Results 1 to 3 of 3

Thread: Data Leak Pulls Lid Off Another Set of Off-Shore Accounts

  1. #1
    Banned Eric Stoner's Avatar
    Joined
    Oct 2006
    Location
    NYC
    Posts
    5,150
    Thanks
    1,261
    Thanked 1,430 Times in 888 Posts

    Default Data Leak Pulls Lid Off Another Set of Off-Shore Accounts

    From today's N.Y. Times. The latest data leak of 2.5 million files of off-shore accounts and shell corporations is reverberating around the world. In a nutshell, most of what was uncovered involved tax avoidance. Which is LEGAL almost everywhere . But it was the "who" more than the "what". Namely numerous high government officials in Europe and Asia. But more importantly it was the "where". Places that were formerly considered safe and quintessentially secretive and protective of um, er, investor privacy are now no longer safe from prying eyes. Some $21 TRILLION in assets are currently in accounts in the Cayman Islands, British Virgin Islands and Liechtenstein. The major selling point for these and other off-shore havens was secrecy. Oddly, very little money laundering or outright tax evasion was uncovered.

    There were about 4,000 Americans ( including the ever popular ex-pat Denise " Kneepads " Rich ) whose files were made public. Many a Hollywood and D.C. celeb supportive of higher tax rates on the dirty, stinking, filthy rich has such an account. Surprise, surprise. So did the former Budget Minister for Francois ( 75% ) Hollande as well as other European ministers and officials currently presiding over austerity policies in their respective countries.

    The point is that without a meaningful guarantee of secrecy, who needs these off-share havens? Why not just put your money into triple tax free Muni - bonds ?

  2. #2
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Data Leak Pulls Lid Off Another Set of Off-Shore Accounts

    A. there are a significant number of countries that weren't subject to the Lichtenstein 'insider' ... who ( illegally ) downloaded personal account information on untold numbers of european rich who routed money through Lichtenstein banks to the better known caribbean tax havens and 'sold' that info to the Germans. As such, the secrecy of bank accounts in Panama, Belize, Vietnam and many other countries remains intact.

    B. with the recent demise of muni bond insurance payments by states and cities, those triple tax free bonds are now only as good as the credit rating / tax revenues of the states and cities that have promised to pay back interest and principal. With Stockton CA having just declared bankruptcy, and with California courts about to rule whether bondholders must take a back seat to gov't employee pension obligations, for the first time there is now a real risk of loss of principal involved with many tax free muni bonds.

  3. #3
    Banned Eric Stoner's Avatar
    Joined
    Oct 2006
    Location
    NYC
    Posts
    5,150
    Thanks
    1,261
    Thanked 1,430 Times in 888 Posts

    Default Re: Data Leak Pulls Lid Off Another Set of Off-Shore Accounts

    Excellent points. Thank you Melonie !

Similar Threads

  1. Security leak! Change your passwords!
    By CourtneyRaine in forum Camming Connection
    Replies: 6
    Last Post: 07-16-2012, 04:33 PM
  2. Replies: 0
    Last Post: 06-23-2011, 10:27 AM
  3. Replies: 4
    Last Post: 12-17-2009, 10:15 AM
  4. Results of my lower eye lid surgery
    By angelina in forum Body Business
    Replies: 4
    Last Post: 10-13-2003, 09:02 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •