election, just got so much better. I can't wait for the American names. Thanks to all the hard work for the people who put these papers together and made sure they finally got into the MSM.
9
PM Cameron and other wealthy people can learn from J K Rowling, author of Harry Potter, who refused to send her money offshore tax shelters after she received welfare benefits when she was a poor writer and a single mom.
9
U2 and Bono lead by example also. Bono pleads in public for debt forgiveness for poor nations (to be paid for by taxpayers) yet shelter all their U2 music income in the Netherlands. No wonder U2 is irrelevant.
Are they waiting until the elections done to publish the list of the Americans involved?
9
Where would we be without the leakers and hackers of the world?
Thumbs up for helping expose the greedy underbelly of humanity, especially politicians who enjoy telling the rest of us how to live!
Thumbs up for helping expose the greedy underbelly of humanity, especially politicians who enjoy telling the rest of us how to live!
12
Can you see it coming? The takedown and destruction of the 1%? I welcome it.
6
The guillotine sings again? Is that what you mean to unleash? And you're not Trump supporter?
The entire system is corrupt worldwide. The governments, the politicians, the bankers, the Banks, the lawyers,the justice system. The rich are ripping off the middle class of the Entire World and they are doing a absolutely amazing job of it! The corporate media will keep it on the radar for a little bit. Report a few stories. They will be leashed after a week or two.
They own the politicians so nobody will go to jail. Pay some fines maybe.
People just don't get it. The rich are above the law.
They own the politicians so nobody will go to jail. Pay some fines maybe.
People just don't get it. The rich are above the law.
7
I just read in the daily caller (interestingly under an ad for the special delivery of the New York Times at 50% off) the following headline:
"Hillary Clinton Ties Emerge In Panama Papers"
Wow! Does this seal the deal about electing Bernie Sanders the next president of the United States of America?
It now looks more likely than ever that the first democratic socialist will be elected with a landslide. And I am willing to bet on his first day in office Bernie will pardon Edward Snowden, the great American patriot who pulled the plug from the secret para-government snooping on Americans threatening our democracy.
"Hillary Clinton Ties Emerge In Panama Papers"
Wow! Does this seal the deal about electing Bernie Sanders the next president of the United States of America?
It now looks more likely than ever that the first democratic socialist will be elected with a landslide. And I am willing to bet on his first day in office Bernie will pardon Edward Snowden, the great American patriot who pulled the plug from the secret para-government snooping on Americans threatening our democracy.
3
"And I am willing to bet on his first day in office Bernie will pardon Edward Snowden..."
And you would be wrong. On the second count.
And you would be wrong. On the second count.
1
A conservative news rag is your definitive source? Is this what the Sanders campaign is about?
1
That's where I read that Sanders has early stage dementia.
1
Another major breach of the trust that the public once had in their institutions and the serial felons who control them. Trust nobody. What a way to lead a life!
www.endthemadnessnow.org
www.endthemadnessnow.org
1
Let's remember that good old PULP FICTIO scene.
"The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men. Blessed is he, who in the name of charity and good will, shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children. And I will strike down upon thee with great vengeance and furious anger those who would attempt to poison and destroy my brothers. And you will know my name is the Lord when I shall lay my vengeance upon thee."
I am not a religious person but I find this description is always valid, I am not thinking God will lay vengeance upon them one day, I do not bet on that.
But it is very good and meaningful verse.
"The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men. Blessed is he, who in the name of charity and good will, shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children. And I will strike down upon thee with great vengeance and furious anger those who would attempt to poison and destroy my brothers. And you will know my name is the Lord when I shall lay my vengeance upon thee."
I am not a religious person but I find this description is always valid, I am not thinking God will lay vengeance upon them one day, I do not bet on that.
But it is very good and meaningful verse.
2
A TRICKLE Will become a torrent sooner than we imagine, as the impact of the leaks are felt. The departure of Iceland's prime minister is only the beginning of the mea culpas of a cast of characters among world leaders who knew or should have known about the dirty business of money laundering and collusion with crime syndicates in their own financial institutions. There will be many other shoes dropping in the coming days, weeks and months. I'll be interested to see if the GOP is as sanguine about going after those in the US who may have aided terrorists as they have been in their relentless persecution of Hillary. Frankly, I hope she turns the tables on them good and fast--forcefully. One good candidate for such discoveries would be Trump who is already known to have imported and hired illegal aliens to construct his buildings. I'm sure there's more dirt where that came from. But how would it be possible to discredit him any more than he continually discredits himself? There is an ancient Chinese curse--may you live in interesting times. These are interesting times. Very interesting, indeed.
4
This is "leverage" for the middle and working classes who have paid their taxes as the law requires without creating shell corporations or corporate "inversions, and hiring tax lawyers, corporate lawyers and accounting firms who can do all the tricks for them. Nor have we hired lobbyists to "help" write the tax code to enable us to do all that (barely) legally or paid our Congressmen tens or hundreds of thousands of dollars to protect our wealth. With that "leverage," we can now demand real returns on our "investments" in the government of the United States. How about those good-paying infrastructure jobs, right now. How about raising the minimum wage to a living wage, right now. How about Bernie Sanders' tuition-free public college for our smart, hard-working kids and single-payer Medicare for All coverage, right now. It's time to pay us those unpaid dividends, with interest for all the years our wealthiest haven't paid the taxes they owe.
17
I guess this explains the leak in the trickle down theory.
157
‘It was just as Bernie Sanders predicted in 2011 during his speech to the Senate. Sanders said there was no other legitimate reason to enact a trade agreement with a country as small as Panama.’
“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.”
‘After Obama signed the Panama free trade agreement. Can you imagine Hillary Clinton praised it as a measure to bring jobs back to America?’
http://www.inquisitr.com/2962702/bernie-sanders-predicted-the-panama-tax...
“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.”
‘After Obama signed the Panama free trade agreement. Can you imagine Hillary Clinton praised it as a measure to bring jobs back to America?’
http://www.inquisitr.com/2962702/bernie-sanders-predicted-the-panama-tax...
11
Mrs. Helmsley said it succinctly. The rich don't pay taxes. The only known fact, forever. With the globalization the scale of fraud is going be astronomical. Maybe Billionaires from all around the world will buy America, make it a tax haven and send all the citizens to Third World countries. With a bunch of crooks.
3
It's time for the IarS to declare that no one earning under 300,000 will need to pay taxes this year. We need to insist on this. It's the only way the USA will have reason to reintroduce pre-Reagan tax rates on the wealthy and to prevent corporate theft
Show us the list of the top 1% for all to see. Show us the list of corporate evaders. Publish what they should be paying. Compare that to what the 90% contribute. Then give the 90% a few years off if any tax responsibility until this gets sorted out.
Show us the list of the top 1% for all to see. Show us the list of corporate evaders. Publish what they should be paying. Compare that to what the 90% contribute. Then give the 90% a few years off if any tax responsibility until this gets sorted out.
For those that might be tempted to believe the fallacy that a small island like Iceland would have a political class that doesn't reek of the stench of greed and avarice and deceit that comes with elected office and power, let this serve as a lesson because in the final analysis the type of person that seeks political power, even those that might start out with a hint of good intentions, ends up taking advantage and becoming involved in a morass such as this. In today's world it's impossible to obtain political power without deviating from the rules, I firmly and sadly believe this to be true and Iceland, the island of pure water and natural wonders, is little better than anywhere else and that's the simple truth.
3
The ruling party is radical left --the Progressive Party. The failed Prime Minister is the party chairman. Although he has resigned from his PM position, he remains the Progressive Party's Chairman... So much for the pretty of socialistic philosophy... Check Orwell's "Animal Farm": all animals are equal, said he; but some are more equal than others... Oink...
1
It is incredible the amount of literature/discussion that warns us about the potential harm it would do to the economy if we pegged minimum wages to inflation and yet very little on this shadow worldwide finance network that according to some estimates adds up to $62T.
3
It seems to me all hysteria and reliance on heresay. This looks to me like another ramification of twitter-campaigning.
While there are certainly instances of illegality in the use of off-shore banking centres, most of it is likely legal activity, carried out in conformity with the laws of the various countries.
To understand the reaction one notices here, I think one has to understand 'ressentiment' and the mood that supports contempt for wealth. It is the beginning of a mood that will tend toward the establishment of some level of socialist republic, greater levelling in general. It is what people seem to desire to clamour for.
If there is a specific instance of outright illegality that is spoken of, that is another thing.
The Times, and other news outlets, it seems to me, are feeding their audience luscious stories that feeds resentment and a form of jealously.
While there are certainly instances of illegality in the use of off-shore banking centres, most of it is likely legal activity, carried out in conformity with the laws of the various countries.
To understand the reaction one notices here, I think one has to understand 'ressentiment' and the mood that supports contempt for wealth. It is the beginning of a mood that will tend toward the establishment of some level of socialist republic, greater levelling in general. It is what people seem to desire to clamour for.
If there is a specific instance of outright illegality that is spoken of, that is another thing.
The Times, and other news outlets, it seems to me, are feeding their audience luscious stories that feeds resentment and a form of jealously.
1
Legal!? So what! It was legal to make Jews wear yellow stars! Legal does not always mean good, right, fair or just. It just means paid for!
1
Officials are "scrambling to contain the fallout", and we all know what this means. Deny, equivocate, obfuscate, etc. etc. Not even one coming forward to admit malfeasance and offer some transparency?
Ha, ha, ha, I just thought I would offer you all some comic relief! Take some symbolic useless revenge and vote for Sanders. And take comfort in the fact that the other 99 or whatever percent have also scored big: the minimum wage inches up to $15/yr by 2020 in NY and CA. Those profligate liberals!
Ha, ha, ha, I just thought I would offer you all some comic relief! Take some symbolic useless revenge and vote for Sanders. And take comfort in the fact that the other 99 or whatever percent have also scored big: the minimum wage inches up to $15/yr by 2020 in NY and CA. Those profligate liberals!
6
Mario---
Have you seen Sander's tax returns yet? Have you checked the fancy retreats he held for campaign $? Have you checked his "talks" to the rich?
Have you seen Sander's tax returns yet? Have you checked the fancy retreats he held for campaign $? Have you checked his "talks" to the rich?
2
No, have not. I may have been hasty, my bad.
I heard Rush Limbaugh say today that only socialist leaders were involved in this stuff. How much truth is there in that statement? I realize that Rush is a lying invidious phony but is there any shred of truth in his statement?
There are some 11.5 million documents. The processing of the information they contain has just begun. But maybe Rush is a very practiced speed reader who somehow has gotten access to all of the trove. Ya think?
3
Also how can Putin be considered to be a socialist. Many even compare him to Hitler! Hardly your prototype left winger.
Well, David Cameron is a conservative.
1
The real problem is that our tax rates are so high that none of that money will ever come back to the US. Nobody's admitting it, but offshoring has to have as much to do with the cost of brining money back to the US as it does with cheaper labor overseas.
John: Its simply not true that our tax rates are high for the types of persons who would be able to make use of such off-shore tax havens. Our income tax rates are historically low for the wealthiest Americans. Those saying they are high simply are either not well informed, a victim of propaganda, or alternatively a partisan in spreading propaganda.
4
It has nothing to do with history, it has to do with relative taxes across the globe, think of it as tax arms race. If you as a country want capital inflows offer lower tax rates. In the US top 20% of income earners pay 70% of all taxes.
A few years ago, before the Obama administration gave in to campaign pressures, they went after the rich and their Swiss bank accounts. One character figured it wouldn't touch him; it's the basic arrogance of the rich. He was fined, refused to come clean and was finally jailed.
No one in the developed world should be surprised by the news that people avoid taxes by using offshore companies. What is disappointing is that people are driven to amass fortunes, which they can never spend in their lifetimes, by sometimes questionable means. That is bound to happen unless there are enforceable global financial laws without loopholes. At least we have people like W Bufffet and the W Gates who. despite how their wealth was generated, are willing to pay back their good fortune in meaningful ways.
88
Not too long ago, the Times ran a series of articles about all the luxury real estate owned in NYC by shell corporations, so it's no surprise that the magic shell game also takes place on a global scale.
But here's the question I keep coming back to: if shell corporations exist to facilitate tax evasion, why are they legal? I'm not so naive as to think that tax evasion would disappear if shell corporations were illegal, but it does seem like it would plug a big hole and prevent billions of tax revenue from being stolen from governments around the world. I think it's going to be hard to prosecute these greedy pigs if they are just taking advantage of a legal way to pick our pockets. So again, I ask why are shell companies legal? Do they serve any legitimate purpose? Truly, if anyone knows, I'm curious.
But here's the question I keep coming back to: if shell corporations exist to facilitate tax evasion, why are they legal? I'm not so naive as to think that tax evasion would disappear if shell corporations were illegal, but it does seem like it would plug a big hole and prevent billions of tax revenue from being stolen from governments around the world. I think it's going to be hard to prosecute these greedy pigs if they are just taking advantage of a legal way to pick our pockets. So again, I ask why are shell companies legal? Do they serve any legitimate purpose? Truly, if anyone knows, I'm curious.
125
And then we wonder why working people can't afford a place to live.
1
Ask the legal groups that are set up in Delaware and other states in the US. We are not high on the list of the Panama firm because it is legal here and there is no reason to go elsewhere. I am dumbfounded as well. Ask the IRS!!!!
Of course they serve a purpose, tax avoidance. If the shell companies were simply outlawed, as you properly suggest, then it would be tax evasion, and illegal. All that can be done is to fix this going forward, but it's better than letting it continue unabated.
But the Koch Bros. own the politicians who would make these needed changes into laws. None of us should be holding our collective breath.
But the Koch Bros. own the politicians who would make these needed changes into laws. None of us should be holding our collective breath.
1
Waiting for this to uncover dirt on our shores. Certainly, there are US 1%-ters involved with this, as well as politicians.
This scandal, plus, the one reported last week, in the Huffington Post/Fairfax Media (Australia) will probably net more 1%-ters and domestic politicians.
Amazing, how the greedy can't get enough wealth; and the break the law to amass even more. To the point, it is bringing down governments.
This scandal, plus, the one reported last week, in the Huffington Post/Fairfax Media (Australia) will probably net more 1%-ters and domestic politicians.
Amazing, how the greedy can't get enough wealth; and the break the law to amass even more. To the point, it is bringing down governments.
28
I don't think they break the law in doing this. You see, they control governments, so they can create laws that make this all perfectly legal and in doing so, they have an arrangement whereby they can avoid taxation and make you and me pay for the government they control. This is why control of the government by the 1% is so very important to them. If they lose it, laws are in danger of changing and all of their schemes might indeed become illegal.
6
It's been said that after a certain point it's really not about money but rather keeping score.
1
I just read Hillary Clinton appears in the Panama Papers, if confirmed the presidency will belong to Bernie Sanders.
4
Glass half full?
The super rich have been getting away with unprecedented thievery in recent decades,both hidden and in the open. Paradoxically, the crack down on hidden assets was triggered by the US government (Swiss accounts etc.) because the government needed these billions to plug deficits brought on, among other things, by endless wars. It might not look that way, but on the whole, I do believe that the world is moving toward an era of more transparency and accountability thus fairer societies. We can say that the system is rigged, but it's getting harder to hide; even for the very rich.
The super rich have been getting away with unprecedented thievery in recent decades,both hidden and in the open. Paradoxically, the crack down on hidden assets was triggered by the US government (Swiss accounts etc.) because the government needed these billions to plug deficits brought on, among other things, by endless wars. It might not look that way, but on the whole, I do believe that the world is moving toward an era of more transparency and accountability thus fairer societies. We can say that the system is rigged, but it's getting harder to hide; even for the very rich.
17
@joe catona,
Greater transparency triggered by efforts to plug deficits caused by endless wars? That's the half full glass? Are we supposed to feel more optimistic now? I'll guess that no one ever asks this, but, considering the circumstances: what's in this half full glass? I wonder if the glass has any cracks in it.
4-5-16@5:18 pm
Greater transparency triggered by efforts to plug deficits caused by endless wars? That's the half full glass? Are we supposed to feel more optimistic now? I'll guess that no one ever asks this, but, considering the circumstances: what's in this half full glass? I wonder if the glass has any cracks in it.
4-5-16@5:18 pm
Understood , but the fact that we're able to comment on it and that we now know about it is a good thing.
1
@joe catona,
Fair enough. Absolutely. I see your point. The amount of $$$ is astronomical. As someone told me about low temps during Chicago winters "after a while I stop counting." But we do know now, we can discuss it and that's definitely more than we had before. That's the difference and it is good.
4-6-16@11:50 am
Fair enough. Absolutely. I see your point. The amount of $$$ is astronomical. As someone told me about low temps during Chicago winters "after a while I stop counting." But we do know now, we can discuss it and that's definitely more than we had before. That's the difference and it is good.
4-6-16@11:50 am
1
The world is riddled with corruption. Why bother? It is like the war on drugs...total futility.
4
not true -
before vaccinations we lost millions of lives to infectious diseases. No more. Progress is not only possible it is inevitable.
before vaccinations we lost millions of lives to infectious diseases. No more. Progress is not only possible it is inevitable.
4
Now who in the U.S. is on that list? Any presidential candidates? Memebers of Congress? How about major shareholders of the Times, or other media outlets? I'll wager that at least one billionaire is on the list. Tax avoiadance is their mantra, any which way possible. It could also explain the "corporate media's disadain for Sanders. He did oppose the Panama Free Trade deal back in 2011, while Clinton enthusiastically supported it. Time for her to release her tax statements, and contents of her Wall St speeches. Now, I'm wondering why she won't do it.
39
Actually Lou, Hillary Clinton has released her tax returns but Bernie Sanders has not. (He has only released the first page of his 1040.)
3
@lou andrews,
Corporate media vs Sanders? You just said a mouthful. I thought of him, while reading this. Tax avoidance vs reform. Reform is part of Sanders's marrow. He's allergic to cheating and has a bloodhound's nose for finding it. It would definitely explain a lot about the blackout, starting with the NYT.
They're discussing this on Democracy Now!
