‘Panama Papers’ Exposes How The Rich Hide Their Billions

FEATURING CHUCK COLLINS – You probably have never heard of Mossack Fonseca, the fourth biggest offshore law firm in the world. But you’re probably going to hear a lot more in the coming days. The Guardian newspaper has just gotten its hands on a massive trove of 11.5 million files leaked from the law firm. As journalists are poring over the files, a pattern is emerging of how the world’s wealthy, including many heads of state, are hiding their money with the help of companies like Mossack Fonseca.

Among the findings are revelations that “Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.” The Guardian also found specifically that, “A $2bn trail leads all the way to Vladimir Putin. The Russian president’s best friend – a cellist called Sergei Roldugin – is at the center of a scheme in which money from Russian state banks is hidden offshore.”

Read Chuck’s article on the Nation about the Panama Papers HERE.

Chuck Collins, senior scholar at the Institute for Policy Studies where he directs the Program on Inequality and the Common Good. An expert on U.S. inequality, Collins has authored several books, including ’99 to 1: How Wealth Inequality is Wrecking the World and What We Can Do About It’.