Drudge Retort: The Other Side of the News
Tuesday, November 07, 2017

From members of Trump's cabinet to the British Royal Family, a document dump in offshore dealings shows how political leaders, rich celebrities and the ultra-rich shelter their assets, keep shady secrets and game the tax systems of nations around the globe.

This group are not subject to the law, by design, as the rest of us. The 'Paradise Papers' explain how these elites secretly manage their wealth. Economist Gabriel Zucman says the interplay between tax havens and global inequality are intricately linked. Sanders considers these extra legal operations the basis for an international Oligarchy.

A "trove of 13.4 million records exposes ties between Russia and U.S. President Donald Trump's billionaire commerce secretary, the secret dealings of more than 120 politicians around the world. At the center of the leak is the law firm Appleby which operates in Bermuda, the Cayman Islands, the British Virgin Islands, the Isle of Man, Jersey and Guernsey.

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• Millions of pounds from the Queen's private estate has been invested in a Cayman Islands fund and some of her money went to a retailer accused of exploiting poor families and vulnerable people. • Extensive offshore dealings by Donald Trump's cabinet members, advisers and donors, including substantial payments from a firm co-owned by Vladimir Putin's son-in-law to the shipping group of the US commerce secretary, Wilbur Ross. • How Twitter and Facebook received hundreds of millions of dollars in investments that can be traced back to Russian state financial institutions. • The tax-avoiding Cayman Islands trust managed by the Canadian prime minister Justin Trudeau's chief moneyman. • Aggressive tax avoidance by multinational corporations, including Nike and Apple. • How some of the biggest names in the film and TV industries protect their wealth with an array of offshore schemes. • The billions in tax refunds by the Isle of Man and Malta to the owners of private jets and luxury yachts. • The secret loan and alliance used by the London-listed multinational Glencore in its efforts to secure lucrative mining rights in the Democratic Republic of the Congo. • The complex offshore webs used by two Russian billionaires to buy stakes in Arsenal and Everton football clubs.

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