4-5-16@4:59 pm
Corporate media vs Sanders? You just said a mouthful. I thought of him, while reading this. Tax avoidance vs reform. Reform is part of Sanders's marrow. He's allergic to cheating and has a bloodhound's nose for finding it. It would definitely explain a lot about the blackout, starting with the NYT.
They're discussing this on Democracy Now!
4-5-16@4:59 pm
4
It is at least a measure of the decency of Iceland that something like this would bring down a prime minister there. Meanwhile Saudi Arabia and Russia will forever remember today as 'Tuesday.'
32
“Many of the figures named in the leak have denied in the strongest terms that they had broken any laws.” Well, that’s precisely the problem, isn’t it? The laws are set up to specifically permit what amounts to nothing more than legally sanctioned corruption.
55
hard to break th laws when you write them
4
Well, you buy the politicians to write the laws that make everything you do to avoid taxation perfectly legal. That's how it works.
2
Hiding money overseas to save taxes or storing Govt Classified Information at home server have at least two things in common. Bad faith and not transparent to citizens.
DNC needs to stop pussyfooting around on Hillary email scandal and ask her to drop her candidacy. Most People (except those on Welfare) don't trust her.
DNC needs to stop pussyfooting around on Hillary email scandal and ask her to drop her candidacy. Most People (except those on Welfare) don't trust her.
15
As I read this I thought to myself, "i wonder how many comments down i'll have to scroll before someone reflexively associates this story with partisan American politics even though it has nothing to do with it?" The answer was 3. 3 comments.
6
That's quite stretch. Think I threw something out, trying to follow it.
2
...and you know this how?
1
boy in the bubble:
"And I believe
These are the days of lasers in the jungle
Lasers in the jungle somewhere
Staccato signals of constant information
a loose affiliation of millionaires
And billionaires, and baby. . ."
Paul Simon
"And I believe
These are the days of lasers in the jungle
Lasers in the jungle somewhere
Staccato signals of constant information
a loose affiliation of millionaires
And billionaires, and baby. . ."
Paul Simon
20
So maybe the Race will be down to Kasich and Bernie, everyone else blown out for financial or sex scandal(that's you Cruz). Bill and Hillary are worth a couple of hundred million, did they have help?
5
Actually, the Clinton Foundation holds something like $2 Billion funneled in through their Canadian charity that doesn't disclose donors.
Why would anyone want the Clinton's back in the White House, except for all their moneyed friends?
Why would anyone want the Clinton's back in the White House, except for all their moneyed friends?
3
Agree with your sentiment. The tragedy is that neither has a chance. The deck is stacked. Think super delegates.
1
Why should we be surprised? The global system of power and influence was built by offshore banks who have been paid exorbitantly to hide and "shelter" illicitly consummated funds. The question is- now, what? Something gargantuan needs to happen in the area of offshore regulation. I guess Iceland is a start.
8
So much corruption highlights just how difficult it is to make enough money to live even reasonably well without resorting to criminal activities.
Kudos to the honest men and women who keep a roof over their family's heads and put food on the table despite the mounting odds against them!
Kudos to the honest men and women who keep a roof over their family's heads and put food on the table despite the mounting odds against them!
17
Some people are wondering why there may be relatively few Americans named in the Panama documents. One reason is because that data hasn't been released yet. Our turn is coming.
12
@FanofMarieKarenPhil,
I couldn't help thinking of Selena Kyle "There's a storm coming, Mr. Wayne..."
Bernie's Birdie 2016
4-5-16@5:23 pm
I couldn't help thinking of Selena Kyle "There's a storm coming, Mr. Wayne..."
Bernie's Birdie 2016
4-5-16@5:23 pm
14
Both Nevada and Delaware have extensive banking secrecy laws that allow these (Panama/British Virgin Islands) type of activities to occur here.
3
God I hope so.
There is something disconcerting about this man's weird smile. My guess is he takes a short jump off a long cliff sometime very soon. And he won't be the last. There will be droves of them. Pigs twisting and turning in the air in slow motion. Shimmering clouds of dollar bills flapping all around them. It's going to be like a live Pink Floyd video.
14
This could be enormously important for Britain.
It is just the sort of thing Corbyn needs to push back against those who have been attacking him so relentlessly in favor of wealth and privilege.
I hope they've got Blair's name in there too. Corbyn could then do a clean sweep of both parties.
This could be a political new beginning for Britain.
It is just the sort of thing Corbyn needs to push back against those who have been attacking him so relentlessly in favor of wealth and privilege.
I hope they've got Blair's name in there too. Corbyn could then do a clean sweep of both parties.
This could be a political new beginning for Britain.
17
Tax heavens must go , end of story.I find it very strange that politicians ' / companies bedfellows leave much to be desired .Goes to prove that many don't practice what they preach not that they are taken seriously
5
It is just a matter of time before we learn which American leaders are invested in this shadowy tax dodge. My money is on the Clintons and Bush's.
The quote that I love is 'one one rule for the rich and one rule for everyone else' sums of the core issue. Here is to hoping Obama and Biden are not involved....
The quote that I love is 'one one rule for the rich and one rule for everyone else' sums of the core issue. Here is to hoping Obama and Biden are not involved....
17
1
No mention whatsoever in this article that Hillary backed the Panama-U.S. Trade Promotion Agreement (TPA) in 2011, further enabling tax evasion in Panama. Sanders fought this deal and had this to say:
"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."
He was right then and he is right now. But you won't read it in The Hillary Times.
"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."
He was right then and he is right now. But you won't read it in The Hillary Times.
97
I just posted on the Clinton connection as well. The Times REALLY ought to be ashamed of itself. Between inserting random, poorly formulated Trump bashing into articles about fashion, the arts or the increasing popularity of artisanal cat food, and stonewalling HRC and the Clinton Foundation's connections with financial shenanigans, the veracity and integrity of the paper of record has never been more suspect.
4
Thank you!!!!!!
2
The New York Times won't report it, because they bow to the party elites and Wall Street (hence their love of Ms. Clinton, the Wall Street-backed candidate) but we can. Cut, paste and send everywhere that Sanders knew about Panama and acted on it, while Clinton ignored it. It's already up on social media, that Clinton favored the Panama-U.S. TPA and that Sanders opposed it as supporting a country that our corporations used to evade paying U.S. taxes. Clinton knew it was a tax haven, too, but she didn't care. Sanders did. And that was five years ago. Let folks know!
And P.S. NYT: Young people don't read your newspaper, so all these pro-Sanders comments in your newspaper are obviously coming from older people. Not that some of us aren't flattered by being labeled youthful. But the fact that the New York Times is dismissing Sanders supporters on your comments pages as young is especially ridiculous when you very well know the average age of your readers.
And P.S. NYT: Young people don't read your newspaper, so all these pro-Sanders comments in your newspaper are obviously coming from older people. Not that some of us aren't flattered by being labeled youthful. But the fact that the New York Times is dismissing Sanders supporters on your comments pages as young is especially ridiculous when you very well know the average age of your readers.
This is exactly the kind of thing that feeds into the Trump narrative. Western democracies have spent 70 years creating a political class that is incompetent at best and corrupt at worst and no matter how off the cuff Trumps sounds some of us will always take our chances with someone who has made it in the "real world" as opposed to the hacks we have now.
7
Trump-- making it in the real world? He was given about a million dollars when he was young, by his father.
Do you think that Trump is innocent of any tax-avoidance scheming? How about Cruz? Maybe Hillary? I have no evidence either way but I'd like to have a peek under those rocks. Basically, in this world if you are filthy rich then you are a suspect.
I listened to coverage of this on NPR while travelling for work yesterday. It seemed to me that people were actually surprised that the rich and powerful were willing to skirt and/or break the law in order to protect their money. I don't understand this. We've seen that the mega-rich and their wanna-be emulators do not believe the laws and norms of the world apply to them the same way they do to the rest of us.
21
I'm preparing a public statement regarding the millions of Rai Stones, Quid, Chiemgauer, Kekfrank and Canadian Tire Cash that I have been investing for my retirement. I am confident that my lawyer did everything legally.
2
Reminder to self: Invest in pitchforks.
50
Just the fact that 950,000 companies are registered in the BVI should give one pause.
Factories? Warehouses? Shipping & receiving docks? No, just an address.
Who gives a good flying F*** if it's "all perfectly legal"? It's money for jam: no effort, no productive activity, no "jobs created," no useful goods supplied or services rendered to those who need them.
One of the major vectors of inequality is that flipping money back and forth at a terminal is rewarded more highly than work requiring effort. And those of us in work that requires effort are told to be grateful for it, and for the shoddy goods and despoiled environment that is all we can afford.
Factories? Warehouses? Shipping & receiving docks? No, just an address.
Who gives a good flying F*** if it's "all perfectly legal"? It's money for jam: no effort, no productive activity, no "jobs created," no useful goods supplied or services rendered to those who need them.
One of the major vectors of inequality is that flipping money back and forth at a terminal is rewarded more highly than work requiring effort. And those of us in work that requires effort are told to be grateful for it, and for the shoddy goods and despoiled environment that is all we can afford.
49
It's a consequence of stealing from the rich. Bernie promises to steal from them, so they're getting it out of the US before he can.
1
Well said Nancy!
It is slavery disguised as hard work.
1
How about the Americans involved in all this? Who are the Americans mentioned in the Panama Papers...with their legal or not so legal off-shore companies?
24
That info is coming in the next release. Remember it's 2.6TB of data - it's a lot for the reporters to sift through and report on responsibly. Will be very interesting to see which Canadians are involved, although I can hazard a few guesses.
3
Let be honest little bit !
What is the main issue with Panama papers?
Avoiding tax payment and sending wealth to some haven.
We have party it is main election agenda involves to not to pay tax , in particular rich. The entire party's standing and goal is making rich pay less tax or no tax, until that happens this is the way how rich hides money.
What is the main issue with Panama papers?
Avoiding tax payment and sending wealth to some haven.
We have party it is main election agenda involves to not to pay tax , in particular rich. The entire party's standing and goal is making rich pay less tax or no tax, until that happens this is the way how rich hides money.
3
RIch no be able anymore to hide money. Rich now pay taxes through the nose.
1
Read the book Treasure Island by Nicholas Shaxon.
Wall Street, the British crown, the CIA, and British banks are invested heavily in the shadow banks. Senator Kerry was threatened when he investigated where the rich hid their money.
Wall Street, the British crown, the CIA, and British banks are invested heavily in the shadow banks. Senator Kerry was threatened when he investigated where the rich hid their money.
12
Check this opinion which comes to us from Asia (Hong Kong's South China Morning Post):
"The most worrying aspect of this scandal is the huge shortfall in US efforts to tackle global money laundering," Ben Rose, partner and co-founder at criminal law firm Hickman & Rose, said in an email.
"Panama is not quite the 51st state, but it is closely tied to the US, within its sphere of influence and umbilically linked by the two countries' mutual benefit from the canal. It is extraordinary that it continues to operate in this way."
"The most worrying aspect of this scandal is the huge shortfall in US efforts to tackle global money laundering," Ben Rose, partner and co-founder at criminal law firm Hickman & Rose, said in an email.
"Panama is not quite the 51st state, but it is closely tied to the US, within its sphere of influence and umbilically linked by the two countries' mutual benefit from the canal. It is extraordinary that it continues to operate in this way."
15
The International Business Times is saying that critics of 2011 Panama Free Trade Agreement identified rampant money laundering as possible consequence of that legislation, but that despite these warnings, President Obama and then Secretary of State Hillary Clinton pushed the agreement through Congress.
27
They work for the corporations. Who do you think is in charge? Mr. Step and Fetch It??
1
Iceland?
"Let him go. Tra la la. Let him go. Tra la la."
To jail.
"Let him go. Tra la la. Let him go. Tra la la."
To jail.
2
I just don't understand one part, why a Saudi king put money in panama, who can control the king.
As if some body come out and demand accountability to Saudi King?
Why the effort? any idea.
As if some body come out and demand accountability to Saudi King?
Why the effort? any idea.
2
Because he knows he may not be king forever. Even kings and bankers can't be sure that their deeds will never catch up with them.
4
Nicholas do you know the history of Saudi Kings, they died in their palace. None of them run away or exiled.
Dare to say something about how Saudi King spent his money.
I mean because it is off shore and it is hidden how to roam in the world , most likely finance the ISIS terrorism.
I do not believe , the same reason Cameron father stashed away money.
Dare to say something about how Saudi King spent his money.
I mean because it is off shore and it is hidden how to roam in the world , most likely finance the ISIS terrorism.
I do not believe , the same reason Cameron father stashed away money.
1
Yet ANOTHER "I told you so" for Bernie Sanders. Where was Hillary? Haven't looked but I'll bet she was for the Panama "trade deal".
https://www.youtube.com/watch?v=u0mAwRAFC2U
https://www.youtube.com/watch?v=u0mAwRAFC2U
21
This is all great, however think for a moment on how societies are being destroyed by on one hand tyrannical governments and on the other the big brother internet. In this case journalists working on stolen data from a private company are pointing the finger as if they were judicial prosecutors, well, they are not. Some of the people accused may be totally innocent and one really hopes lawsuits against the news media are brought up swiftly by them.
1
A timely book providing the history of these tax evasion havens is 'The Hidden Wealth of Nations'. Data is presented and whilst no name of persons or companies are given, countries complicate are identified.
5
It was clear the moment the news broke that Iceland's prime minister would be gone in no time at all. I believe Iceland was the only nation that actually jailed bankers after the 2008 financial collapse. There are only 323,000 Icelanders but perhaps we could learn from them.
38
Feel the Bern, indeed, it's my want for a real burn.
12
Most of this is legal--although politically it does not play well with the constituents. What we are looking at is very loosely regulated capitalism.
Many of us prefer capitalism to socialism---but parameters need to be established. Head offices cannot continue to move abroad to avoid taxes, nor can tax shelters like this exist. Even Adam Smith never envisioned this.
Many of us prefer capitalism to socialism---but parameters need to be established. Head offices cannot continue to move abroad to avoid taxes, nor can tax shelters like this exist. Even Adam Smith never envisioned this.
18
The act is legal, yes. But if they didn't report it, then they are doing what most of these people are doing - hiding money from their taxation systems = illegal.
8
Legal but immoral and ethically repulsive. Also it will destroy our society because evil always self-destructs.
Wave after wave , we the 99% saw how rich was rigging the game.
Enron, Subprime mortgage scheme, Madoff crises etc.
What we demand so far is barely holding this tsunami at the bay. Our national wealth is eroding.
Enron, Subprime mortgage scheme, Madoff crises etc.
What we demand so far is barely holding this tsunami at the bay. Our national wealth is eroding.
22
We approach the end of "Animal Farm."
The hard-working animals look into the farmhouse from outside in the cold. Inside, the gluttonous pigs feast and slop.
The hard-working animals look into the farmhouse from outside in the cold. Inside, the gluttonous pigs feast and slop.
204
Time to feast on bacon!
3
As usual, republicans here use this to only attack the Clintons based on hypothetical accusations.
The Kochs, who hate the Clintons, are spending $900 million on this election and it's not on who to vote for but to not vote for Clinton.
The Kochs, who hate the Clintons, are spending $900 million on this election and it's not on who to vote for but to not vote for Clinton.
6
Does Dennis Hastert's name appear in this documentation?
7
"Officials around the world, from Europe to Asia to the Americas, were scrambling on Tuesday to contain the fallout ..."
I noticed that MSNBC, Fox, and CNN have been yammering away about the Wisconsin primary.
Meanwhile Obama went on TV, no doubt realizing that this scandal has just blown up Donald Trump's plans for punishing companies that move abroad, and that the election campaign is now going to focus on which candidates -- or their spouses or PACS or charities -- have passed funds to or from offshore companies.
I noticed that MSNBC, Fox, and CNN have been yammering away about the Wisconsin primary.
Meanwhile Obama went on TV, no doubt realizing that this scandal has just blown up Donald Trump's plans for punishing companies that move abroad, and that the election campaign is now going to focus on which candidates -- or their spouses or PACS or charities -- have passed funds to or from offshore companies.
8
How was Gunlaugsson as a Prime Minister? Was he doing any good things for his country? Does anyone care? Did he do anything illegal? Did anyone do anything illegal?
There is something deeply wrong with this kind of scandal-mongering by the press using leaked information. There is no context, and no recourse or due process for those named. It plays cynically on public resentments and distrust to create a firestorm--and a great deal of mileage for the press.
How do we know the leak is not deliberately targeted at certain individuals, while letting others off the hook? We don't see any US names, and surely America's wealthy businesspersons and politicians must be some of the biggest users of tax-free havens.
Vladimir Putin is being aggressively smeared although no one has accused him of having offshore accounts. Western press and governments have been doing everything they can to bring him down, because it drives them crazy that he makes them look so incompetent in world affairs.
I don't think this helps in the slightest, and can do a great deal of harm. It's naive to think it will lead to significant restrictions on the use of tax havens; this is all about newspaper revenues and reputations. "Tail wags dog; details eventually. Meanwhile, here's a pitchfork."
There is something deeply wrong with this kind of scandal-mongering by the press using leaked information. There is no context, and no recourse or due process for those named. It plays cynically on public resentments and distrust to create a firestorm--and a great deal of mileage for the press.
How do we know the leak is not deliberately targeted at certain individuals, while letting others off the hook? We don't see any US names, and surely America's wealthy businesspersons and politicians must be some of the biggest users of tax-free havens.
Vladimir Putin is being aggressively smeared although no one has accused him of having offshore accounts. Western press and governments have been doing everything they can to bring him down, because it drives them crazy that he makes them look so incompetent in world affairs.
I don't think this helps in the slightest, and can do a great deal of harm. It's naive to think it will lead to significant restrictions on the use of tax havens; this is all about newspaper revenues and reputations. "Tail wags dog; details eventually. Meanwhile, here's a pitchfork."
2
what part you don't get it , SCANDAL.
