These tax deadbeats stashed their cash overseas to avoid supporting government on any level. Have they thanked you for their WEALTHY WELFARE?
Showing posts with label Paradise Papers. Show all posts
Showing posts with label Paradise Papers. Show all posts
Tuesday, August 20, 2019
WEALTHY WELFARE & FASCISM
These tax deadbeats stashed their cash overseas to avoid supporting government on any level. Have they thanked you for their WEALTHY WELFARE?
Sunday, February 4, 2018
List Leaked of Top Trump Officials “Resigning For Ties to Russia and/or For Corruption”, Says Democratic Coalition
link.
By
Published on December 2, 2017
Recently, a consortium of journalists released a series of reports called The Paradise Papers, which provide evidence that several high profile Trump administration officials have ties to the Kremlin.
Several of the officials are fairly high profile names, and sources suggest that it wouldn’t be a surprise if as many as six of them resigned in the coming weeks.
The Paradise Papers exposes secret financial ties to Russia by Trump’s Secretary of Commerce Wilbur Ross, his Ambassador to Russia Jon Hunstman, and several other in the administration, which was purposely hidden from the public, until now.
On the heels of the Paradise Papers release, there is now information leaking that suggests Ross and Huntsman may resign, along with Secretary of Education Betsy DeVos, Attorney General Jeff Sessions, Secretary of State Rex Tillerson, and Secretary of the Interior Ryan Zinke.
“I’ve received reports today saying DeVos, Huntsman, Ross, Sessions, Tillerson & Zinke are resigning for ties to Russia &/or for corruption.”
Dworkin isn’t the only one reporting this information. Salon is also reporting that Betsy DeVos is expected to resign due to her failing efforts in her role, but not related to the papers specifically.
Jeff Sessions has been caught telling several lies about the campaign’s involvement with Russia. Ryan Zinke is caught up in the chartered flight scandal which has already led to the resignation of HHS Secretary Tom Price. Rex Tillerson has long been rumored to be on his way out, both due to his frustration on the job, and his “moron” debacle with Donald Trump. If any one of these six resignations takes place, in the context of how weak and scandalized Trump already is, it could be a bodyblow to him. If several resignations do indeed take place, it could be the ballgame.
Even though Trump last claimed that he is “the only one that matters” in response to questions about filling his cabinet, it’s hard to see how his presidency can survive this kind of high profile and frequent turnover in key positions, especially when it’s due to corruption and collusion ties.
Saturday, February 3, 2018
Rex Tillerson Invokes Possibility of Pinochet-Style Coup in Venezuela
Rex Tillerson stashed his Gazillions overseas so contributes nothing to support local, state or federal governments. A Financial Traitor more self-interested in manipulating for multinational corporations than waging PEACE
The US has a long and tragic history of meddling in nations South of our Borders, assassinating leaders, destabilizing Democracies, creating death squads and violence, much as is currently being accomplished in the US Police State.
Rex Tillerson Invokes Possibility of Pinochet-Style Coup in Venezuela
Saturday, November 25, 2017
Wealthy Tax DEADBEATS!
25 November 17 AM
Businessmen on Wall Street. (photo: AP)
How the Rich Stay Rich
25 November 17
A peek inside the world of wealth managers, offshore tax havens, and the uber-wealthy.
n early November, over thirteen million documents from the Bermuda-based law firm Appleby were released to the public. Known as the Paradise Papers, these documents detail a vast effort to shield the wealth of some of the world’s richest people from the tax authorities, as well as creditors and estranged family members. This follows the leak last year of the Panama Papers, a similar set of documents revealing how assets are hidden offshore.
The use of offshore tax havens is facilitated by wealth managers, who tend to the assets of the ultra-wealthy and ensure they can register their wealth in the optimal offshore locations. Brooke Harrington, a professor at the Copenhagen Business School and author of Capital without Borders: Wealth Managers and the One Percent, spent nearly eight years studying wealth managers, interviewing dozens of them about their work.
In the following interview — which first appeared on Doug Henwood’s Behind the News and has been edited and condensed — Harrington explains who is taking advantage of these tax havens, and what the explosion in offshore accounts means for the global economy.
