A new article written by Will Fitzgibbon outlines a fresh leak from The International Consortium of Investigative Journalists (ICIJ). Which reveals unseen information on offshore accounts held in the Bahamas. Including the new Bahama information and the Panama Papers, a massive 100% free online database has been made available for searches.
“We see it as a service to the public to make this basic kind of information openly available,”
“There is much evidence to suggest that where you have secrecy in the offshore world you have the potential for wrong doing. So let’s eliminate the secrecy.”
-Gerard Ryle, the director of ICIJ.
What was revealed?
The Bahama documents released include details of activities from convicted felons, princes, even ministers and prime ministers. This info had been recorded and released before, however it was by the Bahamian government and were searchable only with fees. Nearly a half million companies and others have been included within the database spanning over 200 territories and countries.
A much more detailed report has been written by the aforementioned ICIJ author and Emilia Díaz-Struck that goes over more than one hundred and seventy five thousand companies registered in the Bahamas from the 1990’s all the way to the present year 2016.
When paired with the Panama Papers, the Bahama’s data provide fresh insights into the offshore dealings of politicians, criminals and executives as well as the bankers and lawyers who help move money.
Additional names of 539 registered agents who served as corporate middlemen working with authorities from the Bahamas and clients who wished to create an offshore company were within the database. One of the law firms found in the new leaks; Mossack Fonseca, can also be found in the Panama Papers and were the one of the main contributors of that initial leak.
The Bahamas “Switzerland of the West”
If you have heard of a Swiss bank account it is for good reason, the laws in both Switzerland and the Bahamas have strict non-disclosure agreements with foreign countries offering asylum to some undeniably shady business transactions.
The Bahamas is a constellation of 700 islands, many smaller than a square mile. It is one of a handful of micro nations south of the United States whose confidentiality laws and reluctance to share information with foreign governments gave rise to the term “Caribbean curtain.”
For nearly a century, the Bahamas has been on the radar of tax officials around the world.
In the 1930s, the U.S. Internal Revenue Service investigated Americans who avoided taxes in Switzerland and the Bahamas, which once sold itself as the “Switzerland of the West.”
Many more details are still coming forward and leaks are still up for anyone to peruse, the information coming to light is informative and revealing at best and damaging if not damning at worst. Perhaps, companies and foreign interests will think again before hiding less than savory dealings within the Bahamas.
Semih Bulut threw 30,000 Turkish Lira from a top-floor balcony after staging an armed robbery on a bank in Istanbul’s Kumkap neighborhood on April 27.
Protester Robs Bank , Throws Money to Crowd
A man identified as Semih Bulut scattered 30,000 Turkish Liras from a top-floor balcony after staging an armed robbery on a bank in Istanbul’s Kumkap neighborhood on April 27.
The robbery took place in the afternoon. Bulut entered the bank located on the Çiftegelinler Street of the Kumkap neighborhood with a pump action rifle. Forcing the clerk to open the bank vaults and taking out 30,000 lira before seeing police teams arriving at the scene, and fleeing to the top floor of the bank’s building.
He then fired rifle shots into the air as he scattered bills onto the street below from the balcony.
“I wanted to express myself with the President. My aim was to make him aware of this situation,” he said.
Scattered bills worth 30,000 Turkish Liras from a top-floor balcony after staging an armed robbery on a bank in Istanbul’s Kumkap neighborhood on April 27.
Police teams took security measures on the street and sent a “Nationally trained negotiator” to the scene to communicate with the burglar. After four hours of negotiations, Bulut surrendered himself to police.
According to claims by locals, the building where the incident took place was sold to the bank by Bulut’s father Cuma Bulut around four years ago. Believing that the sale was unjust, the elder Bulut had allegedly attempted to rob the same bank previously.
After surrendering, Bulut was taken to a police station for questioning and local police officers picked up the bills he had scattered around.
Local police say they are still looking for 4,900 lira.
According to Bulut’s statement the theft was perpetrated because he was”outraged”, according to neighbors, four years ago, his father was the owner of the building from which the subject threw the money, however, he sold the property at a price that Semih considered was unfair .
The video posted on YouTube shows Semih takes shots in the air screams and throws some of the $ 30,000 he had stolen just minuets earlier .
Eventually the Turkish police would collect most of the thrown money and the negotiator would talk with the man, who finally surrendered to authorities.