2
There's an old saying in Buddhism: "When you throw a stick for a dog, the dog runs mindlessly after it, but if you throw a stick for a lion, the lion looks to see who threw it. Better to be like the lion."
3
Seems like an inordinate amount of work to set up an untrackable LLC just for the fun of it. Have you done so lately?
Here comes the sun...tra la la la
And I say...
It's alright.
World's greatest disinfectant does it again.
And I say...
It's alright.
World's greatest disinfectant does it again.
8
No shock in USA. We allow shell companies and secret offshore accounts for the rich without penalty already. Business as usual around here.
27
Yes, insist that government and its officials and its bureaucrats oversee and regulate everything and everybody that should be overseen and regulated by market forces alone....
What could possibly go wrong?
What could possibly go wrong?
2
Lift up the rock and watch the bugs scurry out.
8
Hmm, let's see...the story of the Panama Papers broke in the Chicago Tribune and its syndicated papers yesterday and was not picked up till much later by this paper. And now you splash it on the front page as if to "own" it because the scandal is too big to be contained...
5
So how many times in this article did it say: this is not illegal, but ....?
I am sure our democratic representatives will be most eager to shore up this practice and make it illegal.
Of course, this would require a complete rewiring of our politicians' brains and a reversal of the many efforts of our lobbyists, corporations, wealthy individuals, Congress, and Supreme Court to make legal what is really unethical and illegal.
Thanks to their highly successful efforts, we Americans now have legalized political bribery (Citizens United, our dark money campaign finance laws), and we have legalized banking de-regulation (bye-bye Glass Steagall; let's gut the Dodd-Frank bill too).
And, according to this article, we now have legalized tax evasion.
Shall we hold our collective breath until our politicians fix what they intentionally broke?
I am sure our democratic representatives will be most eager to shore up this practice and make it illegal.
Of course, this would require a complete rewiring of our politicians' brains and a reversal of the many efforts of our lobbyists, corporations, wealthy individuals, Congress, and Supreme Court to make legal what is really unethical and illegal.
Thanks to their highly successful efforts, we Americans now have legalized political bribery (Citizens United, our dark money campaign finance laws), and we have legalized banking de-regulation (bye-bye Glass Steagall; let's gut the Dodd-Frank bill too).
And, according to this article, we now have legalized tax evasion.
Shall we hold our collective breath until our politicians fix what they intentionally broke?
9
When the Lord Jesus Christ returns to earth on Judgement Day, what are all of these greedy, dishonest people going to say to Him?
2
Rofl
1
@Lawrence- i hear he too, is on the list. Tax shelter in heaven
Hillary should get out of the race now to save us from having to go through her resignation for corruption later on.
10
How can we trust the consortium? Duh , China and Ukraine and Saudi folks are guilty.
Will we here of families and bankers ad politicians from USA?
Will we here of families and bankers ad politicians from USA?
3
First of all, this is not a thing is discovered or unknown. Nothing new.
It is the toughest part getting any proof from this kind of financial institution. Hacked and now we know whom they are.
But meanwhile let me ask this question.
What is Brexit is actually? what is the underlying theme in Brexit?
The core issue is in Brexit , exactly London financial institutes want to go out from EU regulatory system. Increasing this kind of money making business.
The point is top 1% is already trying the establish off shore banking is a standart procedure, that si where money makes money.
As usual , all kind of greedy leech is discovered.
But thinking that this off shore banking issue is a individual person playing nasty is a fallacy. This is a system and it is already legal and it is already swallowing chunk of money from the world economy.
It is the toughest part getting any proof from this kind of financial institution. Hacked and now we know whom they are.
But meanwhile let me ask this question.
What is Brexit is actually? what is the underlying theme in Brexit?
The core issue is in Brexit , exactly London financial institutes want to go out from EU regulatory system. Increasing this kind of money making business.
The point is top 1% is already trying the establish off shore banking is a standart procedure, that si where money makes money.
As usual , all kind of greedy leech is discovered.
But thinking that this off shore banking issue is a individual person playing nasty is a fallacy. This is a system and it is already legal and it is already swallowing chunk of money from the world economy.
3
If it is disclosed that Bernie Sanders, or a relative of his, has an off shore account, then we can be sure this is all a CIA plot.
6
You haven't see his tax returns yet......
The Clintons are probably in there somewhere.
10
In Stoneridge v. Scientific-Atlanta, Inc, the Supreme Court insulated the Enron banks and other aider and abettors of fraud of liability to the victims. It's one of the worst decisions in the last 20 years, decided 5-4, hardly mentioned in the mainstream.
15
Bernie opposed this. Hillary supported it. Why am I not surprised?
20
Hillary and Obama supported a trade deal because it would make it easier to sell American products and hence help the economy grow more jobs for Americans. They didn't support the tax evasion.
I am at a loss to understand why so many comments are talking about the Clintons when absolutely nothing in the articles I have read says they have the remotest link to the Panama Papers.
I am at a loss to understand why so many comments are talking about the Clintons when absolutely nothing in the articles I have read says they have the remotest link to the Panama Papers.
4
Well, Ann, Bernie was able to forsee that the trade agreement would open the door to exactly the problem that the Panama Papers are revealing. Why couldn't Hillary see that? Or did she choose to ignore it?
A little sunlight is an excellent disinfectant against corruption.
Imagine all the worldwide good these untaxed billions could provide to their countries' infrastructures and social programs.
Greed is global.
Imagine all the worldwide good these untaxed billions could provide to their countries' infrastructures and social programs.
Greed is global.
10
For an island nation like Iceland, it's not surprising that most of its holdings are "offshore", otherwise there's not much there to hold onto. How is it that the financial industry has come to have so many legal yet unethical tools in its bag of tricks?
2
In Iceland they quit. In England, they are hounded. Here they are endlessly welcomed on talk shows. We are an exceptional nation.
37
We have a party for this scheme , GOP. main mantra is do not pay tax .
3
Here they are elected to lead us further down the rabbit hole!
Is this what they’re referring to when politicians claim hardworking job creators are already paying their fair share of taxes.
2
The Times' slowness on this story disturbs me deeply.
43
We all have a lot to learn from a tiny country Bhutan https://www.youtube.com/watch?v=xCLZT5m6jaA&feature=youtu.be
Their GDP is $2 billion, less than the global empire Clinton Foundation. This little is Carbon Negative, with 72% country that is under forest cover. They are the happiest too, they provide free education, free health, if students are good, free college even.
Their GDP is $2 billion, less than the global empire Clinton Foundation. This little is Carbon Negative, with 72% country that is under forest cover. They are the happiest too, they provide free education, free health, if students are good, free college even.
5
they also forcefully deported ethnic Nepalise, and Indians, in an ethnic cleansing campaign. they aren't the angels you make them out to be.
Apr 5, 2016
PARIS – The trio of British banking giant HSBC and Swiss institutions UBS and Credit Suisse set up more than 4,500 offshore companies through Panama-based law firm Mossack Fonseca, Le Monde newspaper reported Tuesday.
HSBC created 2,300 offshore companies, Credit Suisse has 1,105 and UBS, has 1,100, while France’s Societe Generale has 979, according to the latest revelations from the vast leak of documents dubbed the “Panama Papers.”
Le Monde reported that 365 banks across the world had used the services of Mossack Fonseca, the firm at the center of allegations.
Other major banks mentioned in the report include Germany’s Deutsche Bank and Nordea, which does business in Nordic and Baltic countries.
9
have any of these big bank's corporate executives been prosecuted yet for the 2008 meltdown?
74
And is it any coincidence that Credit Suisse (and several others) paid a huge fine to the US government for hiding the money of high income Americans from the IRS? Or that Hillary personally paid a large roll in reducing the number of suspects in these IRS cases from tens of thousands to hundreds (she took a short hiatus from her Sec of state negotiations to fly to Europe specifically to do so) . Or that she favored the Panama Free Trade (a bit of a generous term it seems now) Pact.
1
So you know. Here is Bernie Sanders in 2011. https://www.youtube.com/watch?v=LrsI0Sw2hq8
And here is Hillary. http://www.ibtimes.com/panama-papers-obama-clinton-pushed-trade-deal-ami...
And here is Hillary. http://www.ibtimes.com/panama-papers-obama-clinton-pushed-trade-deal-ami...
16
Bernie is truly prophetic
5
Seems like those older folks white, black latino who support Clinton are clueless about her true record. They have fallen for her and the DNC's PR campaign making her look like some godess. godess of the underworld would be more like it.
7
It is time we "off-shored" these crooks - to Guantanamo.
16
This is just the tip of the iceberg when it comes to income inequality. Thank god the Treasury Dept is cracking down on shadow or inverted companies. They need to pay their fare share of taxes. We could easily pay for a single payer healthcare in this country with the hidden wealth going tax free.
17
Resigns to live the life of Riley. Take them all down and make them live in Yemen.
10
Wait -- so Bernie was right all along? And all the DNC cronies were lying to save themselves? And most of you believed them, and mocked us, and told us we were naive?
Told you so.
Told you so.
35
Looking forward to more leaks like this. Although, as some have indicated, only in a country like Iceland would anyone take responsibility and resign. That would never happen in the US.
13
I am sure that someday we will seriously evaluate the contribution and value made our nation by the domestic offshore and cleaning work performed by the 1st State, Delaware - Dollars Efficienctly Laundered And Washed Refurned Evasively.
4
Seems like the Prime Minister may have tossed Iceland under a bus as this seems to me to invalidate Iceland's decision to simply not pay back the money they were owing when the banking crisis hit. If their people were in it up to their necks like the PM here then there is no validity to the justifications they gave for not repaying debt.
1
Only jail time will stop the corruption. Country leaders or CEO's are not above the law, and they need to be help accountable.
13
Do they have anything on donal Trump?
2
Every year about this time my wife and I write what is for us a very large check to the IRS (because of the nature of our jobs, we don't have withholding). I have never cheated once. NOT ONCE, in over 20 years doing my taxes. Normally I just bite the bullet and think to myself, "Well, I'm doing my part as a citizen." This year I will be thinking something different.
Of course I know corruption is rampant in this world, but I had no idea it was so enormously systemic and systematic. And to think this is just one single law firm. It's mind boggling and maddening. I can barely bring myself to read about it. I do not doubt for a second that there are many American "rich and powerful" in these files or those of other firms.
Are there any virtuous, honorable luminaries left in the world? Were there ever? Are they all just as conniving and hypocritical as the ones we're reading about this week? Today, I have my doubts. I hope this is the start of something. I hope more leaks emerge, and I hope the journalists continue to do their jobs for the PEOPLE.
Sitting here right now in a coffee shop in London, watching good people trudging home after another long day at work. All kinds of people here, from all over the world, regular folks with regular worries, all trudging along within a system run by greedy beasts. And as one commenter asks: for what? This is why the guillotine was invented, folks. I'm not demanding such violence, but I do demand accountability. Open the books!
Of course I know corruption is rampant in this world, but I had no idea it was so enormously systemic and systematic. And to think this is just one single law firm. It's mind boggling and maddening. I can barely bring myself to read about it. I do not doubt for a second that there are many American "rich and powerful" in these files or those of other firms.
Are there any virtuous, honorable luminaries left in the world? Were there ever? Are they all just as conniving and hypocritical as the ones we're reading about this week? Today, I have my doubts. I hope this is the start of something. I hope more leaks emerge, and I hope the journalists continue to do their jobs for the PEOPLE.
Sitting here right now in a coffee shop in London, watching good people trudging home after another long day at work. All kinds of people here, from all over the world, regular folks with regular worries, all trudging along within a system run by greedy beasts. And as one commenter asks: for what? This is why the guillotine was invented, folks. I'm not demanding such violence, but I do demand accountability. Open the books!
145
Thank you for doing your part. Don't think it's not appreciated.
17
This is not systemic or systematic, this is a willfull crime syndicate.
8
Sorry Sir, but I don't have time to read your letter. I am too busy watching Good Morning America babble about a pointless election.....business as usual
1
Let's hope any revelations about Trump's involvement here is not exposed until AFTER he wins the nomination. Then we can play this video from a few years ago to see how Bernie felt about Panama and trade agreements. https://www.youtube.com/watch?v=LrsI0Sw2hq8
4
When you have loads of money salted away in offshore accounts, you get to call it retiring, not resigning.
3
I look forward to seeing what comes out of the Panama Papers in regards to the US. President Obama signed into law a trade agreement with the small country over the premise of 'creating jobs,' when Panama is the world leader in tax haven for the rich.
7
Good interview that shows equivalency of Panama and Delaware:
http://therealnews.com/t2/index.php?option=com_content&task=view&...
http://therealnews.com/t2/index.php?option=com_content&task=view&...
4
im always open to new investment opportunities
perhaps there are companies in th usa manufacturing and selling modern versions of th guillotine
i could see investing in a business like that
it might have some real growth potential
perhaps there are companies in th usa manufacturing and selling modern versions of th guillotine
i could see investing in a business like that
it might have some real growth potential
7
Tax shelters are all over the place; my understanding is all the olive oil stores that have been sprouting up with little in the way of real business in expensive storefronts are tax shelters. Of course there is a world of difference between tax avoidance and tax evasion, morally, not so much. I would be ashamed of using tax shelters with not other real purpose, it is not how money should be directed.
3
in 2011, Obama signed a trade agreement further enabling Panamanian creation of companies to dodge US taxes, HRC touted it … and a prescient Sen. Bernie Sanders condemned it … watch here:
https://youtu.be/u0mAwRAFC2U
https://youtu.be/u0mAwRAFC2U
8
As the names of US citizens implicated in the story are revealed, the US presidential election could take yet another stunning and unforeseen turn. The timing is fortuitous for Bernie Sanders, who warned of exactly this kind of scandal when he spoke against a US trade agreement with Panama in 2011.
http://www.theguardian.com/news/commentisfree/2016/apr/05/panama-papers-...
http://www.theguardian.com/news/commentisfree/2016/apr/05/panama-papers-...
12
In this Panama Papers scandal with hundreds of thousands of offshore shell companies, it will be vitally interesting to see if any of the Clinton machine and "foundation" is involved—
Would that we could have had this kind of inside information from the Rose Law Firm and its mysteriously disappearing documents during the Whitewater investigation.
Would that we could have had this kind of inside information from the Rose Law Firm and its mysteriously disappearing documents during the Whitewater investigation.
1
I saw this story get topmost mention on nytimes.com yesterday morning, but by lunch it was hard to find without some looking around. Meanwhile, the global media was doing an excellent impression of a kicked beehive over it.
What's the story, morning glory?
Couldn't possibly be that NYT stakeholders have some Panamaniacs hiding in their closets now. Could it? Must be my imagination playing tricks on me...
Right then, back to your fair and balanced Bernie coverage.
What's the story, morning glory?
Couldn't possibly be that NYT stakeholders have some Panamaniacs hiding in their closets now. Could it? Must be my imagination playing tricks on me...
Right then, back to your fair and balanced Bernie coverage.
20
This could be devastation for the establishment politicians of this country, including Obama and Clinton. Once again HRC showed poor judgement on the Panama deal, she applauded it, while Bernie opposed it from day one claiming it would cause widespread corruption. Read the story here:
"Bernie Sanders saw this coming from a mile away. On October 12, 2011, Sen. Sanders took the Senate floor to denounce the Panama trade pact, shooting down the conventional arguments in favor of the deal."
However, for Clinton :
"As Secretary of State, Hillary Clinton was on the complete opposite side of the issue. In an official statement issued by the US Department of State on October 13, 2011 (one day after Sanders’ floor address), Clinton congratulated President Obama for passing the trade pact, citing the very same job creation arguments Sen. Sanders shot down a day earlier. Clinton made no mention of Panama’s reputation as a tax haven, and even invoked “working families” "
http://usuncut.com/politics/panama-papers-bernie-sanders-white-house/
"Bernie Sanders saw this coming from a mile away. On October 12, 2011, Sen. Sanders took the Senate floor to denounce the Panama trade pact, shooting down the conventional arguments in favor of the deal."
However, for Clinton :
"As Secretary of State, Hillary Clinton was on the complete opposite side of the issue. In an official statement issued by the US Department of State on October 13, 2011 (one day after Sanders’ floor address), Clinton congratulated President Obama for passing the trade pact, citing the very same job creation arguments Sen. Sanders shot down a day earlier. Clinton made no mention of Panama’s reputation as a tax haven, and even invoked “working families” "
http://usuncut.com/politics/panama-papers-bernie-sanders-white-house/
13
Check your spelling in one paragraph the law firm is Foneca and the next one down it is Fonseca.
1
Humanity needs more of these disclosures
9
So far I have not seen one single US citizen or corporation among those whose names are published; Russians, Finns, British, Chinese, Saudi, Jordanian, Iraqi etc yes, but no Americans.
In recent years, industrialized countries have agreed on disclosure requirements for bank accounts and and some other forms of investments held by customers, standards used are from OECD.
Among those who didn’t agree is e.g. U.S.A. and Panama.
America has been successful in forcing Switzerland and some other countries to drop their bank secrecy laws. It should lead by example, not by force. Maybe in the future we wouldn’t need leaks like this.
In recent years, industrialized countries have agreed on disclosure requirements for bank accounts and and some other forms of investments held by customers, standards used are from OECD.
Among those who didn’t agree is e.g. U.S.A. and Panama.
America has been successful in forcing Switzerland and some other countries to drop their bank secrecy laws. It should lead by example, not by force. Maybe in the future we wouldn’t need leaks like this.
4
The only difference between Sunday and today - is that on Sunday the prime minister slept soundly knowing that irrespective of what major economic debacle befell his country - he'd land safely. Tonight he sleeps soundly knowing he's free of the burden of actually having to work anymore in the public interest, though undoubtedly, he could arrive at a waiting position in any number of international financial concerns.
Another difference between Sunday and today is that now WE know he never had to worry as much as the rest of us. And as much as any of us over beers at the local tavern could say to our friends -"well of course so-and-so has millions in overseas accounts" (fill in the blank with the name of the politician of your choosing) the difference is that now it's a little harder to go back to watching the game. Now it's right under our noses. How will anyone react? So far - up until this release - which changes absolutely nothing - up until now we have chosen to ignore it.
