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Massive leak of financial documents of the wealthy
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<blockquote data-quote="Sportello" data-source="post: 2142758" data-attributes="member: 55299"><p>There is no reason for Americans to be on the Panama Papers list. Why leave the country?</p><p></p><p><a href="http://qz.com/656998/if-you-think-panama-is-bad-wait-until-you-hear-about-delaware/" target="_blank">http://qz.com/656998/if-you-think-panama-is-bad-wait-until-you-hear-about-delaware/</a></p><p></p><p><em>Comparatively <a href="http://www.mcclatchydc.com/news/nation-world/national/article69943337.html" target="_blank">few Americans were found</a> in the Mossack Fonseca’s records, and there’s a reason for that: In the US, corporate registration is handled on the state level, and many states offer generous corporate secrecy rules.</em></p><p><em></em></p><p> <em></em></p><p><em>Just as small countries tend to breed the political culture that allows corporate secrecy, sparsely populated US states have competed in a race to the bottom to attract corporate investment through lax disclosure requirements. The tiny state of Delaware, called an “<a href="http://itep.org/itep_reports/2015/12/delaware-an-onshore-tax-haven.php#.VwZvhTYrJcw" target="_blank">on-shore tax haven</a>” by critics, garners more than a quarter of its public revenue—<a href="http://www.cbsnews.com/news/is-delaware-home-to-a-grand-corruption/" target="_blank">just over a $1 billion</a>—from its business registry.</em></p><p><em></em></p><p> <em>This probably factors into the World Bank’s assessment of the US as <a href="https://star.worldbank.org/star/sites/star/files/puppetmastersv1.pdf" target="_blank">one of the worst offenders</a> (pdf) when it comes to corporate secrecy. In fact, a 2012 academic study reports <a href="https://www.griffith.edu.au/business-government/centre-governance-public-policy/research-publications/?a=454625" target="_blank">that it is easier to form a shell company</a> (pdf) in the US than it is in Panama—or indeed, anywhere else but Kenya. At the top of their list? Delaware and Nevada.</em></p></blockquote><p></p>
[QUOTE="Sportello, post: 2142758, member: 55299"] There is no reason for Americans to be on the Panama Papers list. Why leave the country? [URL]http://qz.com/656998/if-you-think-panama-is-bad-wait-until-you-hear-about-delaware/[/URL] [I]Comparatively [URL='http://www.mcclatchydc.com/news/nation-world/national/article69943337.html']few Americans were found[/URL] in the Mossack Fonseca’s records, and there’s a reason for that: In the US, corporate registration is handled on the state level, and many states offer generous corporate secrecy rules. Just as small countries tend to breed the political culture that allows corporate secrecy, sparsely populated US states have competed in a race to the bottom to attract corporate investment through lax disclosure requirements. The tiny state of Delaware, called an “[URL='http://itep.org/itep_reports/2015/12/delaware-an-onshore-tax-haven.php#.VwZvhTYrJcw']on-shore tax haven[/URL]” by critics, garners more than a quarter of its public revenue—[URL='http://www.cbsnews.com/news/is-delaware-home-to-a-grand-corruption/']just over a $1 billion[/URL]—from its business registry. This probably factors into the World Bank’s assessment of the US as [URL='https://star.worldbank.org/star/sites/star/files/puppetmastersv1.pdf']one of the worst offenders[/URL] (pdf) when it comes to corporate secrecy. In fact, a 2012 academic study reports [URL='https://www.griffith.edu.au/business-government/centre-governance-public-policy/research-publications/?a=454625']that it is easier to form a shell company[/URL] (pdf) in the US than it is in Panama—or indeed, anywhere else but Kenya. At the top of their list? Delaware and Nevada.[/I] [/QUOTE]
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