Secret Files Expose Offshore's Global Impact

Its a game of global monopoly and the one with the most cash stashed in the end wins. Some would say that's why we need a global order. So we can have the ability to reach outside jurisdictions and hold these people accountable. At this point who has the authority to seize the funds,investigate and redistribute?

In a global world rule there are no boundaries or limits to impede justice from being served on these criminals.

These sort of crimes are hidden behind the laws of different country's and laws that cant be penetrated or investigated appropriately. The banks and mega rich have figured out the kinks in the armor and they are working it to their advantage to the fullest. They have the best accountants money can buy that advise them on the best bullet proof ways to hide their money so that even if its found out no one can touch it.

Sure this is in the news and people will gasp but in the end, we have no way to rectify this sort of thing.

Remember these are not just your everyday run of the mill crooks.

These are princes,presidents,dictators,mob bosses and heads of state. All with power and connections and of-course unlimited funds. How do you rectify such a massive failure? The answer is you cant without causing war or destabilizing country's. Its just not realistic to think it will ever be addressed.

Originally posted by Digital_Reality
Its a game of global monopoly and the one with the most cash stashed in the end wins. Some would say that's why we need a global order. So we can have the ability to reach outside jurisdictions and hold these people accountable. At this point who has the authority to seize the funds,investigate and redistribute?

In a global world rule there are no boundaries or limits to impede justice from being served on these criminals.

These sort of crimes are hidden behind the laws of different country's and laws that cant be penetrated or investigated appropriately. The banks and mega rich have figured out the kinks in the armor and they are working it to their advantage to the fullest. They have the best accountants money can buy that advise them on the best bullet proof ways to hide their money so that even if its found out no one can touch it.

Sure this is in the news and people will gasp but in the end, we have no way to rectify this sort of thing.

Remember these are not just your everyday run of the mill crooks.

These are princes,presidents,dictators,mob bosses and heads of state. All with power and connections and of-course unlimited funds. How do you rectify such a massive failure? The answer is you cant without causing war or destabilizing country's. Its just not realistic to think it will ever be addressed.

As much as I would like to disagree with this statement. I think, ultimately, all the evidence and logic leads to your general conclusion. The global financial system is built for this. However, the economic consequences won't go away just because the public and "Joe-fat-cat" decided they would. Real estate market crash anyone? Not exactly the same thing, but basically another market distortion, really. By credit and loans instead of tax dodging. Oh well, financial retribution will come to us all, but unfortunately not to the most deserved.

I garuntee the names on that list will be VERY interesting, to say the least.

Steal a loaf of bread and you get 15 years
Steal a couple of billions and you get tax breaks

Disgusting

They already derailed the Libor scandal, the banks pretty much don't care any more. They don't care if a small percentage of us know how corrupt things are.

They own the politicians, look at the last election - Romney and Obama. Both are corporate flunkies, the bankers also have their own in high ranking positions (like the Treasury Sec) so do you think the "MEGA-RICH" really care about this being exposed?

These mega rich are the ones OWS and the Tea Party need to go after, not millionaires or small business owners.

Welcome to 'What's Wrong With Democracy: A Case Study'

I'm never one to pass up a chance to harangue the rich for being, well, rich......
Past a point it becomes a sadistic exercise in power and how money attracts more money to itself. Seems to be the unwritten rule on money - it acts like little communists and wants to form mobs.

My goodness people. Offshore accounts have been tolerated by our governments for decades.

CYPRUS WAS THE NEW BEGINNING.

Here in the mainland of China, one of the BIGGEST loopholes is setting up an offshore account + company registration in the BVI (British Virgin Islands) or HK (Hong Kong) .
You'd be absolutly amazed how many people do it for tax evasion here.
OR there's the good old Delaware 'company registration' that allows Chinese to setup a whole host of cunning evasions over here.

Y'know, at some point I'll probably start thinking rationally about what can be done about all this.

But right now?

I. Want. To. See. The. Names. On. The. List.

The flat tax doesn't stop this type of tax evasion because the perpetrators are simply not reporting income. The flat tax only taxes income that is reported...

www.irs.gov...

The U.S. IRS is working on this issue, but, they have limited resources. The voluntary disclosure program has collected approximately $4.4 billion in back taxes from these tax havens to date. The new Foreign Account Tax Compliance Act, FATCA, is requiring foreign countries to disclose to the IRS the account holdings of U.S. account holders beginning in 2013. This is very complicated and will not be fully implemented until 2018. Obviously, not every country will participate, but, Switzerland amended its laws in order to do so.

I am a CPA and have represented several people who have went through the voluntary disclosure program. Not all of them are cheaters. Many are immigrants who inherited money, left it offshore and it just didn't occur to them they were required to report the funds. I have one client who fled a country that became radical Islam over the years, lopped off his brothers head for being Catholic and he fled for his life with the clothes on his back. He owned a business in his home country that was worth several $million, but, he thought he would never see it again. He put it out of his mind, moved on with his life, didn't tell anyone about it etc. Now 20+ years later, he has recouped some of those assets and the IRS received 25% of the business value because he didn't report a few thousand of interest income from accounts he didn't believe were recoverable. Something about not wanting to get his head lopped off if he went back... There are also many outright criminal cases where the IRS is prosecuting and imposing stiffer penalties.