Another difference between Sunday and today is that now WE know he never had to worry as much as the rest of us. And as much as any of us over beers at the local tavern could say to our friends -"well of course so-and-so has millions in overseas accounts" (fill in the blank with the name of the politician of your choosing) the difference is that now it's a little harder to go back to watching the game. Now it's right under our noses. How will anyone react? So far - up until this release - which changes absolutely nothing - up until now we have chosen to ignore it.
10
by 2100, th world will be enslaved by 100 people, or fewer
they will own all th assets in th world
they will control all th commodities and goods
they will decide who gets food and who does not
they will control you w private armies of vast numbers
you will do whatever they say, accept whatever they give you wo complaint
they will be gods on earth
and you will obey them
they will own all th assets in th world
they will control all th commodities and goods
they will decide who gets food and who does not
they will control you w private armies of vast numbers
you will do whatever they say, accept whatever they give you wo complaint
they will be gods on earth
and you will obey them
19
I can't believe it took 2 days for even part of this story to make it to a prominent place in the NYT.
38
We mustn't let significant news get in the way of the media's insatiable appetite for childish antics by Trump and Cruz.
1
It has been on the front page since the day it was released.
2
I can.
1
Only little people pay taxes. The rich have the right to opt out while stealing what little is left in our pockets. All the while they pit us against each other - young against old, those with a little money against those with none, citizens against immigrants, race against race. People like Scott Walker, Rick Snyder and yes the Clintons, are more than happy to do the dirty work. Each time we hear about a new scandal or the economy tanks we tsk, tsk but nothing changes.
32
What the global super-rich have done is easy to understand: they've cornered the market on money. Sadly, I'm not optimistic about things changing in the US. The tiny percentage of Americans who read and comprehend the Times (or any newspaper) are too few and our pols know that so they won't sweat this story. Clearly that's not the case in Iceland...
166
Therefore, we may be surprised when a new movement springs up and Onto the Streets Here and Around the World..... if there are organizers; two goals; and a Rolling Strategic Plan for each country wing of the movement.
Iceland is a beautiful country. Visiting Iceland is like visiting another planet. It has been going through a difficult time in this century with some bankers and real estate developers who either mismanaged or took off with foreign and domestic investments that caused considerable economic hardship not too long ago and now their prime minister has put money offshore in Panama and may have been one of those responsible for investments disappearing.
4
Where is the coverage about Hillary Clinton and her family's offshore accounts? Hillary, Bill and Chelsea have assets in the Grand Caymen. Hillary's son in law runs an offshore hedge fund. How does she explain this hypocrisy? Additionally, Hillary has various accounts and trusts with offshore hedge funds. It is disgraceful that the the US press has a focus is on the prime minister of Iceland instead of the US presidential candidates Clinton and Trump.
17
Hah.....the Koch Bros thank you.
1
Hillary never answers anything she deflects she has perfected the art. How anyone can still support this crook is beyond me. I though the left were smarter than that. I was misinformed.
4
Names are going to be provided gradually because the trove is so great.
2
Disappointed that my first and primary source of news was late to report on this
8
Better to be late, but accurate. The Times tends to take what may seem like a long time in this hyper-charged news era, but they usually have their facts straight. I love NPR, but they're the ones who reported that Gabby Giffords had been killed in that shooting a few years ago because they were too much in a rush to be 'first'!
Are there any US Panama-papers involved?
1
Rothschild & Co. in San Francisco has been promoting the international wealthy clients to transfer their funds from offshore accounts in Keyman, British Virgin Islands, or Bahamas to Nevada, North Dakota or Wyoming because the US congress has been resisting the global disclosure regulation. Lawyers in London or Switzerland do not need to uses lawyers in Panama to make shell companies because the US law is so loose. This is the secret of the latest offshore accounts.
7
All this coverage on Iceland's Prime Minister off shore finagling makes it very clear that these are not the handsomest of people.
2
You mean they're not good-looking like Mitch McConnell and Donald Trump?
5
The most outrageous thing about this story is that the corporations and the very rich have so twisted the tax code that there is actually little here that is, in fact, illegal. Mr. Cameron can probably state with a straight face that he has been engaged in no illegal activity, no matter how scandalous it may seem.
31
But it is really not illegal, If you say illegal, London finance business fall in that territory too.
Did you remember , a couple years ago London financiers paid a penalty they were playing with LIBOR.
This is how the business done in world financial capitals, but London has special taste in this off shore banking.
Did you remember , a couple years ago London financiers paid a penalty they were playing with LIBOR.
This is how the business done in world financial capitals, but London has special taste in this off shore banking.
That's the difference between the U.S. and (for example) Iceland. Something like this makes the Prime Minister of Iceland resign - out of shame (?) - and probably because he fell 'out-of-trust' with the people. Once they discover this going on with our leaders (in the U.S.) - which will be nearly all - we'll find them patting themselves on the back and using the media to hunt down & make a villain of anyone involved in the 'leak'. Our crooks will not only continue business as usual, but look for other places & 'loopholes' where they can hide additional monies while making a MONSTER of the guy who 'spilled their beans' (so to speak).
22
It's far more likely to fee shame if you're the president of a country of a little over 300,000. He probably knows a fare percentage of his constituents personally!
1
I want to see when the Panama Papers gets expanded to include law firms favored by US residents. Names like Romney and Trump come to mind, as well as the Kochs, and yes, I'm sure Democrats too. Tax evasion through non declaration of interest on secret accounts in the islands is a time-honored tradition among America's 1%.
37
pirate refers to intellectual property sharing, not th old kind
A member of the hugely popular and self-styled Robin Hood party of Icelandic politics has said she is “ready” to form a government in the event of a snap election, amid calls for the beleaguered Prime Minister to resign over the leaked Panama Papers.
The Pirate Party, which has gained significant leads in recent polls, appears to be garnering momentum as Icelanders’ faith in the established parties wears thin.
A recent poll said the political group, which has advocated the loosening of drug regulations and forced through a law legalising blasphemy, is now the island’s most popular with over 36 per cent of voters backing it.
http://www.independent.co.uk/news/world/europe/panama-papers-icelands-pi...
A member of the hugely popular and self-styled Robin Hood party of Icelandic politics has said she is “ready” to form a government in the event of a snap election, amid calls for the beleaguered Prime Minister to resign over the leaked Panama Papers.
The Pirate Party, which has gained significant leads in recent polls, appears to be garnering momentum as Icelanders’ faith in the established parties wears thin.
A recent poll said the political group, which has advocated the loosening of drug regulations and forced through a law legalising blasphemy, is now the island’s most popular with over 36 per cent of voters backing it.
http://www.independent.co.uk/news/world/europe/panama-papers-icelands-pi...
1
A technical brain in electronics will get you nowhere. You could have solved numerous industrial problems in communications and all that matters is friends, families, and tax lawyers. They own the math tables and can get the right venue in court to prove it.
1
April 5, 2016
Something is rotten in the worldly House of Capitalism.
Fortinbras the Bernie Sanders for financial reporting reform, unless his accounting is cloaked: then bring on the Tempest.
jja
Something is rotten in the worldly House of Capitalism.
Fortinbras the Bernie Sanders for financial reporting reform, unless his accounting is cloaked: then bring on the Tempest.
jja
6
Yes, we all know what rolls downhill...
And Iceland is a fairly benevolent society. Imagine what the super ultra rich are up to in the USA.
18
I believe Hillary and Bill are next. With Trump, what you see is what you get. It's the quiet ones like Hilary and Bill that you need to worry about. Still waiting to hear about her emails!
12
blahblahblah
Really? You think Bill & Hill are the ones to watch? Not the billionaires whose employees must be on the public dole for their sustenance? Your comment is rather shallow considering the facts don't you think? And if you want to go after "government families" there's plenty of oil interests in the Mideast to evaluate from the top of our political dynastic set.
Really? You think Bill & Hill are the ones to watch? Not the billionaires whose employees must be on the public dole for their sustenance? Your comment is rather shallow considering the facts don't you think? And if you want to go after "government families" there's plenty of oil interests in the Mideast to evaluate from the top of our political dynastic set.
2
And, your belief is based on what, their incredible wealth? Give it up already; the Clintons are not even wannabes on the potential list wealthy tax evaders!
1
Thinking these guys did better than a toaster and free checking.
As with ISIS, investigation and enforcement of revised tax codes to deal with this type of activity to make it less profitable amid exploitive.
As with ISIS, investigation and enforcement of revised tax codes to deal with this type of activity to make it less profitable amid exploitive.
1
This is bound to come as painful and disheartening news to anti-Semites and haters iof Israel who, for many years, have been laboring under the widely accepted idea that Jews are responsible for all economic crimes.
14
... laboring under the widely accepted -- but mistaken -- idea that Jews are responsible for all economic crimes.
2
I can't wait for the day soon to come when the Democratic National Committee will have to accept HRC's (Her Royal Clinton's) resignation.
19
You guys never learn, do you?
This Panamanian law firm is not the big one, and there are at least 4 bigger than this one, so as you can guess this is just the tip of the iceberg. Now we know where all the money is going.
11
Time to expose all the criminals worldwide, who are robbing their nation's treasuries. The ordinary people are becoming poorer and being burdened with more and more taxes while the rich and powerful are engaged in criminal activity and getting richer right in broad daylight.
A great journalistic opportunity for NYT to take a leading role in this venture.
A great journalistic opportunity for NYT to take a leading role in this venture.
23
Good Luck with that.
2
What is the status of Mitt Romney's and Ted Cruz,'s off-shore accounts?
24
Cruz is a single digit multimillionaire not rich enough to need off shore accounts
2
Please, please, please hope the Kardshians will be listed in the Panama Papers.
May be the only way to get America's attention.
May be the only way to get America's attention.
33
"Brings Down"? I think not. He may not be prime minister anymore but:
- he's still a minister
- he's still the leader of his party
- his party is still in power and will have the next PM as well
- the other ministers implicated in the Panama papers have also vowed to not resign
So in other words, very little has actually happened - just look at the big smile on Gunnlaugsson's face.
- he's still a minister
- he's still the leader of his party
- his party is still in power and will have the next PM as well
- the other ministers implicated in the Panama papers have also vowed to not resign
So in other words, very little has actually happened - just look at the big smile on Gunnlaugsson's face.
8
I am just curious that whether act of disclosure by Mossack Fonseca, Law Firm, without the consent of beneficiaries and against its binding to keep the information confidential is legal in Panama. Will it help in improving the global system or will it simply trigger to bring the similar financial hideouts with new names!
4
There must be quite a low tolerance for impropriety and scandal in Iceland. Here in NJ, Governor Christie settles a long running suit against Exxon Mobil for $225 million (vs. the $8.9 billion expected) shortly after receiving donations to his PAC and the Republican Governor's Association from Exxon Mobil's lobbying group. Not to mention direct donations from Exxon Mobil's attorneys. Plus Bridgegate - costing in excess of $10 million in legal fees, special Senate elections (3 weeks from general election) costing $25 million.
What would it take for the Governor Christie to resign?
What would it take for the Governor Christie to resign?
14
Sooner or later something will leak out why EU is letting unlimited "migrants" in and why Washington is so close to Saudi Arabia.
3
Could there be any Clinton involvement with this law firm?
14
Could there be any Bush involvement? Kardashian? Smith? Jones? Blanton? Franks?
Any other names from the phone book you want to add?
Any other names from the phone book you want to add?
3
I understand the New York Times refused to participate in this story when the papers were made available a year ago. WHAT'S THE MATTER YOU SCARED OR IS YOUR OWNER INVOLVED?
36
The Times was not invited to the party.
1
CAN YOU NOT READ? Oh, sorry, I didn't mean to shout back at you. The NYT is not part of the group of journalists and was not invited to the party. Try reading more than the headline.
This just further confirms Bernie Sanders discussions about the rigged economy and those that ultimately can make the rules to suit them. However, what is even sleazier is that the taxes that are unpaid must be made up somehow and that ultimately ends up in the lap and reduced bank account of the middle and lower classes. That is, of course, unless one wants to do without paved roads, fire and police departments, etc. etc. , a Republicans dream scenario.
19
Greed. Corruption. Arrogance. Elitism. Disregard and disdain for laws and morals. Tell your people how to act and then do whatever you want. America does not have a monopoly on these traits.
6
Sounds so Hillary to me.
3
The financial corruption in the USA is smoldering beneath the surface, like a magma dome, but 'democratic' administrations are looking the other way — 'republicans' are inextricable ingredients, as the yeast in the brew.
Where is the Justice Department when we need it. The so called 'doctrine of willful blindness' should be applied not only to financial criminals and but more sternly to complicit prosecutors who fail to carry out their duty — http://www.nybooks.com/articles/2014/01/09/financial-crisis-why-no-execu...
"Inequality Is Feeding Protectionism, I.M.F. Chief Warns." The only way out of this conundrum is to elect public servants who are not compromised by feeding at the trough, starting at the top. Bernie Sanders is the only candidate with credentials, track record and explicit proposals to begin a thorough housecleaning — http://www.nytimes.com/2016/04/06/business/international/international-m...
Where is the Justice Department when we need it. The so called 'doctrine of willful blindness' should be applied not only to financial criminals and but more sternly to complicit prosecutors who fail to carry out their duty — http://www.nybooks.com/articles/2014/01/09/financial-crisis-why-no-execu...
"Inequality Is Feeding Protectionism, I.M.F. Chief Warns." The only way out of this conundrum is to elect public servants who are not compromised by feeding at the trough, starting at the top. Bernie Sanders is the only candidate with credentials, track record and explicit proposals to begin a thorough housecleaning — http://www.nytimes.com/2016/04/06/business/international/international-m...
11
Would that be Obama's Justice Department? And you are complaining about republicans?
Between Obama and the Clintons, the rich are doing just fine.
Between Obama and the Clintons, the rich are doing just fine.
1
@AACNY
Yes, Obama's — 'democrats' still pretend to be defenders of justice.
'Republicans' are overtly corrupt — between democrats and republicans, we are stuck between a rock and a hard place!
Yes, Obama's — 'democrats' still pretend to be defenders of justice.
'Republicans' are overtly corrupt — between democrats and republicans, we are stuck between a rock and a hard place!
The plight of Iceland's ex-PM and your readers reaction to it reminds me of a line from the Christmas Carol...
“There is nothing on which it (the world) is so hard as poverty; and there is nothing it professes to condemn with such severity as the pursuit of wealth!”
Ebenezer Scrooge.
Aside from the obvious conflict of interest, which may or may not be against the law in Iceland, I'm having a hard time figuring out why this guy's being raked over the coals as a morale monster.
“There is nothing on which it (the world) is so hard as poverty; and there is nothing it professes to condemn with such severity as the pursuit of wealth!”
Ebenezer Scrooge.
Aside from the obvious conflict of interest, which may or may not be against the law in Iceland, I'm having a hard time figuring out why this guy's being raked over the coals as a morale monster.
1
Mr. Scrooge's crime was that he refused to see the effects his behavior had on others, and it took three ghosts to bring him to his senses.
4
Seriously?! Leaders of governments above all else are there to represent the people who elect them therefore making an "obvious conflict of interest" a big deal. While we all question to what extent our leaders are actually looking out for our interests versus their own it's impossible to forgive something this blatant.
1
Panama papers should become election issue http://www.theguardian.com/news/commentisfree/2016/apr/05/panama-papers-...
Back in 2011 Bernie had warned us about this legalized phenomenon of using Panama (and now Nevada) as tax havens.
Very soon it will be clear to the Anerican public where there life savings have disappeared to when banks were bailed out, CEOs were given golden parachutes.
Back in 2011 Bernie had warned us about this legalized phenomenon of using Panama (and now Nevada) as tax havens.
Very soon it will be clear to the Anerican public where there life savings have disappeared to when banks were bailed out, CEOs were given golden parachutes.
30
Those who elected Obama -- twice -- need to stop whining about the big banks. They elected him, and he did nothing. His political Attorney General said he couldn't figure out how to charge them. The two are clueless and spineless.
Next time elect someone who can do more than talk a good game.
Next time elect someone who can do more than talk a good game.
4
Well, it won't be Hillary.
2
Apparently this may be tax evasion, not tax avoidance, which is illegal in the US. Waiting to read about some of the others, including but not limited to the Americans who have done, or are doing this, as well. Bet the list is long, and if so, they all should be prosecuted, if the US was entitled to taxes on their income and/or transactions! Accordingly, the statutes of limitation for prosecution, should run from when discovered, due to their evasion.
And, it would be supremely ironic, if some of them held or currently hold elective federal office, or are candidates for federal office in the US, include some of those who want to dismember the IRS.
And, it would be supremely ironic, if some of them held or currently hold elective federal office, or are candidates for federal office in the US, include some of those who want to dismember the IRS.
15
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.
The study, by two non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.
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,
"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 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.
http://www.cbc.ca/news/business/fortune-500-offshore-taxes-1.3258516
The study, by two non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.
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,
"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 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.
http://www.cbc.ca/news/business/fortune-500-offshore-taxes-1.3258516
47
Thank you, curiouser and curiouser, for bringing insights, facts, and sources to the conversation. I learn so much from comments like yours. Keep 'em coming, folks.
Let me get this straight - while the NY Times was running their umpteenth article on why the Republican base is rebelling against the establishment the real journalism of the hour was uncovering the largest corruption scandal ever documented and we're only reading about it in our paper after the Guardian et al went to press? Wow. Contrary to popular belief, I don't read the Times to validate my liberal viewpoints in the op-ed's - I'm looking for the NEWS! Get with it or get left behind.
10
How many Americans are on the list? Who are they? Who do they support politically?
If this doesn't fire up Bernie's base in Wisconsin, I don't know what will.
If this doesn't fire up Bernie's base in Wisconsin, I don't know what will.
5
What's the chance the Clintons and Goldman Sachs is buried way deep down in the Papers? Hmmm?
9
The Koch Bros thank you.
