Predatory capitalism has an ugly face; in peace
6 April 2016
The “Panama Papers” claimed its first casualty Tuesday, when Icelandic Prime Minister Sigmundur David Gunnlaugsson was forced to resign following protests by thousands of people in the country’s capital.
The documents, released Sunday by the International Consortium of Investigative Journalists (ICIJ), revealed that Gunnlaugsson had failed to disclose his holdings in an offshore shell company that allowed his family to profit from the bailout of Iceland’s banks after the 2008 financial crisis.
The widening global scandal threatens to engulf UK Prime Minister David Cameron. He faces demands that he release his tax records following reports by leading newspapers, basing themselves on the “Panama Papers” documents, that his father, Ian Cameron, held shares in an offshore corporation.
Mossack Fonseca, the Panamanian legal firm at the heart of the scandal, made millions of dollars helping politicians and the super-rich stash their money and hide it to evade taxation. Its…
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