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And, to top it off, there is one specific firm which is spearheading the conversion of the U.S. into Panama: Rothschild.
Rothschild, the centuries-old European financial institution, has opened a trust company in Reno, Nev., a few blocks from the Harrah’s and Eldorado casinos. It is now moving the fortunes of wealthy foreign clients out of offshore havens such as Bermuda, subject to the new international disclosure requirements, and into Rothschild-run trusts in Nevada, which are exempt.
* * *
For financial advisers, the current state of play is simply a good business opportunity. In a draft of his San Francisco presentation, Rothschild’s Penney wrote that the U.S. “is effectively the biggest tax haven in the world.” The U.S., he added in language later excised from his prepared remarks, lacks “the resources to enforce foreign tax laws and has little appetite to do so.”
That money is rushing for one simple reason: dirty foreign - and local - money is welcome in the U.S., no questions asked, to be shielded by the most impenetrable tax secrecy available anywhere on the planet.
One may even say that nowadays, US-based tax havens are the new Switzerland, or Bahamas or, for that matter, Panama. Indeed, for most Americans, offshore tax haven are now meaningless with the passage of the FATCA law, which makes the parking of dirty US money abroad practically impossible. So where does that money go instead - it stays in the US:
Yes, Mossack Fonseca may now be history, and its countless uberwealthy clients exposed, but none other than Rothschild is now delighted to be able to fill its rather large shoes. In fact, someone with a conspiratorial bent may decide that today's dramatic takedown of the Panama "offshoring" industry was nothing more than a hit designed to crush the competition of domestic "tax haven" providers... suxh as Rothschild.
The Suddeutsche Zeitung, which received the leak, gives a detailed explanation of the methodology the corporate media used to search the files. The main search they have done is for names associated with breaking UN sanctions regimes. The Guardian reports this too and helpfully lists those countries as Zimbabwe, North Korea, Russia and Syria. The filtering of this Mossack Fonseca information by the corporate media follows a direct western governmental agenda. There is no mention at all of use of Mossack Fonseca by massive western corporations or western billionaires – the main customers. And the Guardian is quick to reassure that “much of the leaked material will remain private.”
What do you expect? The leak is being managed by the grandly but laughably named “International Consortium of Investigative Journalists”, which is funded and organised entirely by the USA’s Center for Public Integrity. Their funders include
Rockefeller Family Fund
W K Kellogg Foundation
Open Society Foundation (Soros)
Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes.
His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments.
Some are calling it the new Switzerland.
After years of lambasting other countries for helping rich Americans hide their money offshore, the U.S. is emerging as a leading tax and secrecy haven for rich foreigners. By resisting new global disclosure standards, the U.S. is creating a hot new market, becoming the go-to place to stash foreign wealth. Everyone from London lawyers to Swiss trust companies is getting in on the act, helping the world’s rich move accounts from places like the Bahamas and the British Virgin Islands to Nevada, Wyoming, and South Dakota.
“How ironic—no, how perverse—that the USA, which has been so sanctimonious in its condemnation of Swiss banks, has become the banking secrecy jurisdiction du jour,” wrote Peter A. Cotorceanu, a lawyer at Anaford AG, a Zurich law firm, in a recent legal journal. “That ‘giant sucking sound’ you hear? It is the sound of money rushing to the USA.”
Three years ago, thieves stole a bunch of information from “offshore” service providers in the Cook Islands and British Virgin Islands. This was supposed to be a ground-breaking exposé with huge ramifications, but it turned out to be a tempest in a teapot.
As I pointed out at the time, all that we really learned is that people who use offshore services are generally honest and law-abiding. And they definitely had far more integrity than the politicians who routinely attack the offshore world.
Many nations in Western Europe can no longer afford their big welfare states. Countries such as Greece, Spain, and Italy already have needed bailouts, while it’s just a matter of time before several other European nations face a fiscal day of reckoning. …rather than fix their own fiscal problems, many of these nations are working through international bureaucracies such as the G-20 and the Organization for Economic Cooperation and Development to rewrite the rules and traditions of global commerce in an attempt to extract more tax revenue. This is why there’s been a major attack against so-called tax havens as part of a coordinated campaign to undermine fiscal sovereignty and restrict the human right of financial privacy.
In other words, welfare states are going bankrupt and they hope to somehow prop up their unaffordable entitlements with a money grab.
originally posted by: XxBman006xX
a reply to: HolgerTheDane2
I have read every post and it still seems off to me. This leak goes back decades..........yet i'm not seeing much of anything about the U.S.I know more is coming........I'm waiting!
The law firm at the hub of a global financial scandal has links to more than 1,000 U.S. companies, formed mostly in Nevada and Wyoming since 2001, but appears to have largely escaped the scrutiny of U.S. financial regulators — at least in public.
The majority of U.S.-based companies linked to Mossack Fonseca were formed in Nevada by M.F. Corporate Services (Nevada) Limited, a one-employee company based out of a low-slung tile-roofed office building 20 miles from the Las Vegas strip. MF Nevada has served as the registered agent for 1,026 business entities since 2001, according to USA TODAY's review of Nevada business documents.
Publicly available information about many of the Nevada corporations is limited to the fact that MF Nevada is the registered agent and a listing of the officers. Many of the officers are businesses themselves — meaning no individuals are listed in corporate records — and typically have addresses in Anguilla, the Seychelles, Panama or another foreign country.
The names of hundreds of Americans have surfaced in the Panama Papers, including a handful of U.S. businessmen accused or convicted by U.S. authorities for ties to financial crimes or Ponzi schemes.
The identities of the Americans emerged from the treasure trove of documents obtained by the German newspaper Süddeutsche Zeitung, the U.S.-based International Consortium of Investigative Journalists and hundreds of other media organizations.
The consortium has so far identified more than 200 people with U.S. addresses who own companies in the leaked data from the Panamanian law firm Mossack Fonseca. Some appear to be retirees purchasing real estate in places like Costa Rica and Panama, according to the consortium. But there are at least a few Americans in the leaked files who have faced charges for serious financial crimes in the U.S.
Some of these documents undoubtedly reveal criminality: either monies that were illegally obtained (and are being hidden for that reason) or assets being concealed in order to criminally evade tax debts. But the crux of this activity — placing assets offshore in order to avoid incurring tax liability — has been legalized. That’s because Western democracies, along with overt tyrannies, are typically controlled by societies’ wealthiest, and laws are enacted to serve their interests.
originally posted by: MyHappyDogShiner
a reply to: humanityrising
Pretext for war, fine.
But if enough people find out what a real dog and pony show war actually is, they're going to have a hard time getting people to fight their wars for them even if they re-implement the draft.
Other more ominous events will likely occur to distract the ignorant masses from this thing.
originally posted by: s3cz0ne
originally posted by: Indigo5
originally posted by: alldaylong
a reply to: s3cz0ne
I can see why some may be upset about the pieces written about Putin without even mentioning Cameron's father and the others
As Cameron's father is dead,it seems pointless of anyone even trying to make a case against him.
It might be difficult, but it needs to be followed up on...Did Cameron inherit the money when his father passed? Where did that money originate and why was it hidden off-shore.
That was kind of my point as well... Also we haven't seen all of the docs yet. They may be saving the most explosive for the US.