A reason why there haven't been any Americans names in the Panama papers

[Separation]

www.politico.com/agenda/story/2016/04/the-panama-papers-where-are-the-americans-000083

If the Panama Papers had come out in the early 1980s, the scandal may have implicated far more Americans. Back then, experts say, Panama was a popular spot for parking money offshore for its lax bank secrecy laws and currency controls. But in 1989, under then President George H.W. Bush, the U.S. invaded Panama and deposed the military dictator, Manuel Noriega, and wealthy Americans have largely avoided the country since.

At the same time, countries such as Bermuda, the British Virgin Islands (BVI) and the Cayman Islands all have changed their laws to court investment, giving them significant advantages over Panama. Those three countries operate under a derivative of English common law, which gives American lawyers a sense of familiarity and confidence in their legal systems. Further strengthening that trust, Panama is a Spanish-speaking country, while Bermuda, BVI and the Cayman Islands all use English. Wealthy Americans are also more confident in the political systems of the three countries as opposed to Panama, which many see as more unstable. Other countries have also become more appealing spots to hide money by combining strong bank secrecy laws with a stable legal and political system.

I remember a movie with Johnny Depp called Blow. He was a drug dealer in the 80's and he kept all of his money in Panamanian banks. When Noriega came to power he took control of the Banks and Depps character lost all of his money.

After edit: If anyone can tell me how to make a hyperlink I will edit the post so you don't have to copy and paste. Sorry about that, I haven't figured it out.

[Ghost Dog]

1. hyperlink:

Just copy and paste the entire link, including the http:// (or https://), thus:

http://www.politico.com/agenda/story/2016/04/the-panama-papers-where-are-the-americans-000083

One place Americans can hide assets, though? The United States. Experts point out that it's stable, it's safe, and the laws make it fairly easy to structure your holdings – legally – to keep taxes low.

“Not too surprised,” Zucman wrote in an email about the lack of Americans in the Panama Papers. “Part of the reason is that it’s unfortunately way too easy to create anonymous shell companies in a number of US States like Delaware and Nevada, so no need to go to Panama.” In fact, multiple international organizations rated the U.S. as one of the world’s biggest tax havens last year...

Thanks for posting.

[Skittles]

3. no doubt those rich assholes are shitting bricks though

yes indeed

[Bad Dog]

4. The backlash against British overseas territories has already started.

From the BBC.

David Cameron is coming under pressure to stop British overseas territories and Crown dependencies being used by the wealthy to reduce their tax bills.

A massive data leak from Panama-based law firm Mossack Fonseca showed it registered more than 100,000 secret firms to the British Virgin Islands.

Labour Party leader Jeremy Corbyn said the government needed to "stop pussyfooting around" on tax dodging.

http://www.bbc.co.uk/news/uk-35965855

[malaise]

6. David Cameron's father's name is on the list n/t

[malaise]

5. The reason is that they have only released 140+ files at this time

Get back to me in May when all the files are released. Right now there are men and women in the US quaking in their boots.

[Separation]

7. Oh I'm sure they are.

But I would guess it won't be any big fish like we are hearing about now.