The clients were among the most powerful in the world and to realize the shell game going on is criminal. It is disgusting. The people of the countries were never the focus of any protections. I can only imagine the level of wealth hidden in the treasuries of this law firm. I guarantee you the monies are an accumulation greater than the treasuries of their countries.
Nobility fades quickly when realizing the criminal intent of these world leaders.
April 6, 2016
By Kirk Semple, Azam Ahmed and Eric Lipton
Mexico City — The two men (click here) came together in an era of political and economic uncertainty in Panama: One a reserved German immigrant whose father served in the armed wing of the Nazi party, the other a gregarious, aspiring novelist whose family opposed Panama’s military dictatorship.
Nobility fades quickly when realizing the criminal intent of these world leaders.
April 6, 2016
By Kirk Semple, Azam Ahmed and Eric Lipton
Mexico City — The two men (click here) came together in an era of political and economic uncertainty in Panama: One a reserved German immigrant whose father served in the armed wing of the Nazi party, the other a gregarious, aspiring novelist whose family opposed Panama’s military dictatorship.
With the nation still under the sway of Gen. Manuel Noriega, the pair merged their small law firms in 1986, creating what would become a powerhouse of secretive offshore banking for the elite. Over the next three decades, Jürgen Mossack and Ramón Fonseca expanded their practice to a staff of 500, with affiliate companies around the world and a client list of the powerful, the famous and, sometimes, the infamous.
In January, a prosecutor investigating the sweeping corruption in Brazil publicly called their law firm “a huge money launderer.”...
...The firm, Mossack Fonseca, was built on assurances of bulletproof privacy for its clients. But its operations were laid bare this week by a vast leak of millions of documents that have helped expose the proliferation of shell companies and tax havens for the world’s wealthiest people. The revelations have already prompted Iceland’s prime minister to step aside and spurred criminal investigations on at least two continents....
The celebrities involved are some of the most popular and endeared people in many societies. Dreamworks is Steven Spielberg. Like, what? Dreamworks is splitting from Disney to form it's own television enterprise. Where did the money come from? How much of the funding for the new television enterprise was never subject to tax that belongs to the US Treasury. Don't tell me this was all transparent and legal; that is the bigger lie than fact it existed. Steven Spielberg was a Panama citizen?
Just because a person can hop a jet and fly to Panama to set up shell companies to avoid taxes doesn't make it a moral venture for the purpose of advancing great movies.
Sarah Ferguson is very revealing to the incredible corruption involved with this law firm. She was confused about the earnings of her own monies.
According to The Guardian (click here)) “The documents reveal a degree of chaos around the Duchess of York’s finances.” Allegedly, letters between Ferguson’s legal representatives and Mossack Fonseca show the British royal “trying to make sense of her assets,” set up in Essar Company Inc. in the British Virgin Islands in 2000.
Essar Company Inc was formed by the partners who were to develop the business opportunities with the duchess. Had any of the intellectual property generated income or gains or other profits, it would have been disclosed by the duchess as part of her normal tax filings....
Interestingly, these companies probably shielded their monies from the 2008 global economic collapse. That perhaps would be the only noble result of this law firm. Those monies were probably protected from the collapse of Wall Street. If those monies were available to recover the economies of their countries it would be the only redeeming value of this mess. But, I am very skeptical to those monies and their noble use to recover economies and actually serve the citizens of the countries involved. Rather, the law firm was laughing at the world as they held on tight to their mischief.
I imagine Bernie Madoff is envious of the law firm after reading any newspapers today.
How many bankers have personal accounts with them? I can't wait to see how many financial so called experts were involved.
Interestingly, Jamie Dimon actually believes in his own leadership. The only bank that didn't need a bailout in 2008 was JP Morgan.
February 22, 2016
By Ben Eisen
James Dimon’s decision (click here) to buy battered shares of his firm earlier this month is looking pretty good at the moment.
The J.P. Morgan Chase & Co. chief bought 500,000 shares on Feb. 11 for $26.6 million, according to a regulatory filing. That turned out to be the recent bottom for the lender’s shares. As of Friday’s close, his purchase is worth $28.9 million, making for a cool $2.3 million of paper gain in less than a month.
The purchase brought Mr. Dimon’s total holdings of the company to 6.75 million shares. But the Feb. 11 buy was notable in that it came after the stock had fallen 20% this year and was seen by many as a sign of Mr. Dimon’s confidence in his firm and the sector. Since then, the shares have rebounded 9% through Friday. They’re up another 1.5% on Monday....
