Offshore secret bank accounts exposed

Thomas Lifson
What the New York Times approvingly calls a "trove of secret financial information" was released Thursday, highlighting offshore secret bank accounts held by various individuals. The breathless story begins: They are a large and diverse group that includes a Spanish heiress; the daughter of the former Philippine dictator Ferdinand Marcos; and Denise Rich, the former wife of the disgraced trader Marc Rich, who was pardoned by President Bill Clinton. But, according to a trove of secret financial information released Thursday, all have money and share a desire to hide it. And, it seems safe to say, they - and thousands of others in Europe and far beyond, in places like Mongolia - are suddenly very anxious after the leak of 2.5 million files detailing theoffshore bank accounts and shell companies of wealthy individuals and tax-averse companies. The agent for the release of this data is a group calling itself "The International Consortium of Investigative Journalists," which...(Read Full Post)

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