In case you weren’t aware, and if you’re wondering WHERE all the wealth of the top 1% is going, one of the biggest scandals involving dozens of world leaders was leaked last weekend by a German Newspaper implicating illegal activity, tax safe havens, money laundering, bribery and the like.
US Corporate media hasn’t quite started reporting it. Here is the Huffington Post: www.huffingtonpost.com/… with a pretty good summary.
The HuffPo indicates that information implicating US officials and our TBTF Banks involvement has been held back but should be forth coming.
David Sirota at The International Business Times is all over this. Sirota has worked for both Clinton and Sanders at one time or another. Disclosure: 17 yrs ago he worked for Bernie. Then he worked for Clinton's campaign chair at Clinton's think tank. All on his bio, prominently. No secret. IBTimes senior editor, @Poli_Capital editor-in-chief, Denverite, real guy from ABC's The Goldberg...oh and ''a hack,'' according to Chris Christie
“...The Panama FTA pushed for by Obama and Clinton, watchdog groups said, effectively barred the United States from cracking down on questionable activities. Instead of requiring concessions of the Panamanian government on banking rules and regulations, combating tax haven abuse in Panama could violate the agreement. Should the U.S. embark on such an endeavor, it could be exposed to fines from international authorities.”
“The FTA would undermine existing U.S. policy tools against tax haven activity,” warned consumer watchdog group Public Citizen at the time, saying the agreement would encourage corporations to thwart any U.S. efforts to combat financial secrecy.”
Too Big Too Fail: no arrests, no accountability more illegal activity AND Taxpayer funded by bailouts.
“The group also noted that U.S. government contractors, as well as major financial firms supported by taxpayer bailouts, stood to gain from the trade deal's provisions that could make it harder to crack down on financial secrecy.”
The rest of Sirota’s article is cut and paste below.
“….Years before more than a hundred media outlets around the world released stories Sunday exposing a massive network of global tax evasion detailed in the so-called Panama Papers, U.S. President Barack Obama and then-Secretary of State Hillary Clinton pushed for a Bush administration-negotiated free trade agreement that watchdogs warned would only make the situation worse.”
“….Soon after taking office in 2009, Obama and his secretary of state — who is currently the Democratic presidential front-runner — began pushing for the passage of stalled free trade agreements (FTAs) with Panama, Colombia and South Korea that opponents said would make it more difficult to crack down on Panama’s very low income tax rate, banking secrecy laws and history of noncooperation with foreign partners.”
“Even while Obama championed his commitment to raise taxes on the wealthy, he pursued and eventually signed the Panama agreement in 2011. Upon Congress ratifying the pact, Clinton issued a statement lauding the agreement, saying it and other deals with Colombia and South Korea "will make it easier for American companies to sell their products." She added: "The Obama administration is constantly working to deepen our economic engagement throughout the world, and these agreements are an example of that commitment."
“...Critics, however, said the pact would make it easier for rich Americans and corporations to set up offshore corporations and bank accounts and avoid paying many taxes altogether...”
A description of a tax haven:
“A tax haven ... has one of three characteristics: It has no income tax or a very low-rate income tax; it has bank secrecy laws; and it has a history of noncooperation with other countries on exchanging information about tax matters,” Rebecca Wilkins, a senior counsel with Citizens for Tax Justice, a nonpartisan nonprofit that advocates changes in U.S. tax policy, told the Huffington Post in 2011. “Panama has all three of those. ... They’re probably the worst.”
Obama’s and Clinton’s legacy….right there.
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