2
Across from the ACROPOLIS I once saw a proposed solution written in graffiti: EAT THE RICH. Yum yum
1
Really, NYT? Still, two days on, burying the lede and Vladimir Vladimirovich's misappropriated billions? One begins to think the Kremlin's tentacles must reach directly to the Times' managing editors.
6
“While money can't buy happiness, it certainly lets you choose your own form of misery.”
― Groucho Marx
― Groucho Marx
8
Zero Hedge has been covering the story since Sunday, while the major media was neglecting the story for some reason. Some names from the US are showing up: http://www.zerohedge.com/news/2016-04-05/here-are-some-americans-panama-...
14
My biggest dream in all of this would be the uncovering of these names David & Charlie Koch, but the piece d'resistance would be Dick Cheney. Can you imagine, they say there are plenty gun runners and arms dealers on the list, so come to mama.
20
And the discovery that Bill and Hillary were hiding money from their...ahem...foundation in offshore accounts would make you cry? Let me guess. You think that every single executive at Apple is a Republican?
3
It wouldn't matter. Cheney would simply say "it's our due."
2
Dick Cheney's already done worse -- e.g., his statements regarding water boarding are a de facto confession that he condoned war crimes; and, he used his position as the Vice President to start a war on false pretenses and then cashed his checks from the Halliburton no-bid contracts. Cheney has blood on his hands.
Although, I guess they did get Al Capone on tax evasion.
Although, I guess they did get Al Capone on tax evasion.
2
At least in Iceland they have the sensibility to resign. If it were the U.S. they would simply deny the allegation and carry on.
One has to wonder why ONLY this case was exposed. If it was being done as a public service, why is the full list of entities involved not available?
One has to wonder why ONLY this case was exposed. If it was being done as a public service, why is the full list of entities involved not available?
18
Get ready for a rough ride, ladies and gentlemen. Stock markets around the world stopped having meaning for the fortunes of average people years ago - well before the 2008 crash. Today it's even worse and the only thing propping them up is the biggest players borrowing from their sister companies to loan to their other companies. A shell game. Today Christine LeGarde, head of the International Money Fund warned that "global growth is slowing" and called on governments to "invest in infrastructure" to keep growth going. To keep the shell games going because the wealthiest are the ones to benefit from government contracts. Now we have the outing of international tax evaders and crooks. The picture is ripe for a meltdown of gigantic proportions. I sincerely hope I'm wrong but fear I am not. Now is the time to form locally-owned, true employee-owned companies with NO outside investors and DEMAND that infrastructure dollars be funneled to them, rather than global corporate thieves, so there is a true "recovery" for 99% of us.
http://www.usnews.com/news/business/articles/2016-04-05/lagarde-global-e...
http://www.usnews.com/news/business/articles/2016-04-05/lagarde-global-e...
23
Yep you are so right it is going to get real ugly in America real fast. I am just wondering when will everyone in America wise up and unite against all this.
1
To use an Icelandic metaphor, this is just the tip of the iceberg. The whole vast apparatus of tax avoidance is nowhere near being revealed -- this was, remember, a leak. Google, Amazon and Apple, to name but three, are denying the US government and the country that made their efforts possible billions and billions of dollars of needed revenue. There is almost no serious reporting on the wealth and influence of the uber-rich (Jane mayer's Dark Money being an exception). I just hope this story isn't just a week-long phenomenon until we are back to All Trump All the Time. It would be interesting to look at his tax return.
310
Trillions of dollars as well as the stability of the jobs they should have here and the taxes that would have kept our infrastructure from deteriorating as it has. I wonder since Corps are people can we hold them to account for homicide in the deaths that happen in collapsing infrastructure which is failing due to them holding back on taxes?
And remember... Jeff bezos owns Washington post.. The media is complicit. Apparently this was OUT a year ago. 2016 elections may be affected!
Story will go the way of balloon boy.
And Iceland was the epitome of an ideal country minus any scandals. Humpty Dumpty had a great fall!
3
Leaked documents form slimy law firms. Ah, computer hacking, the great equalizer.
7
What about the other 799 firms doing the same thing?
9
The Young Turks did an excellent job of connecting the dots between this and the Panama Trade deal last night. The bipartisan trade deal was all about creating new tax havens. The rich want to run with the money and stick the rest of us with the bills. Enough is enough! Any politician who supported this deal needs to go. Hear that Hillary and President Obama?
https://youtu.be/dajgeL-xjTA
https://youtu.be/dajgeL-xjTA
20
5
If any American Republicans had had filthy lucre stashed down there, THAT is all the Times would have talked about.
Had loyal practicing liberal Democrats had the same monies - now described as ''hard-earned left over funds'' - down there, it would perhaps have appeared on the bottom of the classifieds under the death notices.
Had loyal practicing liberal Democrats had the same monies - now described as ''hard-earned left over funds'' - down there, it would perhaps have appeared on the bottom of the classifieds under the death notices.
7
So in your mind Democrats are blue collar working shlubs? Interesting but pure fantasy on your part and so misinformed.
Please do some research before you post your comment. You sound foolish otherwise.
Please do some research before you post your comment. You sound foolish otherwise.
1
Well said, and sad but true.
There's a Dan Brown novel in this, waiting to be written.....
3
Not Dan Brown, and not a novel. Truth being stranger than fiction, maybe Michael Lewis, reporting on Birkenfeld. See below.
Judging by the size of this hoard of information from the vestiges of the 4th largest Dealer-for-the-Swines-of-the-World this guy is only the first of many to soon fall.
I eagerly look forward to further episodes of DOWN WITH THE OVERLY RICH AND PRIVILEGED CLASS ACROSS THE GLOBE.
I think it is only fitting those traveling in high social circles mentioned in these 11.6 million documents find their names in the same sentences as those mentioning names of the lowest form of vermin, just a cut above members of Daesh - drug lords.
I eagerly look forward to further episodes of DOWN WITH THE OVERLY RICH AND PRIVILEGED CLASS ACROSS THE GLOBE.
I think it is only fitting those traveling in high social circles mentioned in these 11.6 million documents find their names in the same sentences as those mentioning names of the lowest form of vermin, just a cut above members of Daesh - drug lords.
12
Super rich hedge fund managers are buying 'secret boltholes' where they can hideout in the event of civil uprising against growing inequality, it has been claimed.
Nervous financiers from across the globe have begun purchasing landing strips, homes and land in areas such as New Zealand so they can flee should people rise up.
With growing inequality and riots such as those in London in 2011 and in Ferguson and other parts of the USA last year, many financial leaders fear they could become targets for public fury.
Robert Johnson, president of the Institute of New Economic Thinking, told people at the World Economic Forum in Davos that many hedge fund managers were already planning their escapes.
http://www.mirror.co.uk/news/world-news/panicked-super-rich-buying-bolth...
Nervous financiers from across the globe have begun purchasing landing strips, homes and land in areas such as New Zealand so they can flee should people rise up.
With growing inequality and riots such as those in London in 2011 and in Ferguson and other parts of the USA last year, many financial leaders fear they could become targets for public fury.
Robert Johnson, president of the Institute of New Economic Thinking, told people at the World Economic Forum in Davos that many hedge fund managers were already planning their escapes.
http://www.mirror.co.uk/news/world-news/panicked-super-rich-buying-bolth...
8
What I have been able to pick up through the CBC.ca and the Toronto Star (thestar.com) lawyers just setting up these offshore accounts may not be illegal in and of themselves.
It does set up two morally bankrupt situations though. One being there an obvious two tier taxation system the public has never been fully aware of. Secondly, and this one is stomach turning, there is a Quebec lawyer who sets up many of these accounts. Three of which it has been found out financed breaking the Syrian embargo by transporting jet fuel to the Syrian air force.
We all know over the last few years Assad bombed his own people.
The Lawyer replied and I am pretty sure you are going to hear this out of every lawyers mouth, she has nothing to do with the account once it is set up.
Legally, she is right.
It does set up two morally bankrupt situations though. One being there an obvious two tier taxation system the public has never been fully aware of. Secondly, and this one is stomach turning, there is a Quebec lawyer who sets up many of these accounts. Three of which it has been found out financed breaking the Syrian embargo by transporting jet fuel to the Syrian air force.
We all know over the last few years Assad bombed his own people.
The Lawyer replied and I am pretty sure you are going to hear this out of every lawyers mouth, she has nothing to do with the account once it is set up.
Legally, she is right.
1
40yrs this law firm has been operating-think about it. 1975 vietnam war ends CIA is kicked out. the go to spot is the panama canal zone defacto USA-the IVY LEAGUE boys need a hidy hole for their illicit operations of importing cocaine into the usa and elsewhere selling of weapons and illicit slush funds.
They start up this shadow operation which SNOWBALLS-years later various well connected government higher ups all want in on the hidy hole in Panama-operation expands WORLD WIDE.
The vietnam era spooks have long since retired, the government keeps the operation going as a treasure trove of information on corrupt acivitys world wide involving politically connected people.
A 3rd party is used to DUMP the info....thus shutting down the operation and not exposing the players who started it all up, thus protecting the national interest-you will notice so far only 1 american was involved-thats cuz the entire thing was a CIA shadow operation.
They start up this shadow operation which SNOWBALLS-years later various well connected government higher ups all want in on the hidy hole in Panama-operation expands WORLD WIDE.
The vietnam era spooks have long since retired, the government keeps the operation going as a treasure trove of information on corrupt acivitys world wide involving politically connected people.
A 3rd party is used to DUMP the info....thus shutting down the operation and not exposing the players who started it all up, thus protecting the national interest-you will notice so far only 1 american was involved-thats cuz the entire thing was a CIA shadow operation.
5
What?
Don't forget General Noriega.
This is how it works. Let’s say a corporation picks and packs a container-load of bananas in Ecuador, and it costs the company $1,000. It sells them to a French supermarket for $3,000. Which country gets to tax the $2,000 profit – France, Ecuador? The answer is, “Where the multinational’s accountants decide.”
The multinational sets up three companies, all of which it owns: EcuadorCo, HavenCo (in a zero-tax haven) and FranceCo. EcuadorCo sells the container to HavenCo for $1,000, and HavenCo sells it on to FranceCo for $3,000. That’s basically it. (The bananas themselves don’t go anywhere near the tax haven: this is all just paper-shuffling in New York or London.)
If you blinked, you may have missed what happened here. It cost EcuadorCo $1,000 to pick and pack the container, and they sold it on for $1,000. So EcuadorCo records zero profits, meaning no taxes. Likewise, FranceCo buys it for $3,000 and sells it to the supermarket for $3,000. Again, no profits, and no taxes. HavenCo is the key to the puzzle. It bought the container for $1,000 and sold it for $3,000 – a $2,000 profit. But it is based in a haven, so it pays no tax. In short, all the profits have been stripped out of France and Ecuador, and shovelled into the haven. Hey presto!
The multinational sets up three companies, all of which it owns: EcuadorCo, HavenCo (in a zero-tax haven) and FranceCo. EcuadorCo sells the container to HavenCo for $1,000, and HavenCo sells it on to FranceCo for $3,000. That’s basically it. (The bananas themselves don’t go anywhere near the tax haven: this is all just paper-shuffling in New York or London.)
If you blinked, you may have missed what happened here. It cost EcuadorCo $1,000 to pick and pack the container, and they sold it on for $1,000. So EcuadorCo records zero profits, meaning no taxes. Likewise, FranceCo buys it for $3,000 and sells it to the supermarket for $3,000. Again, no profits, and no taxes. HavenCo is the key to the puzzle. It bought the container for $1,000 and sold it for $3,000 – a $2,000 profit. But it is based in a haven, so it pays no tax. In short, all the profits have been stripped out of France and Ecuador, and shovelled into the haven. Hey presto!
825
Thank you. A real public service
Sublime
Let me add, Brexit , YES group wants todo this one without EU regulators disturbing them.
Let me add, Brexit , YES group wants todo this one without EU regulators disturbing them.
I have one correction to add: "Farmworkers and warehouse workers work long hours in abysmal conditions picking and packing a container-load of bananas in Ecuador, and because they are paid criminally low wages and given no benefits, it only" costs the company $1000.
3
Wasn't he the same guy I heard on NPR yesterday vehemently claiming he was clean as a whistle and this was all a mistake?
5
No matter how rich or poor we all end up within a six foot deep place in the ground. I truly don't understand why anyone would want another $B when they already have one. It is not like they can take it with them.
5
Panama Papers show why millions of working class people around the world are angry. Politicians and rich have created a web of laws and loopholes to rob hard earned savings of the middle class. Thank God for the journalists and media that expose the corrupted and crooks.
25
Iceland has been bragging that they've not succumbed to the American Wall Street "Too Big Jail" in dealing with heir banking collapse. Well, now lets' see if they weren't really jailing the small fish in the Icelandic waters and will now go after their former Prime Minister and his wife who collaborated in the banking crisis that put Iceland in the financial deep freeze.
3
Bradley Birkenfeld the American whistleblower was the only one to go to jail. DOJ bungled trials, didn't prosecute etc. look it up. But you won't see it in the NYT because they had a reporter who couldn't get her facts straight and then she left and no one else at the NYT was interested, even Nocera. Birkenfeld went to jail not knowing he would get anything out of the whistleblowing law. But ultimately he did. Feds estimate they collected over $5BILLION in taxes owed on offshore hidden wealth because of Birkenfeld. Keep watching for more. But you won't see it in the NYT. Why?
13
I wonder if there was someone at the time of the US-Panama trade deal who knew Panama was a major player in the world of international corruption and tax evasion, and voted accordingly?
Votes matter. Having good judgment and standing up for principles matter. We can't afford to continue watching the Democratic Party become the corporate Republican-lite Party while the GOP slides further into fanaticism, dragging our country with it. Vote for Bernie.
Votes matter. Having good judgment and standing up for principles matter. We can't afford to continue watching the Democratic Party become the corporate Republican-lite Party while the GOP slides further into fanaticism, dragging our country with it. Vote for Bernie.
20
Once again HRC showed poor judgement on the Panama deal, she applauded it, while Bernie opposed it from day one claiming it would cause widespread corruption. Read the story here:
"Bernie Sanders saw this coming from a mile away. On October 12, 2011, Sen. Sanders took the Senate floor to denounce the Panama trade pact, shooting down the conventional arguments in favor of the deal."
However, for Clinton :
"As Secretary of State, Hillary Clinton was on the complete opposite side of the issue. In an official statement issued by the US Department of State on October 13, 2011 (one day after Sanders’ floor address), Clinton congratulated President Obama for passing the trade pact, citing the very same job creation arguments Sen. Sanders shot down a day earlier. Clinton made no mention of Panama’s reputation as a tax haven, and even invoked “working families” "
http://usuncut.com/politics/panama-papers-bernie-sanders-white-house/
"Bernie Sanders saw this coming from a mile away. On October 12, 2011, Sen. Sanders took the Senate floor to denounce the Panama trade pact, shooting down the conventional arguments in favor of the deal."
However, for Clinton :
"As Secretary of State, Hillary Clinton was on the complete opposite side of the issue. In an official statement issued by the US Department of State on October 13, 2011 (one day after Sanders’ floor address), Clinton congratulated President Obama for passing the trade pact, citing the very same job creation arguments Sen. Sanders shot down a day earlier. Clinton made no mention of Panama’s reputation as a tax haven, and even invoked “working families” "
http://usuncut.com/politics/panama-papers-bernie-sanders-white-house/
4
Criminal leaders + "top" law firms - both in business to enrich themselves from flooding drugs into poor communities then onto for-profit prisons.
Quite a business model.
No wonder voters want anyone but the status quo.
If this is the end result of our political system, our law schools and business schools, the elites need to go to an offshore island that the people pick.
Quite a business model.
No wonder voters want anyone but the status quo.
If this is the end result of our political system, our law schools and business schools, the elites need to go to an offshore island that the people pick.
10
The sad thing about our political system is that popular will counts for nothing. it's what the committees that decide the national corruption and political discourse.
5
Bravo Icelanders and Reykjavites. Just showing up for a demonstration carries a lot of power.
14
Where are Trump's offshore accounts?
13
he has build golf courses and hotels all over the world..
1
Over there next to the Clinton's.
3
In a report out this week, Citizens for Tax Justice and the U.S. Public Interest Group ranked the Fortune 500 companies based on how many offshore subsidiaries they have and by the amount of cash they're holding overseas. Trump owns stock in 22 of the top 30.
According to the report, these 30 alone had 1,225 tax-haven subsidiaries and were holding over $1.4 trillion in those accounts. The researchers said the amount of money U.S. multinationals booked offshore doubled between 2008 and 2014
http://www.cbsnews.com/news/trump-puts-his-money-in-companies-that-stash...
According to the report, these 30 alone had 1,225 tax-haven subsidiaries and were holding over $1.4 trillion in those accounts. The researchers said the amount of money U.S. multinationals booked offshore doubled between 2008 and 2014
http://www.cbsnews.com/news/trump-puts-his-money-in-companies-that-stash...
Claw back the wealth. We've done it before, it's the American Way!!
4
when did you do it before ?
th American way seems to be th rich clawing whatever is left from th masses
th American way seems to be th rich clawing whatever is left from th masses
Does anyone have any idea how this money is stashed and whether it actually gets spent? Is it in interest bearing investments (presumably being used as working capital somewhere)? Literally stashed as convertible instruments, such as bearer bonds or even currency, in safe deposit boxes?
Is it spending money to fuel a lavish lifestyle, or is it too hard/dangerous to spend and being squirreled away for some ambiguous future?
Is it spending money to fuel a lavish lifestyle, or is it too hard/dangerous to spend and being squirreled away for some ambiguous future?
4
The PM's considerable family wealth makes one wonder why even bothering being PM. What is in it for him? More wealth? Boring greedy people.
10
It's called narcissism.
1
pols have more access to money and th places to hide it than anyone in society
In one word, power.
1
The scandal here is that this sort of activity is legal.
Tax evasion needs to be seen as immoral in the eyes of the law. Accountants should be scared of being prosecuted, that they won't touch 'creative accounting' techniques with a 10 foot pole.
