Panama Papers, The secrets of dirty money and corruption

Discussion in 'Blazers OT Forum' started by SlyPokerDog, Apr 3, 2016.

  1. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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    About the Panama Papers

    By Frederik Obermaier, Bastian Obermayer, Vanessa Wormer and Wolfgang Jaschensky
    Over a year ago, an anonymous source contacted the Süddeutsche Zeitung (SZ) and submitted encrypted internal documents from Mossack Fonseca, a Panamanian law firm that sells anonymous offshore companies around the world. These shell firms enable their owners to cover up their business dealings, no matter how shady.

    In the months that followed, the number of documents continued to grow far beyond the original leak. Ultimately, SZ acquired about 2.6 terabytes of data, making the leak the biggest that journalists had ever worked with. The source wanted neither financial compensation nor anything else in return, apart from a few security measures.

    The data provides rare insights into a world that can only exist in the shadows. It proves how a global industry led by major banks, legal firms, and asset management companies secretly manages the estates of the world’s rich and famous: from politicians, Fifa officials, fraudsters and drug smugglers, to celebrities and professional athletes.

    http://panamapapers.sueddeutsche.de/articles/56febff0a1bb8d3c3495adf4/
     
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  2. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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    Worldwide, jaws drop to 'Panama Papers' leak

    Sunday’s jaw-dropping “Panama Papers” leak, which shows a global network of offshore companies helping the wealthy hide their assets, is already being called “the Wikileaks of the mega-rich."

    The hashtag #panamapapers topped Twitter on Sunday afternoon. Among those reacting through tweets: Edward Snowden, the 2013 CIA leaker, who said the “Biggest leak in the history of data journalism just went live, and it's about corruption.”

    In Russia, President Vladimir Putin’s spokesman, Dmitry Peskov, told reporters that the Kremlin had already received “a series of questions in a rude manner” from an organization that he said was trying to smear Putin.

    “Journalists and members of other organizations have been actively trying to discredit Putin and this country’s leadership,” Peskov said.

    The Washington, D.C.-based International Consortium of Investigative Journalism (ICIJ) said the trove of 11.5 million records details the offshore holdings of a dozen current and former world leaders, as well as businessmen, criminals, celebrities and sports stars. The data span nearly 40 years, from 1977 through the end of 2015, ICIJ said, allowing “a never-before-seen view inside the offshore world — providing a day-to-day, decade-by-decade look at how dark money flows through the global financial system, breeding crime and stripping national treasuries of tax revenues.

    http://www.usatoday.com/story/news/2016/04/03/reactions-panama-papers-leak-go-global/82589874/
     
  3. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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  4. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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    Prosecutors open probes as world's wealthy deny 'Panama Papers' links

    Governments across the world began investigating possible financial wrongdoing by the rich and powerful on Monday after a leak of four decades of documents from a Panamanian law firm that specialized in setting up offshore companies.

    The "Panama Papers" revealed financial arrangements of global politicians and public figures including friends of Russian President Vladimir Putin, relatives of the prime ministers of Britain, Iceland and Pakistan, and the president of Ukraine.

    While holding money in offshore companies is not illegal, journalists who received the leaked documents said they could provide evidence of wealth hidden for tax evasion, money laundering, sanctions busting, drug deals or other crimes.

    http://www.reuters.com/article/us-panama-tax-idUSKCN0X10C2
     
  5. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    I haven't seen any US citizens mentioned in the articles. Lots of despots/dictator types.

    Some of it is actually legit.
     
  6. oldmangrouch

    oldmangrouch persona non grata

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    I blame Obama.
     
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  7. ripcityboy

    ripcityboy Well-Known Member

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    I have to say whomever the anonymous source is must have a huge pair of cojones. You don't willfully expose Putin or any of his buddies and not end up shallow grave. Putin has always admired Stalin.... it's just now he can tell the world about his man crush.
     
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  8. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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  9. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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    Bernie talking about Panama tax evasion in a speech to President Obama (2011)


    "Finally, Mr. President, let's talk about the Panama Free Trade Agreement.

    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.

    Each and every year, the wealthy and large corporations evade $100 billion in U.S. taxes through abusive and illegal offshore tax havens in Panama and other countries.

    According to Citizens for Tax Justice, "A tax haven . . . has one of three characteristics: It has no income tax or a very low-rate income tax; it has bank secrecy laws; and it has a history of non-cooperation with other countries on exchanging information about tax matters. Panama has all three of those. ... They're probably the worst."

    Mr. President, the trade agreement with Panama would effectively bar the U.S. from cracking down on illegal and abusive offshore tax havens in Panama. In fact, combating tax haven abuse in Panama would be a violation of this free trade agreement, exposing the U.S. to fines from international authorities.

    In 2008, the Government Accountability Office said that 17 of the 100 largest American companies were operating a total of 42 subsidiaries in Panama. This free trade agreement would make it easier for the wealthy and large corporations to avoid paying U.S. taxes and it must be defeated. At a time when we have a record-breaking $14.7 trillion national debt and an unsustainable federal deficit, the last thing that we should be doing is making it easier for the wealthiest people and most profitable corporations in this country to avoid paying their fair share in taxes by setting-up offshore tax havens in Panama.

    Adding insult to injury, Mr. President, the Panama FTA would require the United States to waive Buy America requirements for procurement bids from thousands of foreign firms, including many Chinese firms, incorporated in this major tax haven. That may make sense to China, it does not make sense to me.

    Finally, Panama is also listed by the State Department as a major venue for Mexican and Colombian drug cartel money laundering. Should we be rewarding this country with a free trade agreement? I think the answer should be a resounding no."

    source: http://www.sanders.senate.gov/newsr...y-sen-bernie-sanders-on-unfettered-free-trade

     
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  10. EL PRESIDENTE

    EL PRESIDENTE Username Retired in Honor of Lanny.

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    Pretty sure someone I know is going to get caught up in this.
     
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  11. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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  12. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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  13. BLAZINGGIANTS

    BLAZINGGIANTS Well-Known Member

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    Jackie Chan's name appears...
     
  14. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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    It's research for a movie.
     
  15. EL PRESIDENTE

    EL PRESIDENTE Username Retired in Honor of Lanny.

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    I saw that dude in a fucking Bugatti here in LA
     
  16. BLAZINGGIANTS

    BLAZINGGIANTS Well-Known Member

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    I'll bet you *saw* him....

    FAMS!
     
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  17. EL PRESIDENTE

    EL PRESIDENTE Username Retired in Honor of Lanny.

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    We got dat oriental connect
     
  18. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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  19. riverman

    riverman Writing Team

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    The Panama Papers is a paragraph in the novel of off shore tax havens...next we'll have the Cayman Papers, the Zurich Papers, the Antwerp Papers, the Sudanese Papers....I'll bet brokers are scrambling all over the globe shredding paper trails as we post here
     
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  20. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    If I had wealth in a lot of countries, even France, I would strongly consider having some of my wealth offshore. The chance that the governments will decide to nationalize your private property and confiscate it makes it a good idea to protect it.

    That said, I think it's a disgrace that these lawyers and offshore banks would deal with despots who are looting their nations' treasuries.
     

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