DH: Is there anything in these Paradise Papers that surprised you?
BH: I was a little surprised that Queen Elizabeth would take the risk of using offshore structures. I would have thought that patriotism and duty to country would have precluded that, but it does reinforce my observation since the Panama Papers that above a certain level of wealth, everybody does this.
DH: In your book, you quote a popular study of these offshore financial centers as saying that the characters involved are a peculiar mix of castle-owning members of European aristocracies, fanatical supporters of Ayn Rand, members of the world’s intelligence services, global criminals, British public school boys, and assorted lords and ladies and bankers galore. That’s the entire cast of characters of the very rich we’re talking about, right?
BH: Yeah. I was so struck after the Panama Papers by the photos, the images that the International Consortium of Investigative Journalists put up online, because it was Lionel Messi right next to Jackie Chan right next to Vladimir Putin and Assad of Syria and the prime minister of Iceland. What do those people actually have in common? Apparently what they have in common is that they’re part of this global class of people who are above the law.
DH: What part of the wealth distribution are we talking about? Where does this start? 99th percentile? Is this the 1 percent, is it the 1/10th of 1 percent? What’s the demographic here?
BH: Happily enough, there’s just been a new study from some economists, including a guy here in Copenhagen, at Copenhagen University. They say it’s the .01 percent who are the major users of these offshore facilities. So the 1 percent we would just call affluent, but it’s the .01 percent who really start to get into the kind of money where you can afford to pay a wealth manager, because it’s not cheap to have someone to create and manage offshore structures for you.
DH: I was struck, though, that in your chapter about who these wealth managers are, that their salaries are apparently rather low by the standards of finance: $200,000 or $300,000. This is not something that a big shot at Goldman Sachs would be impressed with. If this is so crucial to the maintenance of wealth of this .01 percent, why are they so modestly compensated?
BH: I asked this question to as many wealth managers as I could, and part of the answer I got is first of all, most of the people who do wealth management for a living live in places where there’s low to zero taxation, so those hundreds of thousands of dollars they’re getting in their salaries, that’s not just gross, it’s net.
Second of all, for a lot of people who do this for a living, it’s a lifestyle choice. They could be doubling their salary working in corporate law or corporate finance, but they’d be working eighty to hundred hour weeks, whereas a lot of them told me explicitly, “I make a really good living working a nine to five job. Plus I get taken on private planes. I get taken on vacation and leisure activities with my ultra-wealthy clients. I have many of the benefits of being an ultra-wealthy person, but I get to have a normal job that isn’t going to keep me away from my family and having fun in life. And I get to live in paradise, like the Cayman Islands.”
DH: But I was also impressed that some bankers look down on these folks because they’re not growing money, they’re just protecting it.
BH: That’s right. Compliance is very important to wealth managers. I have a hard time explaining this to some of my colleagues in sociology who say, “Well of course wealth managers are doing illegal things.” And I said, “Not if they have a brain in their head,” and for the most part, they’re extremely intelligent people because what they have to do is very complex technically and also from a socio-emotional intelligence point of view.
They would never willingly do something that they know to be illegal because that’s going to put them at huge risk. Not just of professional sanctions, but of losing their whole livelihood because no client wants to get dragged into court.
Even if they get off on whatever charges are laid against them, just the fact of being exposed by being charged with something is a disaster because the whole name of the game is secrecy. And as soon as you get charged with a crime, your name is in the paper and you’re faced with potential exposure of all your private financial dealings. That’s apocalyptic for many of these people.
DH: I would think, too, that they would almost be a matter of professional pride to do all these extravagant things fully within the law.
BH: It is. One of the people I interviewed, when I asked him what he liked best about his job, he said, “I love playing cat and mouse with the law.” It’s a game for him to spend 24/7, every day of the year, figuring out how to get right up to the edge of legality, but not cross the line.
DH: Give us an idea of how these things work. I’m a rich person with, I don’t know, a billion dollars I want to hide from the authorities, or maybe my creditors, or maybe a part of my family I don’t like. What do I do?