This is a bipartisan issue, even the Republicans are clamoring for tax reform and simplification, take them up on it. The Trump and Bernie coalitions are a huge proportion of the electorate, and would rally strongly in support of such reform.
Any GOP politicians have the stones to meet Obama halfway? Yeah, didn't think so.
Tax evasion needs to be seen as immoral in the eyes of the law. Accountants should be scared of being prosecuted, that they won't touch 'creative accounting' techniques with a 10 foot pole.
This is a bipartisan issue, even the Republicans are clamoring for tax reform and simplification, take them up on it. The Trump and Bernie coalitions are a huge proportion of the electorate, and would rally strongly in support of such reform.
Any GOP politicians have the stones to meet Obama halfway? Yeah, didn't think so.
9
Guess how many charges Gunnlaugsson will face? If you answered zero, you win a free all-expenses paid tour to the boiling inside of the Sijehafolokkjlsoighesd volcano!
3
Just has to be many US politicians and business types on the list. The NYT needs to take the lead on this!
15
The list us there, any fine detective could find it, the problem is that it's legalized. We Americans have allowed the wealthy to write such laws as permitting companies to use tax havens, Legally.
http://www.theguardian.com/news/commentisfree/2016/apr/05/panama-papers-...
http://www.theguardian.com/news/commentisfree/2016/apr/05/panama-papers-...
1
I am wondering if Trump's name will come out as one of those who cheat their fellow countrymen by not paying taxes.
8
Please, please let Petro Poroshenko of Ukraine be next. Anytime in the next 24 hours will work, and then dig, dig, dig into that fine mess.
7
@Sharon Knettell
Excellent journalism, especially connecting the dots and getting the history. Thanks.
Unfortunately, when I said "next," I meant the next to be forced out of office. I get unrealistic at times and a bit too hopeful.
Excellent journalism, especially connecting the dots and getting the history. Thanks.
Unfortunately, when I said "next," I meant the next to be forced out of office. I get unrealistic at times and a bit too hopeful.
[[Mr. Gunnlaugsson stormed out, saying that the journalists had obtained the interview “under false pretenses.” He and his wife then issued statements about “journalist encroachment” in their private lives and said they had done nothing wrong.]]
Deflect, deny, and make counteraccusations. Same playbook for politicians everywhere.
Deflect, deny, and make counteraccusations. Same playbook for politicians everywhere.
10
Yep, those darned, dirty, sneaky journalists, eh, Mr. Trump?
1
@Third. Coast:
He is a left-wing politician, a socialist, and Chairman of the Icelandic Progressive Party...
He is a left-wing politician, a socialist, and Chairman of the Icelandic Progressive Party...
I agree, but I wonder whether this playbook isn't one that most people use when confronted with embarrassing or otherwise adverse information about themselves. Maybe the reason that politicians seem to use it more than others is simply that their lives are very public and embarrassing/adverse information about them is therefore more likely to be publicly disclosed?
I'm no apologist for the political class, but if it is being unfairly blamed (by me and many others) for a disproportionate amount of dissembling, maybe that fellow in the mirror should ask himself a few pointed questions.
Ultimately, we voters must be poor judges of character if the people we vote into office are in fact unusually dishonest. The more likely explanation is that we vote for people who remind us of ...us.
I'm no apologist for the political class, but if it is being unfairly blamed (by me and many others) for a disproportionate amount of dissembling, maybe that fellow in the mirror should ask himself a few pointed questions.
Ultimately, we voters must be poor judges of character if the people we vote into office are in fact unusually dishonest. The more likely explanation is that we vote for people who remind us of ...us.
Is it not slightly peculiar that these papers are "selective leaks" and all of the "exposed political leaders" are in countries that have defied and opposed the New World Order White Collar mafia of banksters, crapitalists and fingerceirs headquartered in America and Western Europe, such as Russia, China and various Middle Eastern countries ,and including Iceland where the government let the banks take the losses for all their swindling, gambling, embezzling, and thieving over the last few years instead of making the "little people" taxpayers pay to bail out the billionaire brigands with massive amounts of money that will eventually be paid in much higher taxes on the working stiffs as happened in the U.S. , U.K., Germany, etc. Is it not telling that none of the One World Criminal cabal's puppets in the U.S. or E.U. have been exposed for their stealing and money laundering? Very peculiar indeed!
5
Wrong conspiracy theory. Word has it that US and other leaders will be disclosed as clients of this "law" firm as the jounalisys plow through more of the millions of pages of leaked documents.
Sorry but I will believe it when I see it and when any American or European politicians go to prison and do "hard time" and their looted fortunes returned to their victims. Remember this is only one money laundering firm in one country. There are hundreds of such criminal conspiracies operating as "banks", "insurance companies" and "brokerage houses"worldwide and this "breach of secrecy" in releasing certain incriminating documents is undoubtedly a "selective/inside leak" engineered by the big banks and big business against their enemies. Given that every head of state or ex head of state implicated thus far has opposed the One World White Collar Banking and Corporate Mafia either consistently or for long periods over many years. I repeat: Very peculiar indeed!
1
I suspect that some of the not-yet-exposed will be dipping into their tax-free fortunes to fund 'campaigns' calling for the death penalty for hackers and leakers.
14
Well, well, well, the EU is a capitalist paradise after all!
4
Except Iceland isn't a member of the EU.
So you missed the parts of the story that mentioned that many members of the EU and UK were implicated in these papers.
But hey, pedantry is its own reward (and blindness).
But hey, pedantry is its own reward (and blindness).
1
This ties in well with Mr Trump's plan to sell the government-held assets of the USA to the highest bidders, who would turn out to be cash-heavy people like Mr Putin, the king of Saudi Arabia, the president of Pakistan, et cetera. So much for Mr Trump's patriotism.
17
Honest Trump tells the American people he will sell them down the river. Nice guy.
The .01%s have .01% friends worldwide. Let's see, hmm: Ivanka Trump's good friend Wendy Deng is "dating" Vlad Putin; both Putin and Don Trump--who claim admiration for one another's styles--are advocating getting rid of NATO . . .
Now, let's talk about the need to cut taxes on the wealthiest 1% again and all that "trickle-down" stuff, shall we, GOP? And tell us again, where are all those new, good-paying jobs from all the previous tax cuts? No, not those $8/hour jobs, those temp and part-time jobs with no benefits, those here today, gone tomorrow jobs that are outsourced or follow the factory to Mexico or China or wherever the labor is cheaper? Tell us again about how all that is good for our families and we should keep voting Republican. I'm waiting.
111
The Icelandic Republicans are some of the worst.
The Affordable Care Act has created more temp-temporary jobs with no benefits than anything the GOP has done. Tell us again how all that is good for our families and we should keep voting Democrat. I'm waiting.
2
The PM is from the Progressive Party. Not a republican.
Re: The second most popular comment by mjpettine South beach Fl,:
"Mr Gunnlaugsson needs to come to the US join the Republican party and he'd have the life he really wants."
The statistics are that Democratic politicians are more frequently corrupt than Republican ones. See
"List of United States federal officials convicted of corruption offenses"
https://en.wikipedia.org/wiki/List_of_United_States_federal_officials_co...
It might well have to do with the fact that Republican candidates tend to be wealthier than their opponents. Rich people are difficult to bribe.
"Mr Gunnlaugsson needs to come to the US join the Republican party and he'd have the life he really wants."
The statistics are that Democratic politicians are more frequently corrupt than Republican ones. See
"List of United States federal officials convicted of corruption offenses"
https://en.wikipedia.org/wiki/List_of_United_States_federal_officials_co...
It might well have to do with the fact that Republican candidates tend to be wealthier than their opponents. Rich people are difficult to bribe.
3
Don't confuse them with logic or proof. And btw at last count the top 10 richest in the Senate/Congress.......70% were DEMS.
But hey if you repeat falsehoods over and over again you start believing them. Fell sorry for the progs and libs they don't know any better.
But hey if you repeat falsehoods over and over again you start believing them. Fell sorry for the progs and libs they don't know any better.
2
No, rich people do the bribing...
1
Rich people give and receive legal bribes, like campaign contributions and favorable tax laws.
1
Bernie called this: http://www.huffingtonpost.com/entry/bernie-sanders-panama-papers_us_5703.... Clinton, meanwhile, was praising the trade deal Bernie was warning about. Bernie's judgment, proven correct yet again.....
45
Actually, this article has nothing to do with any trade deal...
Bernie's speech in 2011 is going going going viral! He is a prophet.
3
Did you view the clip? In 2011, Bernie was arguing on the Senate floor against the Panama Free Trade Agreement because he said that Panama was already a tax haven and the trade agreement would allow more corporations to hide their money in offshore tax havens and avoid paying taxes. And besides the trade agreement was not going to create American jobs.
It's all related.
It's all related.
1
Go Iceland! And power to the people.
Let us all take note of how to keep politicians honest and representing the people...
...because hopefully we will soon know which politicians and federal reserve peeps believe that they are above the laws of the land.
Let us all take note of how to keep politicians honest and representing the people...
...because hopefully we will soon know which politicians and federal reserve peeps believe that they are above the laws of the land.
10
Selling assets to his wife for a buck the day before the law changed?
The rich have access to Panamanian law firms and asset-hiding schemes while the poor are nickel and dimed. The second gilded age just keeps getting more nauseating.
The rich have access to Panamanian law firms and asset-hiding schemes while the poor are nickel and dimed. The second gilded age just keeps getting more nauseating.
10
If I thought I could make billions playing a cello, I might have made friends with Tsar Putin LONG ago.
6
no pain, no gain
This is the rigged economy and political system Bernie Sanders is talking about..."the 80 wealthiest people in the world altogether own $1.9 trillion, nearly the same amount of wealth as the bottom 3,500,000,000 people of the world own."
Again, 80 people = 3,500,000,000...that's three and one-half billion people.
Again, 80 people = 3,500,000,000...that's three and one-half billion people.
9
This is the reason why we the middle class need to elect a rich guy, named Trump. He plays by the rules, I guess, since he says so.... he has our interests in mind, because he told us he did,.... So, I'm middle class and I support Trump. I also want to take this opportunity to advertise some swamp land in Florida I'd like to sell you. Wake up Trumpeters... You are all lemmings walking off a cliff by a Reality TV showman.
5
I also use unrelated stories to comment on Trump.
One might say the same about Hillary and her "reality" for the rest of us.
3
Grateful the PM's resignation provided the hook The Times needed to acknowledge after two days that the Panama Papers even existed.
5
Mr. Gunnlaugsson stormed out, saying that the journalists had obtained the interview “under false pretenses.”
I think it's safe to say the Mr. Gunnlaugsson knows of what he speaks.
I think it's safe to say the Mr. Gunnlaugsson knows of what he speaks.
1
The Times has been slow on this story, it is a mega story in the rest of the world involving many world leaders in addition to questionable tax avoidance techniques.
13
Why wasn't the NY Times covering this earlier? I live in the U.S., but had to read about it on the Guardian and other sites, on the FRONT PAGE where they felt it prudent, to say, inform the general public that Iceland's Prime Minister might resign. And that a leak more than twice the size of Wikileaks was occurring. Thanks Guardian. For actually covering news.
22
Too busy promoting Mrs. Clinton, and bashing her opposition.
4
NYT is in a state of shock, it is complicit with Hillary Clinton's campaign so anything that will shed light on her challenger being right (Bernie called this back in 2011), will be hard to digest. Don't expect NYT to be objective in its reporting.
5
I first learned of this story from France24 cable news. When I went to the internet to learn more, I too was amazed that this was not breaking news on every news website. I'll continue to receive first notice about important international stories from outlets like the Guardian and France24. Chances are the only person who will be investigated or prosecuted is the one from Mossack Fonseca who was the source of the leak.
2
Notice how "journalistic encroachment" or "the liberal media" and "the lamestream media" get blamed when the news doesn't fit propaganda?
This will not change until people 1) end up in jail for a long long time and 2) lose much of their ill-gained or ill-sheltered assets.
While this may look bad in the court of public opinion, my guess is that most of this will not be illegal, because, duh, the corrupt people wrote the laws.
While this may look bad in the court of public opinion, my guess is that most of this will not be illegal, because, duh, the corrupt people wrote the laws.
14
With 300,000 relatives, the people of Iceland are more empowered than other nations to speak up! Even so, I’ve always admired their strong sense of political action and let’s not forget they are home to the first parliament. Sadly, I visited after the crash (having lived there previously) and saw a much gloomier place. But Icelanders are tough creatures and they will show that to you, when the time comes. Gunnlaugsson should have expected as much.
4
What this article fails to mention is that after the 2008 financial meltdown, Iceland was the ONLY country that sent some of their bankers to JAIL.
Unlike our justice here in the US, Iceland is not fearful of meting out sentences to unscrupulous, greed head criminals.
I'd like to see Romney's head put out to dry. Never going to happen. Too rich to fail.
Unlike our justice here in the US, Iceland is not fearful of meting out sentences to unscrupulous, greed head criminals.
I'd like to see Romney's head put out to dry. Never going to happen. Too rich to fail.
21
"He and his wife then issued statements about “journalist encroachment” in their private lives and said they had done nothing wrong."
From Republicans to Putin to Iceland, "blame the media" fever is expanding faster than the Zika virus or climate change:
From Republicans to Putin to Iceland, "blame the media" fever is expanding faster than the Zika virus or climate change:
8
How is the Panama Papers scandal not receiving top billing on the New York Times website? Right now this article is sharing the front page with a basketball game report. It's certainly receiving top billing at the BBC.
This could be the most significant data leak and political corruption story of the century. This story should be filling the eyes as you enter the url, the same way that the France and Belgium attacks did.
This could be the most significant data leak and political corruption story of the century. This story should be filling the eyes as you enter the url, the same way that the France and Belgium attacks did.
59
Noticed that too.
2
“journalist encroachment." Would that we had hard-nosed reporters in America. That would be saying something. Hey, is Mitch McConnell's name on this list? Oh, God, please!
9
How about cleaning up Delaware and all its LLCs illegality, for starters?
35
Add Wyoming
I would like to bet there are a few people here in this country quaking in their shoes and sweating it out to see if they are "outed". I am sure the lawyers and accountants are on this working furiously to cover tracks. Some of the schemes are complicated and twisted like something out of a spy novel - especially the Russian scheme that has been uncovered. I am sure there are all sorts of people out there with well concealed assets.
What was interesting to me was to see the rightfully angered crowd in Reykjavik which peacefully gathered, and were able to affect real change in their country.
Will this revelation change things? No, probably not, it just presents a challenge to lawyers and accountants to find more and better ways to shield assets.
What was interesting to me was to see the rightfully angered crowd in Reykjavik which peacefully gathered, and were able to affect real change in their country.
Will this revelation change things? No, probably not, it just presents a challenge to lawyers and accountants to find more and better ways to shield assets.
10
Deny! Deny! is the first thing politicians and thieves learn! Hopefully this disclosure will lead to the freezing of these accounts and the repatriation of the ill-gotten gains to the applicable countries involved.
6
Sherry, this money was almost certainly earned legally, but is stashed overseas because ll of these countries - especially in Europe - have such incredibly high taxes that these people have to assume that they won't even keep up with inflation by keeping the money in their own countries.
We can put money legally in these places but have to tell the IRS all the details and report any interest earned on tax returns. Many Congress members do so, especially the ones from California.
We can put money legally in these places but have to tell the IRS all the details and report any interest earned on tax returns. Many Congress members do so, especially the ones from California.
2
Could the article give some background to the Prime Minister's party, its policies and political orientation? An opportunity is missed to contextualize the issue a bit more.
4
Why do you think that was left out?
What a racket. Cat burglars and home invaders have nothing on this vast scheme hatched by the rich to evade the tax laws of their countries, sometimes, the very laws they make themselves as legislators and parliamentarians. Middle class and poor--you are being robbed systematically by the successful and the ambitious, the corporations, the banks, the politicians and their henchmen and minions. They haven't come at you with their pickaxes or their flashlights in the dark of night. They are committing robberies, as the sun shines, right under your noses, wiring money to far off places, storing what should be yours, your country's treasure, stagnating in some foreign bank, even as you're taxed more and more, bridges falling, public transportation in disrepair, roads full of pot holes, bays and waterways overflowing with sewer, the rich watch their monies grow, somewhere over the mountain, into mountains.
67
We have no choice but to dream of Earth for Life, an inspiration from Bhutan for Life https://www.youtube.com/watch?v=xCLZT5m6jaA&feature=youtu.be
As Bhutan's PM tells us, we are all in it together. We have to dream beyond our borders, not just for our babies but everyone's babies. Today in the Presidential race, Only Bernie has that foresight and vision to realize this.
As Bhutan's PM tells us, we are all in it together. We have to dream beyond our borders, not just for our babies but everyone's babies. Today in the Presidential race, Only Bernie has that foresight and vision to realize this.
1
VIVA whistle blowers everywhere. The world needs you no matter what the US government claims.
25
Sadly, Massimo, this current president of ours began his administration by attacking the Inspectors General of the various agencies with the apparent intention to frighten the remaining IGs into silence. He has been punishing whistleblowers with even more venom through his Party fixer, Eric Holder.
1
Viva people who steal documents, break into personal property, and obtain documents illegally. Kudos also to those that shoot suspected murders and rapists on sight in the streets....
I would love to see in the NYT an article by Simon Romero, so objective, in all his South the border articles, defending Mauricio Macri the actual president of Argentina, who turned million of Argentines into poverty with his great neoliberal policies (just in three months) and signed the disastrous Griesa-Singer-Hawks 'debt' and, who, we learned last Sunday (thanks to the Panama papers), that he has two off-shores shell companies.
12
@maricler - I don't think that it's a big deal Macri has an offshore company. He comes from a wealthy family and they all do that for tax purposes. I think the bigger issues is when a leader has more assets that is out of sync with his or her income.
I would also love an article by Romero exposing the shell companies that Mossack established for Kirchner and/or her minions. And all of the dirty goings on with those off-shore companies. And her corrupt government. And how she also kept Argentines in "prosperity" all those years.
