Home / Be The Change / Obama’s Reaction to Panama Papers Exposed as a Sham — Rothschilds Continue US-Based Tax Haven

Obama’s Reaction to Panama Papers Exposed as a Sham — Rothschilds Continue US-Based Tax Haven

Washington, D.C. – On Tuesday, U.S. President Barack Obama disingenuously called for international tax reform in the wake of the massive leak of millions of documents from Panamanian-based law firm Mossack Fonseca.

“There is no doubt that the problem of global tax avoidance generally is a huge problem,” Obama told reporters at the White House on Tuesday. “The problem is that a lot of this stuff is legal, not illegal.”

In what amounted to a complete dog and pony show, meant to appease the masses, Obama said the Panama Papers illustrated the immense scale of tax avoidance by Fortune 500 companies, which is estimated at trillions of dollars worldwide.

“We shouldn’t make it legal to engage in transactions just to avoid taxes,” he added, hollowly praising instead “the basic principle of making sure everyone pays their fair share.”

He made clear that the information contained in the leak was “important stuff,” noting the weight of his administration’s new rules to close corporate inversions, by which companies move their headquarters overseas to avoid taxes.

But more importantly, it’s what President Obama didn’t mention that is actually worth noting.

According to a report by Bloomberg:

For decades, Switzerland has been the global capital of secret bank accounts. That may be changing. In 2007, UBS Group AG banker Bradley Birkenfeld blew the whistle on his firm helping U.S. clients evade taxes with undeclared accounts offshore. Swiss banks eventually paid a price. More than 80 Swiss banks, including UBS and Credit Suisse Group AG, have agreed to pay about $5 billion to the U.S. in penalties and fines…

The U.S. was determined to put an end to such practices. That led to a 2010 law, the Foreign Account Tax Compliance Act, or FATCA, that requires financial firms to disclose foreign accounts held by U.S. citizens and report them to the IRS or face steep penalties.

Inspired by FATCA, the OECD drew up even stiffer standards to help other countries ferret out tax dodgers. Since 2014, 97 jurisdictions have agreed to impose new disclosure requirements for bank accounts, trusts, and some other investments held by international customers. Of the nations the OECD asked to sign on, only a handful have declined: Bahrain, Nauru, Vanuatu—and the United States.

Since that time, the U.S. has quickly become known as the new Switzerland of international banking, due to its refusal to sign on to the global disclosure standards issued by the Organization for Economic Co-operation and Development (OECD), a government-funded international policy group.

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The process of moving massive amounts of international capital from typical tax havens and into the U.S. is being driven by a familiar name in the world of international finance – Rothschild & Co.

Driving the phenomena of international capital flow into the U.S. is its refusal to agree to the new international disclosure standards that it essentially wrote. After coercing almost 100 countries to sign on to the OECD disclosure standards, the U.S. now refuses to become a signatory – Panama also refused to sign.

After opening a trust company in Reno, Nev., Rothschild & Co. began ushering in the massive fortunes of the world’s most wealthy individuals out of typical tax havens, now subject to OECD international disclosure requirements, and into the Rothschild run U.S. trusts, which are exempt from the international reporting requirements.

The impetus for the wealthy to put their money into the U.S. trusts is the promise of confidentiality, which in itself is interesting – considering the U.S. basically created the disclosure requirements.

“How ironic—no, how perverse—that the USA, which has been so sanctimonious in its condemnation of Swiss banks, has become the banking secrecy jurisdiction du jour,” wrote Peter A. Cotorceanu, a lawyer at Anaford AG, a Zurich law firm, in a recent legal journal. “That ‘giant sucking sound’ you hear? It is the sound of money rushing to the USA.”

In an odd twist of fate, the U.S. Treasury Department takes a very strong stand against international tax evasion, as noted by Obama – unless you put that money into an ‘offshore’ U.S. trust account.

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The words of Andrew Penney, managing director of Rothschild & Co., were extremely clear to international investors, as noted in a written draft for a presentation in San Francisco in which he wrote that the U.S. “is effectively the biggest tax haven in the world.”

Penney, 56, is now a managing director based in London for Rothschild Wealth Management & Trust, which handles about $23 billion for 7,000 clients from offices including Milan, Zurich, and Hong Kong, according to Bloomberg Business. A few years ago he was voted “Trustee of the Year” by an elite group of U.K. wealth advisers.

Totally contrary to the public statements by Obama, the U.S. has now become one of the only countries in the world where financial advisors actually promote that U.S.-based trust accounts will remain secret from international authorities.