BH: If you live in, say, continental Europe, you’d probably be introduced by your banker to someone who can manage your affairs offshore. Most of the work that needs to be done would not be legal in continental Europe or the US, at least if you were a passport holder of any of the countries in that region. You’d have to get stuff offshore.
In all likelihood, your billion dollars of assets wouldn’t be just one thing. They’d be a bunch of different things, like vacation properties, yachts, financial instruments, a family business. And each of those would have to be treated separately because all these tax havens compete with each other to form a little niche. So Switzerland doesn’t go head-to-head with the Cayman Islands. Cayman creates its own special niche laws to, say, be the best place to put your family business, whereas, say, the Cook Islands is the place where you might want to put your art collection.
It might need to be said for people who don’t know, the business itself and the art collection don’t literally get migrated to those offshore centers. They’re just sort of booked there for legal purposes. It’s a little bit weird to think of having stuff booked almost in an imaginary way in an offshore center, but it’s perfectly legal to do that. What that gets you is that you can put the asset under the protection of the law that allows you the most freedom to do what you want with that asset.
For example, if you want to avoid the United Nations convention on trade in certain kinds of very precious and rare art, you’ll put your art collection in a Cook Islands trust because then you’re sort of immune to that United Nations convention. You can sell the art. You can rent it out to museums without being constrained by those international laws. You can also reap profits from trading in violation of international trade embargoes, and not get in trouble. You can hide money from relatives that you want to disinherit or divorce without giving them a penny. Certain jurisdictions specialize in allowing wealthy people to do that.
The wealth manager would have to have a long conversation with you in which you laid out a lot of very personal information about what your concerns were, what your goals were, and exactly what kinds of assets and liabilities you had.
DH: This is part of what you said earlier about a socio-emotional intelligence that’s required. It’s not just a matter of money and law, but it’s the entire client’s life.
BH: Right. And that is what makes this profession particularly fascinating. You can be a good surgeon technically, but a jerk as a person: no bedside manner, no empathy, no nothing. But people will still come to you because they trust you to be the best person to operate on their brain tumor.
But to be a good wealth manager, you not only have to be top of your game in terms of legal financial expertise, you have to have really extraordinary skills at understanding concerns of multiple cultures, often very different from your own. And you have to be a good psychologist. Several of the people I interviewed said, “I’m a social worker for the rich.” And they weren’t kidding.
DH: A lot of the money we’re talking about here are new fortunes that were created in the eighties with technological and financial revolutions, deregulations, and things like that. So there hasn’t been much of a generational transfer, maybe at most one. There’s a lot of new money that’s sloshing around at great quantities. Is this what’s behind the creation and the explosion of these offshore centers, these new fortunes that are really very phobic about being confiscated?
BH: No, I would say it’s not. And it’s important to realize that economic studies of all these, say, Silicon Valley entrepreneurs who’ve made new fortunes, reveal that the American belief that anybody can bootstrap themselves up and become the next Steve Jobs is actually not true. That the people who engage in entrepreneurial activity are doing so because they have inherited wealth behind them. They have a private safety net.
So that’s really what drives entrepreneurial activity, it’s inherited wealth. Not necessarily the level of wealth that would get you multiple offshore accounts, but enough so that if you fail multiple times as an entrepreneur, you’re not going to be living in a box on the street. You just get up and do it again. You have family resources to fall back on.
But to go back to the question of what spurred the growth of offshore, according to the sixty-five wealth managers that I interviewed all over the world, it had to do with a couple of things that happened simultaneously. Before I was born, there used to be things called currency controls. Some countries still have them, but what they mean is that you’re not allowed to take more than a certain fixed amount out of the country, and it’s usually rather a low amount.
One of the people who taught me in the wealth management training program was British and he said, “In the seventies, if you were in England and wanted to go on holiday, you couldn’t take more than fifty pounds sterling out of the country with you. It made going on holiday quite difficult.”