Why all the emphasis on Iceland here? Why not shine the light on the US and Canada?
The NYT should be looking at how much the Clintons have stashed away? And The Donald? And other candidates?
You should be taking a good,hard look at how this could affect the upcoming Presidential Election.
The NYT should be looking at how much the Clintons have stashed away? And The Donald? And other candidates?
You should be taking a good,hard look at how this could affect the upcoming Presidential Election.
65
"It's Chinatown, Jake."
3
What did Bernie Sanders think of this when it was being pushed through?
https://youtu.be/u0mAwRAFC2U
What about Hillary Clinton?
http://www.ibtimes.com/panama-papers-obama-clinton-pushed-trade-deal-ami...
https://youtu.be/u0mAwRAFC2U
What about Hillary Clinton?
http://www.ibtimes.com/panama-papers-obama-clinton-pushed-trade-deal-ami...
52
Re-post HRC link, this doesn't work.
Sunshine is the finest disinfectant for the worldwide plague of insatiable, sociopathic Greed Over People.
“journalist encroachment” --- oh, that's RICH, alright.
It's 'their private lives'...... of perpetual economic strip-mining of the public masses.
"It's nobody's business who's ripping off national treasuries worldwide for 0.1% pleasure - nobody's, I tell you........now where did my put that glass of champagne ?"
“journalist encroachment” --- oh, that's RICH, alright.
It's 'their private lives'...... of perpetual economic strip-mining of the public masses.
"It's nobody's business who's ripping off national treasuries worldwide for 0.1% pleasure - nobody's, I tell you........now where did my put that glass of champagne ?"
272
Perfect! "Leaders of countries around the world were enticed by the supposed riches predatory, insatiably-greedy capitalism would bring them and their countries but are unwilling to lose personal fortune even when they helped bring down the economy of the country they represent so the capitalist could take over. Hopefully more "leaders" will follow Mr. Gunnlaugsson and be replaced with socially conscious individuals who will do their jobs of PROTECTING citizens - not stealing from them. Time for runaway corruption to end in the world.
41
The Icelandic PM resigned. Promptly
Sheldon Silver, for decades the most powerful NYS politician, had be convicted on Federal corruption charges before he could be removed from office.
Sheldon Silver, for decades the most powerful NYS politician, had be convicted on Federal corruption charges before he could be removed from office.
66
Why wasn't The New York Times the recipient of the Panama Papers instead of The Guardian? And why hasn't it given it the attention it deserves? Instead of concentrating on semantically inventive articles on how Mrs Clinton is unbeatable, and Mr. Sanders is done, it should have assigned its top editors/reporters/scribes etc on investigating the Panama Papers' findings...and presented its readers with its analysis. Why doesn't The New York Times now examine if there's any malfeasance in the US' "offshore" centers such as Delaware and Nevada? After all, corruption is contagious.
356
The New York Times was not invited to peruse the documents. Wonder if it's because despite the Times being the "paper of record" the paper has an international reputation for being a part of the "establishment".
Or maybe it's because the NYT endorsed Hillary Clinton way too early...
Or maybe because it approved the false story that got us into the Iraq war...
Or maybe it's because the NYT endorsed Hillary Clinton way too early...
Or maybe because it approved the false story that got us into the Iraq war...
3
Too busy promoting the Democratic party, and Mrs. Clinton -- and bashing Donald Trump and ANYONE else who dares to run against their Anointed Darling Empress Hilary.
3
Actually independent news outlets get such disclosures. Single-Party papers generally don't.
1
From another NYT piece on the Panama papers today:
***
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.
***
To any U.S. politicians out there from either party who happen to be listening (or pretending to), THIS is a prime example of why so many voters are so incredibly angry right now. Do you get it yet?!?
***
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.
***
To any U.S. politicians out there from either party who happen to be listening (or pretending to), THIS is a prime example of why so many voters are so incredibly angry right now. Do you get it yet?!?
412
Get it???? They are the ones perpetrating it.
1
I heard on the BBC tonight that the reason few Americans have so far been named is that this treasure trove contains 2 weeks' worth of information and that the USA's turn has yet to come. Apparently all will be disclosed in the next week or so. I am sitting back with glee ....
Which political candidate has been saying, all his life, that the game is rigged?
A resignation still doesn't get to the money, though. Work harder, and smarter.
6
One thing you have to say for the country of Iceland---when someone, no matter how powerful, breaks the law, that person gets punished.
America Not so much.
America Not so much.
321
Punishment would be appropriate back taxes, fines and jail time.
7
He didn't really get punished; he still remains head of the party and the coalition (between the Independence Party and Progressive Party) remains in power. No one is celebrating in Iceland, except for maybe the parties in power.
Oh really? Is he going to jail? Or is he just resigning and being "embarrassed" for his "punishment"? LOL
Keep in mind that this is just one Panamanian company out of hundreds which help the wealthy hide their wealth. What is being revealed is just a minuscule amount of wealth being hid.
117
th estimate of off shored cash is 20-30 trillion, or about th gdp of japan and usa combined
Illegal activity is very common, but people have forgotten, or never knew, that laws are made by the wealthy for the wealthy. That's why are jails are filled with the poor. The big thieves go free; the big drug users too.
When is it time to stop saying that the normal is "corrupt?"
When is it time to stop saying that the normal is "corrupt?"
102
This has to end. Make all tax-sheltering illegal, not just for individuals, but also for multinationals.
100
write your congressman
wait, hes got accounts in th caymans
ok, your senator
no, his banks are in Bermuda
maybe th governor
vanuatu, damn
you know what, i think you may be screwed
wait, hes got accounts in th caymans
ok, your senator
no, his banks are in Bermuda
maybe th governor
vanuatu, damn
you know what, i think you may be screwed
6
Seeing the Icelandic citizens take to the streets to demand accountability and justice of their politicians was inspiring, and evidently, very effective. Hopefully, as more of these unscrupulous politicians become exposed and disgraced (still patiently waiting for reports on U.S. politicians, CEOs, etc. that are involved in this), citizens of other nations will also not sit by and let their countries continue to be pilfered.
25
Hooray! The arc of history is bending towards justice. Many thanks to the person who leaked these papers!
33
You mean hooray for the people who illegally obtained and leaked the documents....?
Happy for the people of Iceland, but I am a bit envious too: I wish it was so easy to get rid of all of our lying, conniving, slimy politicians. Here, even if we succeed in running one out of office, he or she just turns around with a soft landing in a K Street or law firm job.
90
Like killing roaches or ISIS leaders. More to take their place.
I think the consensuses is that we should all be so fortunate as to fine our names on this list.
1
re: Mr. Gunnlaugsson's statements, "...under false pretenses" should read "to uncover my crimes", "journalistic encroachment" should read "cold hard factual reporting".
6
Why don't they release all documents rather than black mail of selected individuals? Let's see how corrupt U.S., Canadian, and European politicians really are. They all preach about taking fair share from the rich, let's see how they hide their fair share.
19
When will the the Panama papers disclose tax "avoiders" among "public servants" in the government, "princelings" who have established residence here, corporate board members and CEO's in the United States be disclosed? I can hardly wait.
17
I can hardly wait until the "liberals" who have been carping about higher tax rates are shown to have had tax shelters all along.
Won't that be a wonderful day...?
Won't that be a wonderful day...?
Read this in tandem with David Brooks' op-ed today about breaking social contracts and covenants. When the most powerful are conspiring to cheat the community, hope in the system dissipates.
16
Villagers with pitchforks and torches, coming to get vile human beings. It seems to be the only thing they understand.
31
Backrow is right.
Thus, the Tea Party and Donald Trump.
Thus, the Tea Party and Donald Trump.
Oh, and the Democrats are guilt free? They do not use tax shelters to hide their wealth. Please.
Hey, hey, lighten up, all you do-gooders and moralizers.
It gets really, really cold up there, and they have really long, dark nights. A body has to find something to do with himself, or themselves, in order to keep from congealing.
It gets really, really cold up there, and they have really long, dark nights. A body has to find something to do with himself, or themselves, in order to keep from congealing.
3
Billions. Billions & more billions around the globe, stashed away, for what? A sixth vacation home? A second 200 foot luxury yacht?
The tax theft is obscene...it could've and should've been used for schools, the poor, the sick, the homeless, our planet.
The tax theft is obscene...it could've and should've been used for schools, the poor, the sick, the homeless, our planet.
1080
60 individual persons own more wealth than th bottom 3, 700, 000, 000
60 vs half th world
while millions starve or at best lead lives of hopeless squalor, th rich of today enjoy opulence beyond any emperor in history
and you finace it
thats right, you
bc every dollar they evade in atxes, you must make up for
from th caymans, to tahiti, to switzerland, th rich join in saying a hearty, thanks, suckers
60 vs half th world
while millions starve or at best lead lives of hopeless squalor, th rich of today enjoy opulence beyond any emperor in history
and you finace it
thats right, you
bc every dollar they evade in atxes, you must make up for
from th caymans, to tahiti, to switzerland, th rich join in saying a hearty, thanks, suckers
4
More evidence that abolition of the federal income tax -- along with the code that defines it and which allows for the kind of financial manipulation that the Panama Papers reveal -- is more necessary than ever. Replace it with a flat tax on consumption (like the Fair Tax) and be done with this nonsense.
Don't forget the other side of that coin. A big part of the problem in Greece was that pretty much everyone evaded taxes and still do.
3
And how did this "enabler" law firm manage to so very dramatically lose control of its clients' confidential financial information? Or was this a case of an insider, someone who understood the significance of the documents, like a lawyer, or maybe an IT person who worked for Mossack Fonseca being overwhelmed with a sense of guilt or outrage at the employer's co-dependent behavior?
9
I think the Panama Papers are the global financial industry's equivalent to Wikileaks. Iceland's PM is only one of many identified in the Pamama Papers; he's just the NYTimes first choice of who to write about. Probably because he is the first to face consequences.
1
The same number of well place American powerful will resign or go to jail as in 2009 when confirmed they had stolen billions and cost our country trillions. ZERO. Iceland put eleven of their top bankers in Jail and many smaller fish. And the American Press will do nothing after a flurry of the easy revenue producing stories are finished and the real, expensive, smart work is left. I really admire Iceland as a honest State and their small press as fearless and tireless.
346
Yes, the powerful and greedy had OUR laws rewritten to legalize their theft. It is extraordinarily unacceptable.
16
And yet it continues to happen. Our entire system in the US is corrupt to the marrow and nothing will change.
2
Exactly. A great place to emigrate.
1
It is wonderful that this information was released and the first ramifications are being felt with the resignation of the Iceland PM. The public has every right to know about this. Thank you whistleblowers and the press.
48
The interesting fact is that the Panama Papers do not have any American citizen. Let us assume for a time being that all American are saints and have got sacred belts. Hats off U.S
The leaked papers triggered towards the Corruption prevailing in Developing countries.. This is the time for all developing countries to make use of the data in driving away the evil elements in the society.
The leaked papers triggered towards the Corruption prevailing in Developing countries.. This is the time for all developing countries to make use of the data in driving away the evil elements in the society.
2
You are angry because MooSharaff is implicated and one American isn't?
1
I don't think all of the documents have been looked over, perhaps there are names that haven't been id'd yet.
2
The list of American citizens with offshore accounts will arrive in two weeks. The editor of the Suddeutsche Zeitung said so this morning on Democracy Now!
3
this was the only country who held its big bankers accountable for the 2008 debacle, and sadly it will be the only one who will hold its politicians responsible. Bjork aside, there is much to admire about this wondrous polity, especially its medieval sagas. they did their ancestors proud.
201
Don't forget Sigur Ros and Olafur Eliasson!
There's scarcely a politician in the world who doesn't have "freedom" as their go-to buzz word, yet these self-same freedom-loving pols are always first in line to sell themselves to the highest bidder.
253
Or contribution to the Clinton Foundation.
5
Anyone old enough to remember an anecdote about Churchill?
At a dinner party he asked the wife of a guest if she would "be with him" (euphemism here) for a small amount of money and was given a shocked no. The he asked if she would for a million dollars and she hesitated so he again suggested a smaller sum. When she reacted "what kind of a woman do you thing I am" he replied. "We have already determined what you are. We are just arguing about price." So it goes with many politicians.
At a dinner party he asked the wife of a guest if she would "be with him" (euphemism here) for a small amount of money and was given a shocked no. The he asked if she would for a million dollars and she hesitated so he again suggested a smaller sum. When she reacted "what kind of a woman do you thing I am" he replied. "We have already determined what you are. We are just arguing about price." So it goes with many politicians.
2
I can't wait until Donald Trump's tax evasion trail comes to light!!!!
19
We might even find out about Mitt Romney's taxes. Or even Paul Ryan's. He's a "fresh face" you know....
7
or the Clintons? there have been precedents of skullduggery...
9
Yes thepetey, we all know that there is a complete equivalence between the two parties. For example, both of them want to phase out SS and voucherize Medicare (just two examples). RIght???? Yep, keep pushing that false equivalence. The more people you can convince that it's useless to vote at all the better, right? Goes along well with voter suppression and the quaint idea of one person, one vote. Yep, both parties want to kill that off as well. Right???
2
David Cameron is next. He's got a lot to answer for. Not only did his own father hide money in offshore companies, his government controls 8 tax havens (BVI, Bermuda, Turks and Caicos, Caymans, Jersey, Guerney and the Isle of Man). More than any other advanced country, the British have a lot of explaining to do.
They whine about offshore accounts and tax evasion and then they do it themselves and help facilitate it around the world by running tax havens which have little other economic activity.
They whine about offshore accounts and tax evasion and then they do it themselves and help facilitate it around the world by running tax havens which have little other economic activity.
109
What do they manufacture or produce in Britain nowadays? Roaysl memorabilia Rolls Royces and jaguars? England is a big money laundering country for rich expats. No wonder their currency if overvalued
They are financial and not physical engineers now.
You don't see names like Bill Gates, Tim Cook, Mark Zuckerberg, Larry Elison, or the Koch brothers on this list. What you do see are the people's servants...politician who are trying to hide their money from the people who elected them. It's not the rich who don't pay their fair share, its the politicians.
13
They all hire high powered accountants and the politicians protect their windfalls.
1
Another one bites the dust - don't you love that smile? Now he can play all he wants and not have to pretend to work for his livelihood. Who's next?
7
Leaking or stealing confidential information can be a double edged sword but in this case, lifting the veil of secrecy from unethical wealth management among politicians and business people is a good thing. What concerns me is what's below the tip of this iceberg?
48
What is below the iceberg is that from now on people/organizations will commit criminal acts in order to catch the bad guys. Two wrongs do not a make a right.
I hope that Mr. Gunnlaugsson's resignation undercuts the claims coming from state media in Russia and China that the Panama Papers leak is an attempt to discredit non-Western government leadership. He was, after all, the prime minister of a NATO country.
11
Oxfam released a study in January 2015 showing "the 80 wealthiest people in the world altogether own $1.9 trillion, nearly the same amount of wealth as the bottom 3,500,000,000 people of the world own."
Again, 80 people = 3,500,000,000.
When this study was released I recall it making headlines at how much of a wealth disparity there is in our society. 80 people control as much as 3.5 BILLION?
In light of these Panama Papers leak, was the Oxfam study underestimating the concentration of wealth and just how wealthy the wealthy are?
http://www.nytimes.com/2015/01/19/business/richest-1-percent-likely-to-c...
Again, 80 people = 3,500,000,000.
When this study was released I recall it making headlines at how much of a wealth disparity there is in our society. 80 people control as much as 3.5 BILLION?
In light of these Panama Papers leak, was the Oxfam study underestimating the concentration of wealth and just how wealthy the wealthy are?
http://www.nytimes.com/2015/01/19/business/richest-1-percent-likely-to-c...
96
The entire GDP of a country Bhutan is worth $2 billion. An estimated worth of the Clinton Foundation is over $2 billion.
1
Is there a way to freeze assets in place, or at least track where they fly too? Because they sure are going to be flying. Apparently several US banks and acquisitions firms are the "stars of the show" in many documents. This might just be the best news story of the year. Is The Donald in there? How about Cruz's wife? And you never know with the Clintons. Welcome to Schadenfreude Town. No offer refused!
52
Maybe...but only just maybe...this leak will make other politicians think twice before getting involved in crooked deals that run the very real risk of being discovered by hackers. Say, I've got it, you slimeballs; Shelter your money under your mattress. If your conscience doesn't keep you awake, perhaps the clumps of money will.
13
Are there still people who are surprised by this? The rich are so massively corrupt that this kind of stuff shouldn't come as a surprise to anyone but the most sheltered and ignorant of people.
48
And yet who is being put forth by the two parties to serve as the most important elected person in the world? There's only one candidate who is not part of the 1% super elite, and we know who that is and why the NYT is trying so hard to ensure he is not elected.
4
Please spare us your condescension. I don't think many people are aware of the depth and breadth of this majestic ship, sailing there in the night. Not many people knew such an enormous amount of money existed: they never see any of it.
It's about finally getting angry and, apparently, finally having an outlet for that anger in an election season during which Obama's notions of hope and change may continue in an environment more conducive to their further, better realization. Or more baby steps in that direction.
Where there is one cockroach ... !
But what the world lacks is HONEST exterminators!
Most of them sign into the roach motel as soon as they are out of office! See ex-chairmen and governors of the US Federal Reserve, and the "lobbyists" lobby of past elected officials. They don't even have the sense to start a "Foundation" like the Clintons through which to manage their charitable affairs!
See British PMs - Blair and Brown, Germany's Schroeder. The list is endless. Sure - these people need jobs too - to feed their families and educate their children, which thanks to their "management" of government (catering to their cronies) now cost a fortune!
Too bad for regular Joes and Janes - Let them eat cake!
But what the world lacks is HONEST exterminators!
Most of them sign into the roach motel as soon as they are out of office! See ex-chairmen and governors of the US Federal Reserve, and the "lobbyists" lobby of past elected officials. They don't even have the sense to start a "Foundation" like the Clintons through which to manage their charitable affairs!
