Tuesday, April 5, 2016

Could The Panama Papers Leak Ignite “Class Warfare”?

Even though it merely reiterates the sentiment harbored by the rest of us since Occupy Wall Street a few years ago, but could the “Panama Papers Leak” ignite full-blown global class warfare?

By: Ringo Bones 

Ever since the Occupy Wall Street Movement went global a few years ago, it revealed in the most unflattering way on how most of the world’s richest 1-percent don’t give a “proverbial rat’s ass” to the rest of us. While the recent 11.5 million document file leak from the world’s fourth largest offshore law firm – the Panama based Mossack Fonseca – only reiterates the self-evident truths revealed since then. But given the damning revelations of the 11.5 million leaked files from Mossack Fonseca a few days ago – more damning than that of the Edward Snowden revelations – could the “Panama Papers leak” be the tipping point in igniting so-called global class warfare? 

The records were first obtained from an anonymous source by the German newspaper Sϋddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners – including the Guardian and the BBC. The documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among the 143 politicians, their families and close associates from around the world known to have been using offshore tax havens. Ever since the news about the Panama Papers Leak went global, Baidu – The People’s Republic of China’s equivalent of Google and the only search engine authorized by the monolithic communist party to operate in Mainland China – had been blocking the story for frat that it may be just a “Western Plot” against the Beijing Communist Party.

A 2-billion US dollar trail leads all the way to Russian strongman Vladimir Putin via the Russian president’s best friend – a cellist named Sergei Roldugin – is at the center of a scheme in which money from the Russian state banks is hidden offshore. Some of it ends up in a ski resort where in 2013 Putin’s daughter Katerina got married. And despite the legality of the leaked documents, Russia’s official news agency had dismissed the revelations as a “Western plot” against Vladimir Putin. 

Among the other national leaders revealed by the Panama Papers Leak to have offshore wealth are Pakistan’s Prime Minister Nawaz Sharif, ex-interim prime minister and former vice-president of Iraq Ayad Alawi, president of Ukraine Petro Poroshenko, Alaa Mubarak – son of Egypt’s former president and the Prime Minister of Iceland, Sigmundur Davíỗ Gunnlsughsson. And what irked the international community most is on how Mossack Fonseca helped governments that are under imposed economic sanctions by the UN Security Council to still do business with impunity – like North Korea and Russia since the unlawful Donetsk Region annexation by the Putin regime.    

Mossack Fonseca is a Panama-based law firm whose services include incorporating companies in offshore jurisdictions such as the British Virgin Islands. It administers offshore firms for a yearly fee. Other services include wealth management. The firm is Panamanian but runs a worldwide operation. Its website boasts of a global network with 600 people working in 42 countries. It has franchises around the world, where separately owned affiliates sign up new customers and have exclusive rights to use its brand. Mossack Fonseca operates in tax havens including Switzerland, Cyprus and British Virgin Islands and in the British crown dependencies of Guernsey, Jersey and the Isle of Man.