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DennisMCSE

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Reply with quote  #1 
Who would have thought that so many prominent people use off shore accounts to hide money, lol:

https://panamapapers.icij.org/blog/20160403-key-findings.html

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donoli

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Reply with quote  #2 
Moving money out of American banks might not be a bad idea since the Dodd Frank Bill was passed.  However, every day people don't have to go to Panama.  The Dodd Frank Bill allows banks to take your money if they are in trouble & issue stock, in it's place. It's called a "bailin" as opposed to the "bailout" that we had some years ago. Luckily, that doesn't apply to credit unions.  It's time to move some money to a credit union.
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wobble_wobble

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Reply with quote  #3 
136 Irish companies and several people associated with the current government.
But did we expect any different?
And none will have a penalty but some will offer 'heart felt apologies'

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cspanburgh

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Reply with quote  #4 
This gives a new meaning to the term "Filthy Rich".

[biggrin][biggrin][biggrin]

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DennisMCSE

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Reply with quote  #5 
Looks like the President of Iceland already stepped down over this (after all the protests) and Vladimir Putin (who had at least $2 Billion in Panama) said basically, "yeah, so what" when he was asked about it.

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donoli

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Reply with quote  #6 
George Bush would have said that same as Putin.
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Mark Minasi

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Reply with quote  #7 
Another reason is to remember that Cyprus and Russia have arbitrarily raided bank accounts to resolve deficit issues.

Really.

What keeps the next administration from deciding to clean out every bank/investment account larger than $100,000?  Sadly it wouldn't be the first time.
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anthonymaw

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Reply with quote  #8 
Quote:
Originally Posted by anthonymaw
Money and corruption go hand-in-hand.  It's just human-nature to be greedy and selfish. Mossack-Fonseca probably isn't the only law firm and Panama  isn't the only country that facilitates tax-efficiency by dubious clientele.  It's difficult, expensive and time consuming to screen clients with complex and diversified wealth portfolios.  Some financial institutions have actually discontinued Central-American and Caribbean wealth-management consulting services because of the difficulty in maintaining client screening compliance in any meaningful way.  When you sit on the edge of legality, sometimes you fall off on the wrong side.  The data breach apparently began as a compromise of a WordPress plugin on their client access web site...most likely MF was a targeted "hit".  BTW Panama City is an amazing city to visit.  In addition to seeing the Panama Canal, make sure you book the multi-day Caribbean island-hopping tours available at the back packer hostels...been there. done that!

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donoli

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Reply with quote  #9 
You reposted your own post? I never saw that before!
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Phil-n-JaxFL

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Reply with quote  #10 
Mark is correct...some other countries have already taken people's savings and the Dems have been talking about taking the 401k's for years.
When I worked at the Pentagon, we knew most of the politicians had off-shore accounts in the Cayman's...so, if they ever get that report, you'll see most of the politicians here in America squirming or quitting.

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donoli

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Reply with quote  #11 
Don't think that Americans weren't on that list.  Those names just weren't released yet.  They may never be released but they are there.
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