I don't doubt there are many interesting accounts in the activities of this covert law firm, but, of greatest interest should be the drug warlords of South America and Mexico and Afghanistan. Those monies need to be taken in entirety and put in the countries IMF funding. It will no doubt pay the interest to permit a better rating.
Money is an interesting vehicle for corruption. The law firm was organized to rob a horrible leader in Noreiga from monies that would empower his dictatorship, but, it didn't end with the removal of Noreiga. It continued far beyond it's original intent and now empower some very worrisome purposes and individuals which appears to be unknown to the account holders.
The celebrities involved with this mess are heroes to many people and now they are turning up as members of covert shell companies. What does that do to a society that holds them dear at the center of it's own morality? This is a complete mess to discover how world leaders, be they government or private or public were playing a very immoral international game.
In January, a prosecutor investigating the sweeping corruption in Brazil publicly called their law firm “a huge money launderer.”...
...The firm, Mossack Fonseca, was built on assurances of bulletproof privacy for its clients. But its operations were laid bare this week by a vast leak of millions of documents that have helped expose the proliferation of shell companies and tax havens for the world’s wealthiest people. The revelations have already prompted Iceland’s prime minister to step aside and spurred criminal investigations on at least two continents....
The celebrities involved are some of the most popular and endeared people in many societies. Dreamworks is Steven Spielberg. Like, what? Dreamworks is splitting from Disney to form it's own television enterprise. Where did the money come from? How much of the funding for the new television enterprise was never subject to tax that belongs to the US Treasury. Don't tell me this was all transparent and legal; that is the bigger lie than fact it existed. Steven Spielberg was a Panama citizen?
Just because a person can hop a jet and fly to Panama to set up shell companies to avoid taxes doesn't make it a moral venture for the purpose of advancing great movies.
Sarah Ferguson is very revealing to the incredible corruption involved with this law firm. She was confused about the earnings of her own monies.
According to The Guardian (click here)) “The documents reveal a degree of chaos around the Duchess of York’s finances.” Allegedly, letters between Ferguson’s legal representatives and Mossack Fonseca show the British royal “trying to make sense of her assets,” set up in Essar Company Inc. in the British Virgin Islands in 2000.
Essar Company Inc was formed by the partners who were to develop the business opportunities with the duchess. Had any of the intellectual property generated income or gains or other profits, it would have been disclosed by the duchess as part of her normal tax filings....
Interestingly, these companies probably shielded their monies from the 2008 global economic collapse. That perhaps would be the only noble result of this law firm. Those monies were probably protected from the collapse of Wall Street. If those monies were available to recover the economies of their countries it would be the only redeeming value of this mess. But, I am very skeptical to those monies and their noble use to recover economies and actually serve the citizens of the countries involved. Rather, the law firm was laughing at the world as they held on tight to their mischief.
I imagine Bernie Madoff is envious of the law firm after reading any newspapers today.
How many bankers have personal accounts with them? I can't wait to see how many financial so called experts were involved.
Interestingly, Jamie Dimon actually believes in his own leadership. The only bank that didn't need a bailout in 2008 was JP Morgan.
February 22, 2016
By Ben Eisen
James Dimon’s decision (click here) to buy battered shares of his firm earlier this month is looking pretty good at the moment.
The J.P. Morgan Chase & Co. chief bought 500,000 shares on Feb. 11 for $26.6 million, according to a regulatory filing. That turned out to be the recent bottom for the lender’s shares. As of Friday’s close, his purchase is worth $28.9 million, making for a cool $2.3 million of paper gain in less than a month.
The purchase brought Mr. Dimon’s total holdings of the company to 6.75 million shares. But the Feb. 11 buy was notable in that it came after the stock had fallen 20% this year and was seen by many as a sign of Mr. Dimon’s confidence in his firm and the sector. Since then, the shares have rebounded 9% through Friday. They’re up another 1.5% on Monday....
I don't doubt there are many interesting accounts in the activities of this covert law firm, but, of greatest interest should be the drug warlords of South America and Mexico and Afghanistan. Those monies need to be taken in entirety and put in the countries IMF funding. It will no doubt pay the interest to permit a better rating.
Money is an interesting vehicle for corruption. The law firm was organized to rob a horrible leader in Noreiga from monies that would empower his dictatorship, but, it didn't end with the removal of Noreiga. It continued far beyond it's original intent and now empower some very worrisome purposes and individuals which appears to be unknown to the account holders.
The celebrities involved with this mess are heroes to many people and now they are turning up as members of covert shell companies. What does that do to a society that holds them dear at the center of it's own morality? This is a complete mess to discover how world leaders, be they government or private or public were playing a very immoral international game.