So imagine if you’re a company and you wanted to do business, because currency controls applied to you, too. Companies had to lobby for the creation of these legal financial no-man’s lands, which we now know as offshore financial centers, where currency controls didn’t apply. So, Channel Islands of Jersey and Guernsey: they’re technically still Great Britain, so you could get money there, but money could leave those places in much greater quantities than they could leave the main island, England. So people started using Jersey and Guernsey, and other crown dependencies of Great Britain, as conduits to plug into the global economy. That was one thing.
The other thing was that in the seventies, a lot of countries began to develop extensive welfare states, so taxes rose. And a lot of wealthy people didn’t want to pay those taxes. They saw the lifting of currency controls, or the availability of offshore financial centers and they said, “Ah ha. If corporations can use them, I can use them, too.” And they would employ bankers and lawyers to get their personal wealth offshore in the same way that corporations were doing.
That became this massive growth industry that multiplied on itself, like a snowball picking up snow as it rolled downhill, because wealth, as Thomas Piketty has shown, tends to multiply itself much more than other kinds of economic assets.
DH: As I was reading your book, I was thinking that this interest in protecting wealth, rather than creating it, seems symptomatic of a certain senescence creeping into capitalism. It reminds me of an older person moving out of growth stocks into municipal bonds, and it’s all about capital preservation. We haven’t mentioned how the bankers are somewhat contemptuous of this goal. But what does it say about the state of capitalism that these immense fortunes are sequestered; not so much engaged with expansion of the system but are being kept from the prying eyes of government or relatives?
BH: People who claim to love capitalism and care about capitalism thriving should be very worried about this, because what this concentration of capital in an increasingly small group of people’s hands means is that the economic system is ossifying. It’s going backwards towards feudalism, where wealth was tied up generation after generation among a very small group of families. That’s exactly what we see happening now.
You may have seen that every year, Oxfam produces a study in which they count the number of people whose wealth exceeds that of the poorest 50 percent of humanity. In 2010, that number was above three hundred. In 2017, as of January, it was eight. The number of people who could fit into an extra-large golf cart now own wealth equivalent to the bottom 50 percent of humanity. That’s neo-feudalism, and we’re already seeing the consequences in the extreme decline of upward mobility in the US.
Now when you get an inheritance in the US, that doesn’t just benefit children or grandchildren of the original rich people. It has a knock on effect to the fifth or sixth generation. Meanwhile, most Americans, especially African Americans, have nothing; nothing but debt when they die. Whereas a very tiny group of people at the very top of the socioeconomic scale have billions to distribute to their heirs when they die. We’ve essentially re-feudalized ourselves.
DH: You would think that the political class would have an interest in getting its hands on the vast amount of tax revenue that’s foregone in this age of constant budget cuts and austerity, but on the other hand, the political class is very dependent upon these folks for their funding. You mentioned, for example, the Pritzker family, with some 2,500 offshore trusts: they’re major funders to the Democratic Party, very close to Obama. Is there any way that you can imagine that we can actually get a hand on some of these fortunes? Or is it off limits at this point?
BH: Well, the pessimistic answer is given by a historian who recently published a book on what has happened in cases of extreme inequality in the past. He said, “When other societies have gotten to the point where we find ourselves now, the only thing that has ever turned around this level of inequality, and really redistributed wealth has been mass death, either through disease or war.”
I hope it doesn’t come to that, but the wealthy people of the world, especially in places like the US, know that this cannot go on. There was an article in the New Yorker recently about the boom in business for luxury underground bunkers. So people, billionaires like Peter Thiel, for example, are buying themselves these high-end bomb shelters, where they can survive the coming civil war or apocalypse.
DH: It seems very unlikely that would succeed.
BH: You can only hide underground for so long, I suppose. In addition, they’ve got their private jets and they bought passports for places like New Zealand. People don’t form escape plans like this without having a pretty good reason, because those things aren’t cheap.
Barbara McQuade | If Flynn Is Cooperating With Mueller, Then Case Against Trump Gets Much More Serious
25 November 17 AM
It's Live on the HomePage Now:
Barbara McQuade | If Flynn Is Cooperating With Mueller, Then Case Against Trump Gets Much More Serious
Barbara McQuade, The Daily Beast
McQuade writes: "The report by The New York Times that Michael Flynn has withdrawn from a joint defense agreement with President Donald Trump might indicate that he is cooperating with special counsel Robert S. Mueller III. If so, this could be a significant turning point in the investigation."
