Goldman Sachs and Other Big American Banks Abound in New Panama Papers Database
Facing pressure to disclose more information on how the world’s wealthiest people may be avoiding their taxes, the International Consortium of Investigative Journalists and German newspaper Süddeutsche Zeitung released on Monday a searchable database of the Panama Papers, detailing names, banks, trusts and other entities participating in offshore tax shelters.
Among them are top American banks, including Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, Morgan Stanley and Goldman Sachs. The database also named foreign banks with a strong presence in the U.S., including HSBC, Barclays, Deutsche Bank, BNP Paribas, Société Générale, ABN Amro, Credit Suisse and UBS.
None of the banks were immediately available for comment on Monday, but all have declined to discuss the Panama Papers with Newsweek since the massive trove of data was originally revealed April 3 by the International Consortium of Investigative Journalists, a Washington-based nonprofit, nonpartisan research group, along with hundreds of its partner media organizations and Süddeutsche Zeitung, which received the initial Panama Papers leak from an anonymous source in 2015.
Tax shelters are frequently legal vehicles; a 401(k), for instance, is technically a tax shelter. But because they tend to shield financial activities from view, they may also conceal illegal behavior such as bribery, serious financial crimes or tax dodging.
For many banks, global wealth and investment management, which can sometimes involve setting up tax shelters, brings in enormous fees that amount to hundreds of millions of dollars a quarter. For example, Bank of America’s global wealth and investment management arm brought in nearly 20 percent of its total earnings last year.
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http://europe.newsweek.com/panama-papers-mossack-fonseca-big-banks-goldman-sachs-bank-america-wells-fargo-457657?rm=eu
= new reply since forum marked as read
My Dad, who worked for the joint chiefs told me that
Controlling the language and dialogue shifts the emphasis from what really occurred. Sorta of like Nixon's protective encirclement on his invasion
of Cambodia and Laos or any other Orwellian terms used by the corporate media
The question is? Why did they throw that 401k analogy being the same as
this criminal activity?
Thank you for pointing that lie out.