The well to do will always get away with more than the rest of us. The utter disregard for playing by the rules has resulted in the backlash of new rules I have cited above. It won't stop them all, but, it will make it hard enough that a high percentage won't try.

The Swiss among some other tax havens are the real criminals here. There game went something like this. Put your investment assets with us. We won't report it to the IRS ever. We will charge you a fee for handling your money. You can use a credit card / debit card against your account for all your expenses and we will never report it to the U.S. If you need something, for a fee, your own personal banker will take care of it. Pretty good deal, huh? Someone offers to treat you like a king, charge you a huge fee, but, you are still ahead because you pay less in tax than the amount of the fee while someone is kissing your behind doing it.

BTW, www.zerohedge.com... the original whistleblower collected $100M from the IRS for turning in his former employer.

Why worry about the rich? Worry about the poor if you really care.

Our political and economic system is based on concentration of power in a few hands. Of course nobody willingly give his money, so it is taken by deceit and coercion. This is the reality.

Only good thing is we are living in times of great material wealth due to industrialization. Labor was needed to get here so labor was valued. The coming time does not look so great as lot of industry has been mechanized; so many hands are not needed. If the powerful can get what they want from just a few hands, a lot of others are not needed. Our population has grown immensely at the same time.

The US have their own Tax Heavens right on the mainland.
I think the source of the HDD which was the base of all documents, was filed by an american agency.

Look who will profit from this, if these Tax Islands are deserted:

www.nytimes.com...

Right there in Delaware..

The USA strongly pressured Switzerland to give them names and numbers from US citizens who had money stored there.

It sure ins't a problem of some rich asian and european countries.

reply to post by jimmyx



This is why i simply advocate we all use the same tricks. When they talk about taxing the wealthy they never can actually tax that top 1%, because they don't earn paychecks, just % on investments which is much easier to hide.

Anthropology studies show, that injured and old peolpe in the stone ages were kept alive by stronger and healthy members of a clan.
A small example for a working society, where people cared for others. What has changed?

Nowadays egoism is the holy grail and weak people are seen as freeloaders.

Brave new world. This mindset especially in the "oh so christian" USA makes me sick.

The oligarchy of the 21st century will lead into a big disaster, because we already have the feudalistic structures back, which we had in the beginning of the 20th century which lead to 2 world wars, hundrets of conflicts and brought mankind to the edge of total nuclear annihilation.

Keep up the good work!

what should be done about this?

Nothing!

This leaked on purpose, there's no such thing as leaks anymore

It seems all this money needs to be seized and put back in the hands of an independent institution to pay all our government debts and re-energize our economy.

Problem is ,our country can not move forwards until we get rid of the Obamas and their Regime, and put a stop to all this election manipulation and to make the government criminally accountable. Otherwise it will always remain business as usual and our only recourse is to just join them

Originally posted by jimmyx
hey hey hey....let's cut this out....it's the lazy, tie-dyed wearing, no job 99%ers that are the the problem...focus, people focus. the top 1% are the civilized, honest, and fair job creators that have absolutely nothing to do with the problems of the knuckle-dragging, slopped-headed, losers in the world.

Yeeauuh the 99%... all of them parasites!

It's the 1% that works hard creating everything!

So there are obviously two sets of laws, when it comes to taxation and you think nothing should be done?

If you need 5mil $ to set up a network of trusts and offshore companies, something is wrong.

What's more interesting:

The media in the US barely covers this incident, while here in the EU these news are all over the place.

Don't get me wrong here, I strongly support competition and a thriving market, where the best product gets bought, but if you want to play the market game, we should all be required to play by the same rules and have the same access to education and healthcare.

A well educated kid coming from a working people backround will have to work 10 times as hard as any Bush, Kennedy or Romney to achieve the same success.

Equality in duties and benefits is also a part of a free democratic and social society.

Why should taxes on physical labour be higher than those on interest made by investments. If you get 100k or 100 mil from investments in trusts and funds, why should'nt you pay your 30%. You can still keep 70 million dollars after taxes.

This has nothing to do with punishing the rich for being successful, it's a matter of justice.

Originally posted by n00bUK
reply to post by Jaellma

 

Giver a man a gun, he'll rob a bank. Give a man a bank, he'll rob the world.

The major difference is that the person with the gun, most of the time, has no other choice. Wheras the man with the bank, who has all the money - Well he cant justify what he does.

Yeah, well give ME a gun and I'll blow his freakin skull into smithereens...and then I'll blow the smithereens into even smaller smithereens... And then I'll package them and sell the smithereen-smithereens as a fertility booster to unsuspecting passerby... I'll offer 30% off...you know, just until I get on my feet.