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Barbara McQuade, The Daily Beast
McQuade writes: "The report by The New York Times that Michael Flynn has withdrawn from a joint defense agreement with President Donald Trump might indicate that he is cooperating with special counsel Robert S. Mueller III. If so, this could be a significant turning point in the investigation."
READ MORE
Confusion as Trump and Outgoing Director Pick Leaders for Consumer Protection Bureau
Ken Sweet, Associated Press
Sweet writes: "The director of the Consumer Financial Protection Bureau resigned Friday and named his own successor, leading to an open conflict with President Donald Trump - who announced a different person as acting head of the agency later in the day."
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Ken Sweet, Associated Press
Sweet writes: "The director of the Consumer Financial Protection Bureau resigned Friday and named his own successor, leading to an open conflict with President Donald Trump - who announced a different person as acting head of the agency later in the day."
READ MORE
FCC Net Neutrality Process 'Corrupted' by Fake Comments and Vanishing Consumer Complaints, Officials Say
Brian Fung, The Washington Post
Fung writes: "As the Federal Communications Commission prepares to dismantle its net neutrality rules for Internet providers, a mounting backlash from agency critics is zeroing in on what they say are thousands of fake or automated comments submitted to the FCC that unfairly skewed the policymaking process."
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Brian Fung, The Washington Post
Fung writes: "As the Federal Communications Commission prepares to dismantle its net neutrality rules for Internet providers, a mounting backlash from agency critics is zeroing in on what they say are thousands of fake or automated comments submitted to the FCC that unfairly skewed the policymaking process."
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Whitefish Energy Won't Finish Its Work in Puerto Rico Until It's Paid $83 Million
Kate Yoder, Grist
Excerpt: "After Puerto Rico canceled its controversial contract with the small Montana company last month, Whitefish had agreed to continue repairs on the island's devastated grid until Nov. 30. But on Monday, the company paused work 10 days early. According to Whitefish, PREPA, Puerto Rico's government-owned utility, owed it $83 million."
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Kate Yoder, Grist
Excerpt: "After Puerto Rico canceled its controversial contract with the small Montana company last month, Whitefish had agreed to continue repairs on the island's devastated grid until Nov. 30. But on Monday, the company paused work 10 days early. According to Whitefish, PREPA, Puerto Rico's government-owned utility, owed it $83 million."
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How the Rich Stay Rich
Doug Henwood, Jacobin
Henwood writes: "In early November, over thirteen million documents from the Bermuda-based law firm Appleby were released to the public. Known as the Paradise Papers, these documents detail a vast effort to shield the wealth of some of the world's richest people from the tax authorities, as well as creditors and estranged family members."
READ MORE
Doug Henwood, Jacobin
Henwood writes: "In early November, over thirteen million documents from the Bermuda-based law firm Appleby were released to the public. Known as the Paradise Papers, these documents detail a vast effort to shield the wealth of some of the world's richest people from the tax authorities, as well as creditors and estranged family members."
READ MORE
Starved, 'Mutilated' and Blackmailed Migrants Auctioned Off as Slaves by Smugglers in Libya
Lara Rebello, International Business Times
Rebello writes: "Slave markets are springing up across Libya trading impoverished African migrants who have arrived on the Mediterranean coast dreaming of a new life in Europe. A new investigation has revealed people are being sold as modern-day slaves for as little as £300 ($400)."
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Lara Rebello, International Business Times
Rebello writes: "Slave markets are springing up across Libya trading impoverished African migrants who have arrived on the Mediterranean coast dreaming of a new life in Europe. A new investigation has revealed people are being sold as modern-day slaves for as little as £300 ($400)."
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Five Things to Watch in the New Keystone Fight
Devin Henry, The Hill
Henry writes: "Nebraska's approval of the Keystone XL pipeline was a key step in supporters' years-long fight to build the controversial project."
