Summary: Panama Papers’ and the Shadow World of Finance by MFlowers The release of the ‘Panama Papers’ reveal the secret world of shell companies used by the rich to hide their wealth and avoid paying taxes on it. While it appears that the release of information was intended as a tool to demonize Russian President Vladimir Putin, it has backfired and instead led to a probing of who in the US is involved in this type of scheme. McClatchy News is publishing investigative pieces revealing the same activity taking place in states such as Nevada and Wyoming. The list of people involved connects directly to government figures such as US Secretary of Commerce Penny Pritzker. It has also led to massive upheaval in Iceland where protesters are calling for the resignation of the government and new elections. We explore what’s going on with James Henry of the Tax Justice Network and Chuck Collins of the Institute for Policy Studies. Relevant articles and websites: US Scolds Others about Offshores, but Looks Other Way at Home by Kevin Hall and Marisa Taylor The Price of Offshore Revisited by the Tax Justice Network Panama Papers Expose the Hidden Wealth of the World’s Super Rich by Chuck Collins Tax Justice Network The FACT Coalition Inequality.org We’re Not Broke Movie Treasure Islands by Nicholas Shaxson Guests: James Shelburne Henry is a U.S. economist, attorney, and investigative journalist who has written extensively about global banking, debt crises, tax havens and economic development. In the corporate world, Henry served as Chief Economist, McKinsey & Co. (NYC global h.q.); VP Strategy, IBM/Lotus Development Corporation (Cambridge), Manager, Business Development, the Chairman’s Office (Jack Welch), GE (Fairfield), and senior consultant Monitor Group,the international consulting firm. As Managing Director of Sag Harbor Group, a strategy consulting firm, his clients have included such enterprises as ABB, Allen & Co., AT&T, AT Kearney, Calvert Fund, Ce-mex, ChinaTrust, the Scotland Yard/FBI Task Force on Caribbean Havens, IBM/Lotus, Intel, Interwise, Lucent, Merrill Lynch, South Africa Telkom, Rockefeller Foundation, the Swedish Power Board, TransAlta, UBS Warburg, Volvo, and Monitor Company. A member of the New York Bar, he has served as a pro bono cooperating attorney for the NYCLU on First Amendment issues, and as Vice President, New York Civil Liberties Union – Suffolk County. He is author of the acclaimed investigative economics book The Blood Bankers, and his articles and citations have appeared in The New York Times, The Wall Street Journal, The New Republic, The Nation, The Conference Board, The Washington Post, Harpers, Fortune, Jornal do Brasil, The Manila Chronicle, La Nacion, and many others. Chuck Collins is a senior scholar at the Institute for Policy Studies (IPS) and directs IPS’s Program on Inequality and the Common Good. He is an expert on U.S. inequality and author of several books, including 99 to 1: How Wealth Inequality is Wrecking the World and What We Can Do About It. He is co-author with Bill Gates Sr. of Wealth and Our Commonwealth, (Beacon Press, 2003), a case for taxing inherited fortunes. He is co-author with Mary Wright of The Moral Measure of the Economy, a book about Christian ethics and economic life. He is co-founder of Wealth for the Common Good, a network of business leaders, high-income households and partners working together to promote shared prosperity and fair taxation. This network merged in 2015 with the Patriotic Millionaires. In 1995, he co-founded United for a Fair Economy (UFE) to raise the profile of the inequality issue and support popular education and organizing efforts to address inequality. He was Executive Director of UFE from 1995-2001 and Program Director until 2005.
