Monday, April 04, 2016

The Panama Papers/The art of hiding cash

1.5 million documents showing how the rich and powerful game the system by squirreling away money in offshore accounts, safe from taxes these bastards should pay their respective countries but don't, because of the juice they have with the powers at be in moving their ill gotten gains to offshore safe havens located all over the world.

Go to the ICIJ to delve into the interactive dataset showing how the rich & connected do a number on the world and the innocents who live in it. It's enough to make one very angry without question.

The global super-rich are stashing trillions of dollars offshore with the help of some of the world’s biggest banks, putting billions of dollars out of the taxman’s reach and masking wealth inequality’s true heights.

Wealthy people were hiding between $21 and $32 trillion in offshore jurisdictions around the world as of 2012, according to a 2012 study from the Tax Justice Network, an organization which aims to promote tax transparency. The study, highlighted by a recent Bloomberg News report, found that more than $12 trillion of that money was managed by 50 international banks, many of which received bailouts during the financial crisis, according to James Henry, the study’s author.

And so it begins - King Théoden/Lord of the Rings

Addendum: Click the graphic to go to The Guardian's excellent take on The Art of Hiding Cash.

What's even more amazing is that the papers originate from just one law firm, Mossack Fonseca. Just imagine if people get data from all the other players who game the system for other elites, the blowback would be most interesting, especially regarding the US as MF doesn't represent the US contingent which, without question, plays the game similar to the ones cited in the Panama Papers.

Something's afoot. - Sherlock Holmes

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