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Devin Henry, The Hill
Henry writes: "Nebraska's approval of the Keystone XL pipeline was a key step in supporters' years-long fight to build the controversial project."
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Tuesday, November 14, 2017
Robert Reich | Patriotism, Taxes, and Trump
13 November 17
FOCUS: Robert Reich | Patriotism, Taxes, and Trump
Robert Reich, Robert Reich's Website
Reich writes: "Selling the Trump-Republican tax plan should be awkward for an administration that has made patriotism its central theme."
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Robert Reich, Robert Reich's Website
Reich writes: "Selling the Trump-Republican tax plan should be awkward for an administration that has made patriotism its central theme."
READ MORE
elling the Trump-Republican tax plan should be awkward for an administration that has made patriotism its central theme.
That’s because patriotism isn’t mostly about saluting the flag and standing during the national anthem.
It’s about taking a fair share of the burden of keeping America going.
But the tax plan gives American corporations a $2 trillion tax break, at a time when they’re enjoying record profits and stashing unprecedented amounts of cash in offshore tax shelters.
And it gives America’s wealthiest citizens trillions more, when the richest 1 percent now hold a record 38.6 percent of the nation’s total wealth, up from 33.7 percent a decade ago.
The reason Republicans give for enacting the plan is “supply-side” trickle-down nonsense. The real reason is payback to the GOP’s mega-donors.
A few Republicans are starting to admit this. Last week, Gary Cohn, Trump’s lead economic advisor, conceded in an interview that “the most excited group out there are big CEOs, about our tax plan.”
Republican Rep. Chris Collins admitted that “my donors are basically saying, ‘Get it done or don’t ever call me again.’”
Republican Sen. Lindsey Graham warned that if Republicans failed to pass tax reform, “the financial contributions will stop.”
Republican mega-donors view the tax payback as they do any other investment. When they bankrolled Trump and the GOP, they expected a good return.
The biggest likely beneficiaries are busily investing an additional $43 million to pressure specific members of Congress to pass it, according to The Wall Street Journal.
They include the 45Committee, founded by billionaire casino oligarch Sheldon Adelson and Joe Ricketts, owner of the Chicago Cubs; and the Koch Brothers’ groups, Americans for Prosperity and Freedom Partners.
They’re not doing this out of love of America. They’re doing it out of love of money.
How do you think they got so wealthy in the first place?
As more of the nation’s wealth has shifted to the top over the past three decades, major recipients have poured some of it into politics – buying themselves tax cuts, special subsidies, bailouts, lenient antitrust enforcement, favorable bankruptcy rules, extended intellectual property protection, and other laws that add to their wealth.
All of which have given them more clout to get additional legal changes that enlarge their wealth even more.
Forty years ago, the estate tax was paid by 139,000 estates, according to the non-partisan Tax Policy Center. By 2000, it was paid by 52,000. This year it will be paid by just 5,500 estates. Under the House tax plan, it will be eliminated altogether.
Why do Americans pay more for pharmaceuticals than the citizens of every other advanced economy? Because Big Pharma has altered the laws in its favor. Why do we pay more for internet service than most other nations? Big cable’s political clout. Why can payday lenders get away with payday robbery? The political heft of big banks.
Multiply these examples across the economy and you get a huge hidden upward redistribution from the paychecks of average working people and the poor to top executives and investors. (I explain this in detail in the documentary “Saving Capitalism,” airing next week on Netflix.)
All this is terrible for the American economy.
More and better jobs depend on increasing demand for goods and services. This must come from the middle class and poor because the rich spend a far smaller share of their after-tax income.
Yet the middle class and poor have steadily lost purchasing power. Partly as a result, a relatively low share of the nation’s working-age population is employed today and the wages of the typical worker have been stuck in the mud.
The Republican tax plan will make all this worse by burdening the middle class and the poor even more.
A slew of analyses, including Congress’s own Joint Committee on Taxation, show that the GOP plan will raise taxes on many middle-class families.
It will also require cuts in government programs that middle and lower-income Americans depend on, such as Medicare and Medicaid.
