The Paradise Papers

[Gob]

A huge new leak of financial documents has revealed how the powerful and ultra-wealthy, including the Queen's private estate, secretly invest vast amounts of cash in offshore tax havens.

Donald Trump's commerce secretary is shown to have a stake in a firm dealing with Russians sanctioned by the US.

The leak, dubbed the Paradise Papers, contains 13.4m documents, mostly from one leading firm in offshore finance.

BBC Panorama is part of nearly 100 media groups investigating the papers.

As with last year's Panama Papers leak, the documents were obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. The Guardian is also among the organisations investigating the documents.


Sunday's revelations form only a small part of a week of disclosures that will expose the tax and financial affairs of some of the hundreds of people and companies named in the data, some with strong UK connections.

Many of the stories focus on how politicians, multinationals, celebrities and high-net-worth individuals use complex structures of trusts, foundations and shell companies to protect their cash from tax officials or hide their dealings behind a veil of secrecy.

http://www.bbc.com/news/uk-41876942

[Darren]

The Panama Papers expose went no where in this country. The media had no interest in the revelations even though quite a few connected individuals were named. Much like Epstein, nothing goes anywhere. Law enforcement apparently has a hands off policy.

[Guinevere]

Bob Mueller will be paying close attention.

[Lord Jim]

Bob Mueller will be paying close attention.

Yes indeed...

He's rather attentive that way, is our Bob...

[Darren]

Bob Mueller will be paying close attention.

Yes indeed...

He's rather attentive that way, is our Bob...

I'll believe that when Podesta is indicted. He was the lobbyist fronting for Manafort. Add in Sidney Blumenthal for good measure.

"...Mr. Blumenthal transmitted documentation to Secretary Clinton on behalf of the Georgian Dream, a political party in the country of Georgia,” Grassley said. “The Justice Department never explained why it failed to require Mr. Blumenthal and his partner, John Kornblum, to register under FARA.”

That btw leads to the question, what happens when a special prosecutor investigates a special prosecutor? Do they have a best man wins peter meeter or does one get fired for not responding to subpoenas? Will Bob pay attention or go with the goofy grin? Inquiring minds want to know.

[rubato]

I'm surprised we have not heard more about the Panama papers. Or, I was surprised before we found out that rich people can launder tens of millions of dollars over twenty years without creating a ripple in the legal-financial system. WTF !!! It appears that Manafort, who was publicly known to be rotten actor since the Reagan days has disguised income of around $ 75 million from the IRS. The devices he was using involved publicly recorded real estate transactions. We need law enforcement to do a better job of surveillance so they can do more than just catch Rush LImbaugh and Dennis Hastert whose financial transactions were relatively small.


yrs,
rubato

[Guinevere]

In other words Darren: "booga booga Clinton."

We get you've read the Trumpanzee talking point. How about coming back to the real world sometime.

[Darren]

I'm surprised we have not heard more about the Panama papers. Or, I was surprised before we found out that rich people can launder tens of millions of dollars over twenty years without creating a ripple in the legal-financial system. WTF !!! It appears that Manafort, who was publicly known to be rotten actor since the Reagan days has disguised income of around $ 75 million from the IRS. The devices he was using involved publicly recorded real estate transactions. We need law enforcement to do a better job of surveillance so they can do more than just catch Rush LImbaugh and Dennis Hastert whose financial transactions were relatively small.


yrs,
rubato

Of course there's no ripple. The financial system has been caught enabling it. People were rubbing shoulders according to the Panama Papers that wouldn't be caught dead together in public. Major drug dealers used the same services that celebrities and politicians used. At least two politicians in other countries had to resign after the Panama expose. Here it went nowhere. Podesta's name came out in that. The sheer magnitude of the info was beyond a government agency's ability to investigate and prosecute. The issue was who involved. You can't prosecute the bad guys (drug dealers) and let the good (actors, politicians, etc.) AFA the public knows go untouched,

[Darren]

In other words Darren: "booga booga Clinton."

We get you've read the Trumpanzee talking point. How about coming back to the real world sometime.

Clinton is done. She's a political zombie that doesn't know she's dead to the voters. Lots of people are wondering why she doesn't STFU and go away like other politicians that lost. She had two shots and lost both times. She ended up being the wrong person, given events, two times running. Obama was the Johnny on the spot at the right time. When the pendulum was perceived as swinging too far one way, we got Trump as a result. Clinton, at best, is on the way to becoming a joke. At worse ...

Mueller is dirty. Stuff went on at the FBI under his misdirection that won't stand the light of day. If Congress forces the appointment of another special prosecutor to investigate that stuff, Mueller will end up at the end of a subpoena. That's going to hurt. If he refuses to cooperate and testify about investigations he stopped, Sessions has a defensible reason for firing Mueller. That puts the quietus on the Mueller-Comey tag team.

The base that elected Trump still wants red meat. Trump has not delivered. Delivering will ensure his win in 2020.

[rubato]

In other words Darren: "booga booga Clinton."

We get you've read the Trumpanzee talking point. How about coming back to the real world sometime.

Clinton is done. She's a political zombie that doesn't know she's dead to the voters. Lots of people are wondering why she doesn't STFU and go away like other politicians that lost. She had two shots and lost both times. She ended up being the wrong person, given events, two times running. ... " .

For all of her faults she was qualified to be president and Trump is a total nincompoop. "Who though healthcare could be so difficult" EVERYONE, everyone who knew anything about the issue. Everyone.


yrs,
rubato

[Gob]

A Lithuanian shopping mall partly owned by U2's Bono is under investigation for potential tax avoidance, following a probe prompted by the Paradise Papers.

