News of a giant data leak from the important Panamanian law firm of Mossack Fonseca show enormous sums of money being sheltered and laundered in Panama by the wealthy and the evil. Long a financial haven for the rich, Panama’s tax structure was modeled directly on the ‘Rogue State’ of Delaware in the USA.
Friends of Putin have accounts there and the prime minister of Iceland, Sigmundur Gunnlaugsson, had to step down. Britain’s PM David Cameron was shown to have benefited from his father’s offshore account and conceded Saturday that he had bungled his acknowledgement of his investment in an offshore fund.
Not so oddly, no prominent Americans have yet been scandalized by the leaks. Panama takes 20% for their services while the rich in the USA, like Romney, already pay only 15%. That’s the story not being reported much.
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