  • Cannabis should be the world wide currency so we can reverse the carbon content in the atmosphere and turn it into products which could then be bought with the flowering tops. Land labor and capital in a perfect harmony. We would have a grass roots currency. Money would grow on trees and be happiness.
    https://m.facebook.com/notes/isaac-arnaldo-bautista/how-cannabis-can-save-our-economy-and-our-world/740246692694780/?ref=bookmark

  • As an American hispanic, I’m tired of how all of these coward racist liberals that hate America and love welfare like Obama, Clinton, and their supporters are trying to turn this great country into a 3rd world one. Unfortunately, one of the biggest problems we have right now is the media and entertainment that are always trying to tell us how to think. They have created enough imbeciles that would re-elect a failure like Obama. Even more, I’m supposed to bow down to anti-American Obama, love liberal policies no matter how destructive they are, love bigger enslaving government, and be in favor of illegal immigration because of the color of my skin… disgusting. That’s why I and others created “Chepo Team”, the first true pro-America, comic strip. Please support our cause by liking our facebook page at:www.facebook.com/chepoteam . Thank you

    • Justin Fantasia truth sounds like hate, to those that hate the truth!

  • Sorry The Free Thought Project.com those papers aren’t fake and your buddies Trump and Clinton will be exposed in due time.

  • He has been cornholed so hard by his tranny boyfriend that he has lost his mind and should be hung for treason

  • And yet most people know nothing about the Rothschild family and what they have done to the world…

  • Passed in 1970, the Racketeer Influenced and Corrupt Organizations Act (RICO) is a federal law designed to combat organized crime in the United States. It allows prosecution and civil penalties for racketeering activity performed as part of an ongoing criminal enterprise. Such activity may include illegal gambling, bribery, kidnapping, murder, money laundering, counterfeiting, embezzlement, drug trafficking, slavery, and a host of other unsavory business practices.

    To convict a defendant under RICO, the government must prove that the defendant engaged in two or more instances of racketeering activity and that the defendant directly invested in, maintained an interest in, or participated in a criminal enterprise affecting interstate or foreign commerce. The law has been used to prosecute members of the mafia, the Hells Angels motorcycle gang, and Operation Rescue, an anti-abortion group, among many others.

  • when is the drones going to take out these guys?

  • Grow your own wealth? You mean like fhe Fed? Same bull different currency…

  • Americans dont need to go outside usa for offshore privacy and banking privacy.we have states like delaware,nevada,wyoming.if you want to hide something you hide it under their nose.

  • Americans dont need to go outside usa for offshore privacy and banking privacy.we have states like delaware,nevada,wyoming.if you want to hide something you hide it under their nose.

  • Barry Fahy

  • you have money you have leverage. plain simple. it doesnt matter what the law does or says.

  • you have money you have leverage. plain simple. it doesnt matter what the law does or says.

  • I thought OBAMO was bringing ‘change’. Apparently its the same old same old……

  • I thought OBAMO was bringing ‘change’. Apparently its the same old same old……

  • “Driving the phenomena of international capital flow into the U.S. is its refusal to agree to the new international disclosure standards that it essentially wrote. After coercing almost 100 countries to sign on to the OECD disclosure standards, the U.S. now refuses to become a signatory – Panama also refused to sign. After opening a trust company in Reno, Nev., Rothschild & Co. began ushering in the massive fortunes of the world’s most wealthy individuals out of typical tax havens, now subject to OECD international disclosure requirements, and into the Rothschild run U.S. trusts, which are exempt from the international reporting requirements.”

  • “Driving the phenomena of international capital flow into the U.S. is its refusal to agree to the new international disclosure standards that it essentially wrote. After coercing almost 100 countries to sign on to the OECD disclosure standards, the U.S. now refuses to become a signatory – Panama also refused to sign. After opening a trust company in Reno, Nev., Rothschild & Co. began ushering in the massive fortunes of the world’s most wealthy individuals out of typical tax havens, now subject to OECD international disclosure requirements, and into the Rothschild run U.S. trusts, which are exempt from the international reporting requirements.”

  • Yeah the arrangement of military power and financial power makes so much more sense.

  • Yeah the arrangement of military power and financial power makes so much more sense.

  • Reno represent! How do you think we can afford all you can eat sushi in a desert?

  • Reno represent! How do you think we can afford all you can eat sushi in a desert?

  • The powerful are always most powerful just before their collapse. We may be nearing that point.

  • His responce to these revelations will prove once and for all what a hoax/ a puppet Obama has been all along. I seem to recall them wanting to execute people when the Wikileaks files emerged.

  • John Sigmund

  • Rothschilds biggests crooks ever and George soros

  • Taxing is stealing!

  • Listen carefully….can you hear the toilet flushing? That’s your country…

  • Putin nailed it when he called the release an “info product” to de-stabalize…

  • Yeah they just want to control everything

  • I am for that! I like Coca! Coffee Mocha! Swiss Miss! Yeh!

  • Man the set up fall in place

  • Jonathan

  • Peter Eggers Larsen nu giver det mening at der ikke er flere 1% på listen

  • Who fucking cares about tax avoidance! If you that is a problem you are the problem! They print the MONEY! So therefore they can do whatever they want with it. If they wanted to use to benefit the people, they could! The Federal Reserve wasn’t created to help the people…