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Global Elite Stash More Cash in America than in Panama


#1

Global Elite Stash More Cash in America than in Panama

Nika Knight, staff writer

Panama saw populist protests on Wednesday in response to Panama Papers revelations that the nation's lax tax laws are providing a haven for the world's wealthiest to stash their cash. But in the United States, where observers note that corporate greed is surely not lacking, the leak has yet to produce such a grassroots display of outrage.


#2

Would anyone be surprised if any of these global elites--even foreign ones--pour dark money into Clinton's super pacs?


#3

Vote Hillary president of ............... Mossack Fonseca


#5

"A corporation is a legal person created by state statute that can be used as a fall guy, a servant, a good friend or a decoy," gushes the Wyoming company on its website, according to the Reuters report. "A person you control... yet cannot be held accountable for its actions. Imagine the possibilities!"

Kind of astonishing that they were that up-front on a publicly accessible document. Really that's always been the purpose of "incorporation" and the corporate structure, it's just that there has been some degree of accountability by identifying the owners and directors of the "corporate person." The secrecy embedded in these transnational shell companies takes it to a new level.

This kind of blatant abuse should help build a worldwide uprising and demand for systemic fairness.


#6

If Hillary or Cruz wins, the fraud of the 1% will continue and be further hidden from the public.


#7

.....and it will only get worse.... with them using their power in ways we cannot even imagine, yet...


#8

Corporations have more rights than citizens in many cases; tax laws, bankruptcy, corporate welfare and they can import drugs from other countries yet it is illegal for citizens to do that. Think about this, a MIT math professor figured out how to beat a casino at blackjack by a simple method of card counting and what happened, legislatures in all states quickly made it illegal to count cards at a casino.

There are four types of corporate welfare that a country. One is by direct subsidies, like paying the food industry to grow or not to grow food. Another is tax reductions and credits. The next is by laws that restrict competition like restricting foreign corporations to sell in American markets; e.g. the domestic airline industry. The last is by duties or tariffs that are so high that a foreign company cannot compete in the countries markets; like China where it is so expensive to import a foreign car that car companies have to build manufacturing facilities in China and hire Chinese workers to work there.


#9

"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 a Zurich law firm, in a recent legal journal. "That 'giant sucking sound' you hear? It is the sound of money rushing to the U.S.A."

yes! by pointing the fickle finger at everyone else, uncle sam hopes to deflect attention from his own crimes. unfortunately, that tactic works for too many proud americans.


#10

The "off-shore" accounts of US citizens and corporations is at Van Buren and LaSalle streets under a Cayman or Panama account number. Where else is the only tax 0.00042% per trade? According to SEC the exchanges are self-regulated whatever that means and any profit they feel like showing is taxed at long-term capital gains rates even tho they did the trade this morning and the other $500 trillion isn't even declared as any kind of gains. They have created enough money out of naked shorts credit default swaps and collateral debt obligations to build a 24 karat gold pillar ten feet square forty stories tall. They can hire unemployed teachers to polish it like the "bean" in Millennium park. Illinois house bill 106 was killed yesterday in Springfield. It was a 0.001% tax worth $6 billion.


#11

Of course, the mainstream media gives little or no attention to the Panama Papers scandal, since the media is part of the corporate oligarchy. There is no chance that we will have masses in the streets, as occurred in Iceland.