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The Panama Papers

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Postby pod on 04 Apr 2016 12:22

The Panama Papers

https://panamapapers.icij.org

Panamanian law firm Mossack Fonseca’s files include the offshore holdings of drug dealers, Mafia members, corrupt politicians and tax evaders – and wrongdoing galore.


Secret files reveal complex multimillion dollar offshore financial deals that channel wealth and power towards a network of people and companies closely allied to the Russian President.


This is a big one.
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Postby coach on 04 Apr 2016 12:47

Re: The Panama Papers

Big one? Like anybody didn't know this. Will it really have any impact? Will people actually go to jail? Will corporations actually be dismantled? Will prices actually drop? And, most importantly, will Miami officials finally realize that more planning and oversight are needed, otherwise they are going to destroy our city?
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Postby pod on 04 Apr 2016 12:54

Re: The Panama Papers

coach wrote:Big one? Like anybody didn't know this. Will it really have any impact? Will people actually go to jail? Will corporations actually be dismantled? Will prices actually drop? And, most importantly, will Miami officials finally realize that more planning and oversight are needed, otherwise they are going to destroy our city?


You have a point. There's a lot revealed in this dump, but much like a lot of other dumps, nothing really comes of it. Snowden blew the doors off of a lot of things and the Feds still do what they do unabated.
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Postby TechJunkie on 04 Apr 2016 18:32

Re: The Panama Papers

coach wrote:Big one? Like anybody didn't know this. Will it really have any impact? Will people actually go to jail? Will corporations actually be dismantled? Will prices actually drop? And, most importantly, will Miami officials finally realize that more planning and oversight are needed, otherwise they are going to destroy our city?


This will have a huge impact. This is the final nail in the coffin in the latest Miami real estate cycle. A significant chunk of buyers have been blocked from buying.
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Postby TechJunkie on 05 Apr 2016 07:49

Re: The Panama Papers

I already know that the Feds are reading my emails because of something else, kind of related to this. But then my wife nearly had a panic attack this morning when she looked at the front page of the Herald and saw that the latest installment in the series is about one of her colleagues who refers foreign IP clients to her. Not the first time this kind of thing has happened. She was one of Jack Utsick's attorneys when he showed up on the front page. She wasn't useful to him because she's a by-the-book type, and it all made sense when he was indicted and fled the country.

So yeah, this whole thing is going to put a dent in the annual income of yours truly here. How's that for impact.

Ancient Chinese curse: "May you live in interesting times." (And Pod still doesn't understand why South Beach is even more interesting now than when it was full of crazy Bohemians...)
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Postby pod on 05 Apr 2016 08:08

Re: The Panama Papers

Sure, it's interesting, but not more so than the bohemian times. It's interesting in a different way. It's like a VW bus is interesting in one way, and a BMW 2002 is interesting in another. Or how steak is awesome, but so is hummus, but in different ways. Though steak and hummus, especially when I grill.

I'd rather have the bohemian types though, sorry.
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Postby Kamen on 06 Apr 2016 04:39

Re: The Panama Papers

So what's going to happen to the "luxury real estate" ill gotten gains parking market?

Will the high end market crash? Probably.

How do all these crooks get their money back out of illiquid assets?

Looks like it's time to raise a vulture fund.

I wonder if someone would take 20 cents on the dollar for that NYC Penthouse?
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Postby norah on 06 Apr 2016 10:07

Re: The Panama Papers

Cayman Islands, hello. Monaco, hello.

This is really not that groundbreaking. It is where the rich live and stash their dough.
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Postby pod on 06 Apr 2016 10:25

Re: The Panama Papers

norah wrote:Cayman Islands, hello. Monaco, hello.

This is really not that groundbreaking. It is where the rich live and stash their dough.


It's only groundbreaking because it names names. The idea of offshoring isn't new.
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Postby TechJunkie on 06 Apr 2016 10:34

Re: The Panama Papers

This one firm in Panama is not the only place this is done. This leak is the tip of a huge iceberg. That's the part that amazes me.

Coach wanted to know what impact this would have. Well, one world leader has already fallen from this. And lots of others are in cover-your-ass mode.
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