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Public banks in North Dakota, Germany and Switzerland have been shown to outperform their private counterparts. Under the TPP and TTIP, however, publicly-owned banks on both sides of the oceans might wind up getting sued for unfair competition because they have advantages not available to private banks. (more…)
After years of research and a series of unpleasant experiences concerning the current child protection services system, Alec Cope decided to combat the cancerous corruption through information. Freelance writing articles as a form of protest and distributing them throughout his former high-school and local area, Alec struck special chords with whomever he was in contact with.
Alec has been involved in activism such as sit down protests as well as Idle No More gatherings. Being independent for the majority of his time, Alec became a member of the WeAreChange family to assist one of the organizations that inspired him to become active in the first place. With a larger platform and positive support Alec has committed the majority of his time to research, writing, and maintaining social media with the goal to continue expanding the awakening sweeping throughout all levels of society.
Growing up within a rural area in Northern Michigan as well as being a native American descendant, Alec is seeking to expose environmental abuse in his state as well as globally. A high-school dropout, Alec chases his passion for writing and empowering individuals while showing any isolated person that they too can overcome the odds with a community that will support them. Alec lives in the lower peninsula of Michigan near Kalamazoo.
Luke Rudkowski, Mark Dice & Adam Kokesh team up to take on the most insidious mafia organization in DC, The Federal Reserve. Watch what happens when Luke, Mark & Adam begin innocently filming the outside of The Federal Reserve building on Constitution Ave.
Charges of fraud brought against banking titan Goldman Sachs by the Securities and Exchange Commission rocked financial markets Friday, but experts say the allegations are merely the first of many to come, Reuters reported.
After the SEC went public with the allegations, the Dow Jones dropped 125 points and Goldman Sachs stocks dropped 13 percent — the largest one-day drop in company history.
“This is just the tip of the iceberg,” said James Hackney, a professor at Northeastern University School of Law. “There are a lot of folks out there in different deals who played similar roles, and once it starts building steam, plaintiffs’ lawyers will figure out this is where the money is and there should be a lot of action.”
Reuters Global editor at large Chrystia Freeland said the significance of the charges is “huge.”
Goldman Sachs’ members like to think of themselves as “the smartest, the richest,” but Freeland said they also like to think of themselves as the “most virtuous.”
“Someone once said, ‘I don’t want to be just another rich guy in New York,'” she recalled. “They want o be part of civil service, part of government, doing good, giving back.”
The charges against Goldman relate to a complex investment tied to the performance of pools of risky mortgages. In a complaint filed Friday, the Securities and Exchange Commission alleged that Goldman marketed the package to investors without disclosing a major conflict of interest: The pools were picked by another client, a prominent hedge fund that was betting the housing bubble would burst.
Goldman said the charges are “unfounded in law and fact,” the Associated Pressreported. In a written response to the charges, the bank said it had provided “extensive disclosure” to investors and that the largest investor had selected the portfolio – not the hedge fund client. Goldman said it lost $90 million on the deal, but the fact that Goldman lost money has no impact on the fraud charges.
Goldman Sachs was not the only bank to pursue the practices that brought on the SEC charges. It wasn’t uncommon in 2006 and 2007. At the tail end of the real estate bubble, smart investors searched for bigger and better ways to profit from the approaching disaster of using derivatives.
The SEC’s charges against Goldman Sachs are already stirring up investors who lost big, according to plaintiffs lawyer Jake Zamansky.
“I’ve been contacted by Goldman customers to bring lawsuits to recover their losses,” Zamansky said.
For President Obama’s push to reform Wall Street financial practices, the allegations couldn’t have come at a better time. As the Los Angeles Timesput it:
The accusations against the iconic Wall Street institution offer a chance to revitalize a simple political narrative that he has all but lost in recent months: that he and his party are protecting ordinary Americans victimized by the economic meltdown.
All 41 Senate Republicans declared their unanimous opposition to financial reform in a Friday letter to Majority Leader Harry Reid.
But Reuters editor Freeland said Republicans are going to have a much tougher time convincing Americans that immediate financial reform isn’t necessary after the SEC’s charges.
“I think now that there has been a lot of momentum behind the financial reform bill, and I think that that momentum is only going to increase,” Freeland said. “The charges on Friday will give the Democrats who wanted a tougher bill a lot more energy.”