And the plan will almost certainly explode the national debt, eventually causing many middle class and poor families to pay higher interest on their auto loans, mortgages, and credit cards.
I don’t care whether the top executives of big corporations, Wall Street moguls, and heirs to vast fortunes salute the flag and stand for the national anthem.
But they enjoy all the advantages of being American. Most couldn’t have got to where they are in any other country.
They have a patriotic duty to take on a fair share of the burden of keeping America going. And Trump and his enablers in Congress have a patriotic responsibility to make them.
Here's How to Support Puerto Rico as It Recovers From Devastating Hurricane Maria
Remezcla
Excerpt: "With the island expected to go without power for months, Puerto Rico now needs our help. The US territory is in the midst of a financial crisis and already struggling in many ways."
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Remezcla
Excerpt: "With the island expected to go without power for months, Puerto Rico now needs our help. The US territory is in the midst of a financial crisis and already struggling in many ways."
READ MORE
Saturday, November 11, 2017
Paradise Papers Wealthy Dead Beats PAY NO TAXES!
No action was taken against those names in the Panama Papers - tacit approval for violating US legislation?
NO TAXES PAID!
The lengthy list includes ROBERT MERCER who is running attack ads against Senator Elizabeth Warren. Many Negative Posters on her facebook page are FAKE POSTERS or BOTS....do they originate from ROBERT MERCER?
LISTEN ON LINK
Paradise Papers Roil The World's Elite
November 07, 2017
The Paradise Papers keep delivering. A trove of leaked documents on the world’s elite. The commerce secretary. Apple. More. We’ll dive in.
The massive leak of offshore financial records called the Paradise Papers is causing heartburn in super-rich circles this week. Billions and billions of dollars stashed in tax havens, brought to light. Some strange bedfellows, too. The Queen of England is in there. And Madonna. Bono. But also the US Commerce Secretary Wilbur Ross, with lucrative ties to Vladimir Putin’s circle. Apple, with a huge stash abroad. This hour, On Point: troubling ties and tax avoidance revealed in the Paradise Papers. --Tom Ashbrook
Guests:
Gerard Ryle, director of the International Consortium of Investigative Journalists. (@RyleGerard)
Jesse Drucker, reporter for the New York Times. (@JesseDrucker)
Sasha Chavkin, reporter, International Consortium of Investigative Journalists. (@sashachavkin)
From Tom's Reading List:
International Consortium Of Investigative Journalists: Commerce Secretary Wilbur Ross Benefits From Ties To Putin's Inner Circle — "U.S. Commerce Secretary Wilbur L. Ross Jr. has a stake in a shipping firm that receives millions of dollars a year in revenue from a company whose key owners include Russian President Vladimir Putin’s son-in-law and a Russian tycoon sanctioned by the U.S. Treasury Department as a member of Putin’s inner circle."
New York Times: After A Tax Crackdown, Apple Found New Shelter For Its Profits — "Apple has accumulated more than $128 billion in profits offshore, and probably much more, that is untaxed by the United States and hardly touched by any other country. Nearly all of that was made over the past decade. The previously undisclosed story of Apple’s search for a new tax haven and its use of Jersey is among the findings emerging from a cache of secret corporate records from Appleby, a Bermuda-based law firm that caters to businesses and the wealthy elite."
BBC: Apple's Secret Tax Bolthole Revealed — "The world's most profitable firm has a secretive new structure that would enable it to continue avoiding billions in taxes, the Paradise Papers show. They reveal how Apple sidestepped a 2013 crackdown on its controversial Irish tax practices by actively shopping around for a tax haven. It then moved the firm holding most of its untaxed offshore cash, now $252bn, to the Channel Island of Jersey."
New York Times: Kremlin Cash Behind Billionaire's Twitter And Facebook Investments — "Behind Mr. Milner’s investments in Facebook and Twitter were hundreds of millions of dollars from the Kremlin. Obscured by a maze of offshore shell companies, the Twitter investment was backed by VTB, a Russian state-controlled bank often used for politically strategic deals."
This program aired on November 8, 2017.
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