The mall allegedly avoided paying 47,000 euros (£41,500) in local taxes using an unlawful accounting technique.

The company running the mall, in the city of Utena, denies any wrongdoing.

The leaked documents show that Bono owned a stake in a Maltese holding company that bought the mall, via a Lithuanian holding company, in 2007.

In a statement, the Irish entertainer and anti-poverty campaigner, also known as Paul David Hewson, said he had been "assured by those running the company that it is fully tax compliant".

I hope Bongo "Fly my hat first class" out of U2 gets royally shafted on this....

[Darren]

What's obvious again in the Paradise Papers as it was in the Panama Papers is the thousands of shell companies set up to conceal ownership and make it difficult to trace though multiple countries associated with one owner. Add in an owner will have multiple strings. Either the IRS ignored the original Panama Papers or it's finding it difficult to slog through thousands of extended chains through several countries which aren't cooperative. I don't expect the release of the Paradise Papers to get immediate action in the US either. In other countries, heads rolled. Here Nada.

Podesta was identified in the original release. It took Mueller checking out Manafort to expose Podesta's involvement with Ukraine. However nothing about Podesta exposed by the Panama Papers hit the media.

[ex-khobar Andy]

A Lithuanian shopping mall partly owned by U2's Bono is under investigation for potential tax avoidance, following a probe prompted by the Paradise Papers.

The mall allegedly avoided paying 47,000 euros (£41,500) in local taxes using an unlawful accounting technique.

The company running the mall, in the city of Utena, denies any wrongdoing.

The leaked documents show that Bono owned a stake in a Maltese holding company that bought the mall, via a Lithuanian holding company, in 2007.

In a statement, the Irish entertainer and anti-poverty campaigner, also known as Paul David Hewson, said he had been "assured by those running the company that it is fully tax compliant".

I hope Bongo "Fly my hat first class" out of U2 gets royally shafted on this....

I think we need to draw a distinction between those who directly use these kind of tax avoidance and tax evasion schemes and those who may benefit indirectly. My IRA and 401k are in mutual funds and bonds. Although I could wade through the hundreds of pages of prospectuses I receive every month, I have to assume that my wealth advisor (so called because he is wealthy and advises me) is behaving ethically and legally. But even if I were to read all that stuff, I would only see the first layer. I would be surprised if I did not, somewhere down the line, benefit from the kind of things uncovered in the Panama and Paradise Papers.

[rubato]

Bono is too far removed to have known about the evasion. I'm not a fan (I even deleted the free U2 album which was on my iPhone) but I don't hold any ill will. He seems to be trying to use his talents for good.


yrs,
rubato

[Darren]

Isn't anyone curious how or why Bono invested in a shopping mall in Ukraine? Even if his financial advisor was skinning him, I don't see the rhyme or reason for a shopping mall in Ukraine as an investment. What I do know is that Ukraine does not cooperate with other countries financially. Whatever happens in Ukraine stays in Ukraine. It's one of those places where virtually anything goes as long as you've got the bribe money handy. FWIW unlike most other countries, Social Security will not deposit your money in a Ukrainian Bank even if it's the branch of a well-known western bank.

[Econoline]

Pssst, Darren...the shopping mall in question is in Utena, Lithuania, which is ~400 miles away from Ukraine. (And the entity Bono invested in was "a Maltese holding company that bought the mall, via a Lithuanian holding company".)

[Sue U]

Pssst, Darren...the shopping mall in question is in Utena, Lithuania, which is ~400 miles away from Ukraine. (And the entity Bono invested in was "a Maltese holding company that bought the mall, via a Lithuanian holding company".)

Why let facts get in the way? It's well known they have a liberal bias, anyway.

[Gob]

Isn't anyone curious how or why Bono invested in a shopping mall in Ukraine?

Bongo is a rich hypocrite, that's reason enough....

U2 rocker Bono loves his trilby hat so much he's paid a whopping $1,500 (GBP1,000) to have it flown to Italy.

Money was no object for the Irishman, who arranged for a $150 (GBP100) taxi journey to GATWICK airport, before the trilby was placed in the cockpit of a BRITISH AIRWAYS flight, costing $663 (GBP442) - so it wouldn't get squashed by any other passengers.

[RayThom]

... U2 rocker Bono loves his trilby hat so much he's paid a whopping $1,500 (GBP1,000) to have it flown to Italy... Money was no object for the Irishman, who arranged for a $150 (GBP100) taxi journey to GATWICK airport, before the trilby was placed in the cockpit of a BRITISH AIRWAYS flight, costing $663 (GBP442) - so it wouldn't get squashed by any other passengers.

Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft, where we are hard, cynical where we are trustful, in a way that, unless you were born rich, it is very difficult to understand.

[Burning Petard]

POTUS declared nobody knew repealing Obama Care would be so complicated. Well..

Everybody knew tax reform is even more complicated. For instance, the House proposal looks at the endowment funds of Universities as a possible source of tax revenue. A classical GOP conservative does not like that:

https://www.washingtonpost.com/opinions ... be050634f5

On the other hand, the paradise papers indicate lots of schools could see that coming and took defensive action:

https://www.nytimes.com/2017/11/08/worl ... ments.html

Everybody wants tax reform, as long as it does not cost them anymore. Some Other Guy is always a go to strategy when you don't have anything else.

snailgate