See British PMs - Blair and Brown, Germany's Schroeder. The list is endless. Sure - these people need jobs too - to feed their families and educate their children, which thanks to their "management" of government (catering to their cronies) now cost a fortune!
Too bad for regular Joes and Janes - Let them eat cake!
20
The New York Times did not scoop this one. There is a reason. Let's hope The Times learns.
The big international law firms know. The games flow through their corporate, and trust and estate departments.
Capital flows through the Swiss bank. UBS was probed by Paul Volcker. And by justice, and the Fed.
Some banks sell secrecy. What else can they sell? Are they talented? Principled? Ethical?
Edward Joseph Snowden chose The Guardian. Why?
Panama is the tip of a huge iceberg.
Tentacles everywhere, legs..
Follow the money. Investigate Frank Giustra and Bill Clinton.
Canada mining is another issue. See Henry Fountain, The New York Times: the best.
The big international law firms know. The games flow through their corporate, and trust and estate departments.
Capital flows through the Swiss bank. UBS was probed by Paul Volcker. And by justice, and the Fed.
Some banks sell secrecy. What else can they sell? Are they talented? Principled? Ethical?
Edward Joseph Snowden chose The Guardian. Why?
Panama is the tip of a huge iceberg.
Tentacles everywhere, legs..
Follow the money. Investigate Frank Giustra and Bill Clinton.
Canada mining is another issue. See Henry Fountain, The New York Times: the best.
45
They did not "scoop" this because they were not part of the news orgs that "scooped" it.
Anyone that finds anything surprising about this kind of tax-avoidance shenanigan should check their pulse. The entire world financial system is rigged. 99.99% of the human race is just one planet-wide profit center for the 0.01%.
152
I heard whoever has this information is holding back data on Americans. Wonder what they have?
40
Where dis you hear this from, please? Be exact.
As Craig Murray has noted on his blog regarding the lack of U.S. Individuals, politicians, and corporations, "Expect hits at Russia, Iran and Syria and some tiny “balancing” western country like Iceland. A superannuated UK peer or two will be sacrificed – someone already with dementia." But no U.S. leaders.
See https://www.craigmurray.org.uk/archives/2016/04/corporate-media-gatekeep...
See https://www.craigmurray.org.uk/archives/2016/04/corporate-media-gatekeep...
7
Because that's not where they're hiding their money, see?
Hmmmmm.... I wonder if Mrs Clinton has another issue to worry about? Maybe this team of FBI agents dug through her email debacle to find something more sinister for a 'pseudo-politician". Will be quite interested to hear what the fall out is after they talk to her.
26
When Mrs. Clinton becomes president you'll have the next 8-9 years to talk about FBI indictments in relation to her. Boy, doesn't that sound like a lot of fun for you. Discrediting her at every turn. Just like Obama.
9
Clinton, maybe. But don't forget Trump and Cruz too.
6
That was quite a crowd that turned out to protest corruption. Inspiring.
34
Iceland being the most egalitarian nation on earth, the PM HAD to resign.
Plus everyone is related to each other, can't be a big cheese alone there-entirely unacceptable.
Plus everyone is related to each other, can't be a big cheese alone there-entirely unacceptable.
1
It is about time the criminal wealthy elite be held accountable and placed firmly in prison for a long time. Worldwide scams defraud the public, cause untold suffering and financial hardship for the common man, and rarely if ever result in criminal prosecution.
Don't let these criminals off with a slap on the wrist and a paltry fine. Prison time, not too big to jail.
Don't let these criminals off with a slap on the wrist and a paltry fine. Prison time, not too big to jail.
18
Does Trump have secret Panamanian companies?
6
Does Clinton have secret Panamanian companies? I betcha...
10
It all depends on your definition of 'secret', 'Panamanian' and 'companies." Donald wants to know exactly what you want.
6
If Trump is involved, the NY Times will be all over it in a heartbeat.
1
When will the Americans be named?
21
Mittsy assures me that there will be no Americans involved. We can all sleep soundly tonight.
3
http://blogs.wsj.com/moneybeat/2016/04/04/the-panama-papers-the-mysterio...
According to the consortium we will not know the American connections until early May- too late for many presidential primaries.
According to the consortium we will not know the American connections until early May- too late for many presidential primaries.
11
A May surprise? Better that than November....
It took the resignation of Iceland's prime minister for US media, particularly the NYTimes, to give the Panama Papers the attention it deserves.
What these papers reveal is they confirm what the common man has suspected for a long time. The capitalist class is screwing us over. The rich people of the world who buy our labor for a pittance reap all the profits and use tax havens to avoid the tax man. As a result the tax burden is disproportionately shifted to those of us who cannot afford elaborate tax schemes.
This leak is big. It should be consequential. Heads should roll. But unfortunately, the powers that be, the people that should take action are the very people indicted by these leaks. It's in their interest to protect the status quo.
Kudos to Icelandic people for taking action!
What these papers reveal is they confirm what the common man has suspected for a long time. The capitalist class is screwing us over. The rich people of the world who buy our labor for a pittance reap all the profits and use tax havens to avoid the tax man. As a result the tax burden is disproportionately shifted to those of us who cannot afford elaborate tax schemes.
This leak is big. It should be consequential. Heads should roll. But unfortunately, the powers that be, the people that should take action are the very people indicted by these leaks. It's in their interest to protect the status quo.
Kudos to Icelandic people for taking action!
567
Please point out to me where the PM of Iceland dodged his taxes? He had a HUGE conflict of interest in not disclosing the fact that he had a claim against the failed banks. Slight difference....
But then again, you are probably also accusing the mom and pop bank depositors of tax dodging since they probably got their claims settled due to the PM efforts.
But then again, you are probably also accusing the mom and pop bank depositors of tax dodging since they probably got their claims settled due to the PM efforts.
Not only that, but they actually jailed bankers in 2008. They attacked the international financial community's accepted conventions to such a degree that those same financial interests actually got the UK to declare Iceland to be a "terrorist state". Me, I love the place.
1
Civis Romanus Sum, Lexington, VA,
Well, considering the news organizations involved in this leak are not American, how could the US media have paying attention to a story they knew nothing about beforehand?
Media companies spend millions, and sometimes years, investigating stories and they keep those stories closely guarded secrets so they can break the story.
Once a story has been broken, then other media can investigate. They can't investigate what they don't know.
Well, considering the news organizations involved in this leak are not American, how could the US media have paying attention to a story they knew nothing about beforehand?
Media companies spend millions, and sometimes years, investigating stories and they keep those stories closely guarded secrets so they can break the story.
Once a story has been broken, then other media can investigate. They can't investigate what they don't know.
1
I just watched our President talking about a move the Treasury Dept. is making to close some tax loopholes that we all know exist. All of this will depend on congress so I wonder what's in all those documents that are about to reveal about our 1+%er's. I don't think much of America realizes the enormity of this story and the repercussions we'll be seeing in the months to come. I will say rumor is NYT's you were asked to participate in this consortium and you bowed out. Fortune Magazine says it's because you prefer to play by yourself, if this is the case it's a grave disservice to the people of the US.
83
And your rumor/theory is incorrect. I'm not the greatest fan of the NYT (sometimes) skewed editorial policies, but I suggest you read the Public Editor piece before lambasting the paper.
As far as "disservice to the US"; there are more than 90 world-class journalistic entities just as good as the NYT already covering the story. Where is the "disservice to the US" here.
As far as "disservice to the US"; there are more than 90 world-class journalistic entities just as good as the NYT already covering the story. Where is the "disservice to the US" here.
Anna! The NYT is otherwise occupied just now running their Hillary 2016 campaign. They will get back to journalism sometime soon...won't they?
Just because the Times can't be all things to all people at all times doesn't mean they are negligent in their reporting.
They were very involved with the Snowden revelations. And even Wikileaks.
FYI - The Times is not the only news source on the planet.
They were very involved with the Snowden revelations. And even Wikileaks.
FYI - The Times is not the only news source on the planet.
1
Ahhhh.....Sunlight.
Please keep printing the names.
Please keep printing the names.
176
Can we expect Putin to resign ??
105
The Russians, being Russian, will explain this one away with the same sort of crude, calculated, rude incivility that always emanates from the Kremlin. Something to the extent of "......someone picked their nose and smeared it all over......."
Sure. Right after Hillary does.
3
Why should Hillary resign? Her name is not mentioned anywhere in the released documents.
4
Wow. Iceland seems capable of holding high-level office-holders accountable for conflict of interest activities. This would never happen in the USA, where a remarkable fraction of our elected representatives are millionaires with access to millions more in their re-election funds.
77
In the United States all financial success (even including inheritance which is a matter of picking your parents correctly) is seen as indicating God's approval in the opinion of a majority of the population. After all, in no one's version of the supernatural is wickedness rewarded by Heaven. So the current situation must be God's will. It's really quite simple and very fair. Move along.
1
On this broad subject: when are NYT and other media going to demand that ALL of the remaining candidates running for POTUS release their tax returns and other financial statements?
117
Since you ask, and since some here seem to be equating this story somehow with the Democratic candidates, namely, Bernie's alleged transparency and integrity, and Hillary's alleged deviousness and dishonesty, here's a news flash. Bernie earned four Pinocchios today from the Wasington Post's Fact Checker for repeatedly falsely claiming he has released his tax returns. He has not. Neither has any one of the other remaining candidates on either side. Except Hillary, who has already done so. Add this to the three Pinocchios Bernie's campaign earned just a few days ago for misrepresenting Hillary's relationship with the fossil fuel industry, and a pattern seems to be emerging. He's got feet of clay to match his wagging finger.
5
Uh, that would be "never".
The Clintons have a lot of skeletons in that walk-in closet.
The Clintons have a lot of skeletons in that walk-in closet.
4
Concerned Citizen, Hillary Clinton has released her entire tax return for every year dating back to the year 2000. The Clintons, as a matter of policy, have been very forthright about their finances since 1992. It's Bernie and the Republican candidates who have refused to release their tax returns.
See:
http://www.taxhistory.org/www/website.nsf/Web/PresidentialTaxReturns?Ope...
See:
http://www.taxhistory.org/www/website.nsf/Web/PresidentialTaxReturns?Ope...
5
"He and his wife then issued statements about “journalist encroachment” in their private lives and said they had done nothing wrong."
Of course they had done nothing wrong. They were only doing what we've come to expect from democratically elected politicians, as well as strong men and other oligarchs from authoritarian regimes.
Do not cancel your fishing trip to Iceland -- or scotch your Bit Coin installation -- just because of this.
Of course they had done nothing wrong. They were only doing what we've come to expect from democratically elected politicians, as well as strong men and other oligarchs from authoritarian regimes.
Do not cancel your fishing trip to Iceland -- or scotch your Bit Coin installation -- just because of this.
7
He should have said "We've done nothing illegal." He obviously has no innate sense of wrong vs right.
6
what do people who have ridiculous amounts of money that they cannot spend in a lifetime want?
they want more.
they want more.
394
The game is to keep adding the 0s. #Rats
2
Materialism is a character fault, along the lines of Fascism and Communism.
Materialists are NEVER satisfied in their perverse desire to grab more, to deceive in order to maintain the edge against, to triumph (in their minds) over anyone and anything. It's a fault born of insecurity and immaturity.
Materialists are NEVER satisfied in their perverse desire to grab more, to deceive in order to maintain the edge against, to triumph (in their minds) over anyone and anything. It's a fault born of insecurity and immaturity.
2
Great point. The only answer I've read to date is when Bill Clinton justified his $600,000 speaking fee by saying he "has to pay the bills."
3
Feeling the 'Bern now?
632
Unfortunately most won't. And here is why in Thomas Frank's words in discussing his new book 'Listen Liberal'.
https://m.youtube.com/watch?v=vwHXhr0MWoo
Never mind that this is a direct result of the free trade with Panama that the Clintons vociferously supported and Bernie voted against.
I'd be curious to hear the NYT's spin on this one- set the PK hound loose perhaps? Assuming they ever have the editorial integrity to actually confront it. But who knows. They said a social democrat couldn't stand a chance of winning anything just a few months ago and clearly changed.
https://m.youtube.com/watch?v=vwHXhr0MWoo
Never mind that this is a direct result of the free trade with Panama that the Clintons vociferously supported and Bernie voted against.
I'd be curious to hear the NYT's spin on this one- set the PK hound loose perhaps? Assuming they ever have the editorial integrity to actually confront it. But who knows. They said a social democrat couldn't stand a chance of winning anything just a few months ago and clearly changed.
5
No. This story has zero to do with the Democratic nomination. But since you're asking, arenn't you Feeling the Math yet?
5
PW: Oh really? Well then this must have been a Clinton impostor saying these things:
https://www.youtube.com/watch?v=8KvDRRkqJqI
And this must have been a Bernie impostor:
https://www.youtube.com/watch?v=WZBWJXry8cg
Thank heavens in the age of the internet, sarcastic comments like yours only prove cognitive dissonance. But at least you're in friendly territory here in Clinton times- you're regurgitating their talking points quite accurately.
https://www.youtube.com/watch?v=8KvDRRkqJqI
And this must have been a Bernie impostor:
https://www.youtube.com/watch?v=WZBWJXry8cg
Thank heavens in the age of the internet, sarcastic comments like yours only prove cognitive dissonance. But at least you're in friendly territory here in Clinton times- you're regurgitating their talking points quite accurately.
1
A number of observers noted that persons in the US don't need to bother setting up secret shell companies outside the US because it's so easy to do it here.
37
Let's hope those hackers keep hacking. There are hundreds more law firms doing this work.
214
Yes..really great. As hacking is illegal, lets just go out do it and condone it. And lets break into people's private offices and crack one their safes while we are it it. As long as its done to the "bad" guy its ok, no? Maybe then we can just murder and shoot thieves and rapists in the street, because they are bad....
1
every time a crooked pol resigns an angel gets its wings
206
Why did this take so long to make your paper/website? I've been reading about this since yesterday morning. This is huge news and should have been covered extensively.
393
Because it makes their favorite candidate look... well, let's say not good.
1
Because the NYT was not "in" on the story as the other news organizations have. Read the Public Editor piece elsewhere on the site for the explanation.
2
The NCAA championships are the top center story! The NYtimes has lost its way.
2
I still can't express enough pride at the fact that a single American is not corrupt enough to be associated with this business. What a great country we live in, where Billionaires are all so honest, and one of them is kind enough to run for President and help us poorly educated people! God Bless The United States of America!
216
I saw an interview about this on PBS the other night and apparently it's legal for the wealthiest thieves in the United States to stash money overseas as long as it's "transparent" - as long as they self-report it to the IRS. However, now multiple layers of Limited Liability Corporations are being formed by all of them to hide assets. The International Investigative Journalists will not let American-based thieves off the hook. Go Get Em, ladies and gentlemen. We salute you.
6
Easy Hoss, these are just the Europeans, Africans and Asians. Americans have more avenues at their disposal with which to "conceal" their wealth.
1
I am certain that the 400 Americans named in the Panama Papers are completely innocent of any wrong-doing. They are being scape-goated because the rest of the world is jealous of our freedom.
5
I can't wait to see other public figures exposed around the world, especially some of our millionaires and billionaires.
93
Wow. That picture says it all, doesn't it? "Hahahahaha! I'll never be prosecuted for anything. Suckas!"
9
When are we going to hear about the Americn elites!
205
Never...since it was probably the US who leaked the documents...
1
never
They're next.
The people of the United States just sit back and let our corrupt politicians and corporations rob us blind, rob our tax money and infrastructure funds, education funds, prison funds, healthcare funds. What gives fellow Americans? ?? When are we going to be like Icelanders.
454
November 8, Jesse, and every election before and after.
1
Maybe when the US moves up a few notches in the Corruption Perception Index see http://www.transparency.org/cpi2015#results-table But then Iceland is not so great by Nordic standards either.
"The game is rigged," says Bernie.
Surprised he hadn't stashed his funds in Delaware...
27
So sick of the corruption. May the dominoes keep falling.
481
The dominoes will fall on corruption in the same way they have fallen on the institution of the Catholic Church.
4
This is just one small law firm that handles these types of transactions. How many other firms are doing the same thing. This is just the tip of the iceberg.
474
Why does he look so happy in the picture?
20
Death grin.
4
One down.
205
6.9999 billion to go.
7
Thousands to go...
2
another tip of the Phiby hat: Deny everything...
11
I don't know about you, but I'm always hiring the world's shadiest shell-company law-firm, selling said shell company to my wife a day before I'd have to otherwise disclose it for my public service career, and then resigning my lofty post when this information becomes public.
This does not mean I'm guilty of anything. C'mon, you can trust me. I'm innocent.
This does not mean I'm guilty of anything. C'mon, you can trust me. I'm innocent.
564
You can just set up your "charitable" foundation in Canada where donors will not be identified when you are making decisions on things like who will be allowed to purchase uranium production on which the US depends.
2
"It's about culture" missed the point. You can set up that "charitable" foundation right here in the U.S. and give millions to politicians, all without revealing your identity. The IRS is afraid to stop this practice because the current Congress might eliminate half their budget as a "cost-cutting" measure and to "rein in out-of-control government".
1
Hey, everybody does it, it's not just me. I'm just the fall guy. Yes, you are the fall guy, sir, and congratulations to Iceland for refusing to go along with the global mafia that the financial industry has become.
3
Going to be a very interesting few weeks, for some politicians.
59
In this country we have a better system. It is entirely unnecessary for politicians to hide their ill-gotten gains. Everything is done legally and in the open. The Clintons are the epitome of this technique. The reason it can succeed is that the corporate press is part of the conspiracy and will speak no evil of it.
11
Mr Gunnlaugsson needs to come to the US join the Republican party and he'd have the life he really wants.
431
why to u.s? The papers do not have any Americans. Should he come now and spoil the face of U.S He got his own countrymen to bear with him.
He is the leader of the Progressive Party. He'd have to get a job at the Clinton Foundation.
6
Or the Democrats.
5