Related Stories
Panama Papers: 1,000 secret Nevada firms, 2 overseas addresses
Key Excerpts from Article on Website of USA Today
Posted: April 18th, 2016
http://www.usatoday.com/story/news/2016/04/07/1000-secret-ne...
A USA Today analysis of more than 1,000 American-based companies registered by Mossack Fonseca, the law firm at the heart of the Panama Papers leak, casts the United States openly into an uncomfortable role: an offshore haven of corporate secrecy for wealthy business operations across the globe. Both Nevada and Wyoming have become secretive havens much like Bermuda and Switzerland have long been. And at least 150 companies set up by Mossack Fonseca in those states have ties to major corruption scandals in Brazil and Argentina. The corporate records of 1,000-plus Nevada business entities linked to the Panamanian law firm reveal layers of secretive ownership, with few having humans' names behind them, and most tracing back to a tiny number of overseas addresses. For about 700 of the American shell companies, the corporate officers are business entities rather than people, meaning no individual is linked to the Nevada firm in state records. Matthew Gardner, executive director of the Institute on Taxation and Economic Policy, [said], We should be thinking about this as a very American problem, and a problem that arguably is worse here in the states than it is in Panama. In Wyoming, where Mossack Fonseca has also registered about two dozen companies, corporations are even harder to trace. Mossack Fonseca defended its practices and said incorporating companies in different jurisdictions is the normal activity of lawyers and agents around the world.
Note: A 2015 Guardian newspaper article further describes how the US helps the super-rich hide assets. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.