I don’t know if it’s a coincidence that the biggest, world wide financial scandal, in history, is happening at the same time America is trying to dig its way out of a social and economic disintegration.
This is going to dominate the news for the foreseeable future, and its going to explode into the devastating downfall of many world figures. If you haven’t heard about it before now, you need to ask your self why, as you read and click through the links. This story is just unfolding.
First and foremost, what are the Panama Papers?
The world’s richest celebrities, drug dealers, sports stars, world leaders like Putin, Hosni Mubarak, Mummer Gaddafi, President Bashar al-Assad and so many more are players in hiding their wealth and probably their own country’s wealth, in off shore, money laundering, sham corporations.
This sums up the general process of the Panama Papers.
Generally speaking, owning an offshore company is not illegal in itself. In fact, establishing an offshore company can seem like a logical step for a broad range of business transactions. However, a look through the Panama Papers very quickly reveals that concealing the identities of the true company owners appears to be the primary aim in the vast majority of cases.
The Papers show how the global offshore industry cooperates with major banks, law firms, and asset management companies to secretly manage the fortunes of politicians, FIFA officials, fraudsters, and drug dealers, as well as of billionaires, celebrities, and sports stars.
According to Igor Angelini, the head of Europol’s Financial Intelligence Group, shell companies also “play an important role in large-scale money laundering activities.” The same, he says, applies for corruption: offshore companies are often used to “transfer bribe money“. In the four decades since it was founded, Mossfon has set up, sold, and managed hundreds of thousands of these companies in Panama, in the British Virgin Islands, or in other tax havens.
For more detail about how the Panama Papers are structured go to PanamaPapersSeudDeutsche.
And what are some of the implications to the U.S. and world wide to world leaders and others, stashing cash, off shore:
Zucman estimates that US citizens have at least $1.2 trillion stashed offshore, costing $200 billion a year worldwide in lost tax revenue from wealthy individuals. US multinational corporations underpay their taxes worldwide by $130 billion by engaging in corporate tax avoidance.Gabriel Zucman, author of The Hidden Wealth of Nations: The Scourge of Tax Havens and assistant professor at UC Berkeley, estimates that $7.6 trillion in individual assets are in tax havens, about 8 percent of the world’s financial wealth. He believes the use of tax havens has grown 25 percent from 2009 to 2015.
Early research and discovery implicate Putin and Iceland’s Prime Minister Sigmundur David Gunnlaugsson. As nations crumble, financially, their leaders were stashing the cash.
Russian president Vladimir Putin’s close associates are heavily implicated. Kremlin spokesman Dmitry Peskov was quick to counter-attack, arguing that the motive behind the leak was political, not journalistic. “Putin, Russia, our country, our stability and the upcoming elections are the main target, specifically to destabilize the situation.” Peskov charged that former CIA and US State Department had even helped analyze the documents.
The papers implicate Iceland’s Prime Minister Sigmundur David Gunnlaugsson as secretly owning millions in bank bonds during the 2008 collapse of Iceland’s banking system. He is facing calls for his resignation.
So who are others initially revealed as players in the Panama Papers? Gawker.com has an initial, incomplete list. (Vladimir Putin, Petro O. Poroshenko, Icelandic Prime Minister, Sigmundur David Gunnlaugson, FIFA, Lionel Messi, Marianna Olszewski, Jackie Chan, Hosni Mubarak, Mummer Gaddafi, President Bashar al-Assad, Mauricio Macri, Nawaz Sharif, David Cameron and more.
It’s not clear that the ton of bold-faced, high-profile names reported as of today—at least 12 current or former heads of state, plus hundreds of their wealthy friends, family, and countrymen—have done anything illegal. But they also include at least 33 individuals and companies blacklisted by the U.S. because of their business dealings with entities like Hezbollah, North Korea, and Iran. According to the ICIJ, one of those companies has been accused of giving the Syrian government fuel to use to bomb and kill its own citizens.
It’s going to take a while to parse out who owns what and whether those transactions were legal or illegal, and more names are expected to be made public in the weeks to come. According to the ICIJ, the still-largely-anonymous client list contains a bevy of prominent and powerful people that include “politicians, fraudsters and drug traffickers as well as billionaires, celebrities and sports stars.”
USUncut.com Reports that Obama is now, now that it has been EXPOSED, going to put an end to the whole mess. One wonders how many of his friends are involved or at risk of being exposed in these money laundering, sham corporations.
President Obama has ordered the U.S. Department of the Treasury to stop corporate tax inversions following the release of the Panama Papers.
Inversion is one of the multiple corporate tax loopholes companies exploit to avoid paying U.S. taxes. Under inversion, an American company acquires a foreign competitor, then re-registers in the home country or territory of that competitor to get around American tax laws. The new rules enacted by the Treasury Department will put a cap on new foreign acquisitions of U.S. assets to skirt ownership requirements for potential inversions in the future.
“When politicians perpetuate a system that favors the wealthy over the middle class, its not surprising that people feel like they cant get ahead,” President Obama said on Tuesday morning. “Rather than doubling down on policies that let a few big corporations and wealthy people make their own rules, we should build an economy that gives everyone a fair shot.”
The Treasury Department’s new rules could completely derail the proposed $150 billion merger between pharmaceutical giants Pfizer and Irish-based Allergan, along with other proposed corporate inversions. The New York Times described the new rules, outlined in a 300-page document, as “thorough and, if not exhaustive, exhausting.” Obama praised the Treasury Department’s latest moves, but called on Congress to pass legislation permanently ending the corporate inversion loophole.
“Only Congress can close it for good,” Obama said.
Obama’s move comes on the heels of the historic Panama Papers leak and the subsequent resignation of Iceland’s prime minister, Sigmundur David Gunnlaugsson, who was found to have used a shell corporation to hide assets overseas.
And just take one guess, who is the first American to be linked to the dirty dealing of money laundering around the world. Yep, … Hillary!
Concerning the Panama Papers scandal, let’s start putting two and two together.
1. Hillary Clinton lobbied for the Panama-United States Trade Promotion Agreement, and WAS WARNED it would make money laundering and tax evasion easier for rich folks and bad guys. www.ibtimes.com/…
2. Deutsche Bank is up to its eyeballs in this shit. www.dw.com/…
3. After resigning as SoS, Hillary Clinton personally made $485,000 speaking to – don’t hold your breath, you know where I’m going with this – Deutsche Bank. theintercept.com/…
No nuance. It’s really simple. Hillary Clinton did Deutche Bank a big lucrative solid, and they returned the favor when it was legally permissible.
This is huge and only to get more colossal as time goes by. So, this big news has been out in the MSM for a while, and if this is the first time you’re hearing about it, ask your self why? How does the uber rich control the world wide media to stop a story this large? And will all media folk, digging in to this story, there must be a lot of muscle squashing the story. Power.