1:11:06 They're not, uh... they don't- they're still more concerned about gay rights. Yeah I got some stuff on that for us too if we're interested. So Democracy Now!, the Panama Papers and Obama there's also the Obama quotes in here too but you had a better version with the longer Obama hemming and hawing about how it's actually legal it's legal! We gotta cut through this is all legal what's going on? And we just need to fix the loopholes?! You can take that to the bank His soundbites are going to be pretty ugly, man. When his blind trust comes to floats to the top. Iceland's prime minister has resigned becoming the first major casualty of The Panama Papers revelations I love the word casualty It was a good one
1:11:52 You know what I'm saying? Yeah, I totally agree with you. Leaked documents from the Panama-based law firm— Hit by a truck! What? Say what? Got hit by a truck. —of the Panama Papers revelations. Leaked documents from the Panama-based law firm Osaque Fonseca revealed that Prime Minister Sigmundur David Gunnlaugsson He owned an offshore company with his wife, which he failed to declare when he entered parliament. He's accused of concealing millions of dollars' worth of family assets. Gunnlaugsson's resignation followed the largest public demonstrations in Iceland's history.
1:12:28 Reykjavik for more on Iceland later in the broadcast. Meanwhile, President Obama has spoken out about the Panama Papers while urging Congress to close tax loopholes known as inversions in which U.S. corporations agree to be bought by foreign companies simply to avoid paying U.S. taxes. The Treasury Department has unveiled new regulations to try to limit this process. On Tuesday, Obama said that many in the United States were taking advantage of legal loopholes to avoid U.S. taxes. reminder in this big dump of data coming out of Panama that tax avoidance is a big global problem. It's not unique to other countries because, frankly there are folks here in America who are taking advantage of the same stuff. A lot of it's legal
1:13:15 But that's exactly the problem. It's not that they're breaking the laws, it's just that the laws are so poorly designed that they allow people if they've got enough lawyers and enough accountants to wiggle out of responsibilities that ordinary citizens are having to abide by." Yeah its thin but it sounded like to me like oh Oh, you know the Obama administration was all over this tax thing coincidentally and have just kind of set up some kind of things that we're not going to go in depth on but they're all over this inversion thing. Well course this has nothing to do with inversion whatsoever No But is he wanting me continue with the clip or what? And he liked put the two together so because inversions a big deal and there happens to be this giant inversion play out there right now with Pfizer and Allergan
1:14:05 Irish drug company the Pfizer's trying to sell itself to them and become an Irish company, we're not putting that. We're not going for it No Right but that's they're kind of binding that into these Panama because it's easier to deal with And now you can soft play these documents again also on Tuesday pharmaceutical giant Pfizer reportedly decided to abandon plans to merge with the Ireland-based drugmaker Allergan following the unveiling of the Treasury Department's new rules. The deal would have allowed Pfizer to avoid billions in U.S. taxes and would have been one of the largest corporate inversions in US history
1:14:44 This comes as the Panama Papers have revealed at least 200 U.S. citizens who use the Panama-based law firm El Sacfonseca, the world's fourth largest offshore law firm. The list includes Robert Miracle of Bellevue, Washington, who is serving a 13-year sentence for a multimillion dollar Ponzi scheme based on investments in Indonesian oil fields, and Benjamin Way, head of the private equity firm New York Global Group. Way was indicted last year on securities fraud. Since the beginning of publication of The Panama Papers Sunday, many have questioned why more U.S. citizens and companies have not been named in articles analyzing more than 11½ million secret files. You can go to democracynow.org to see our full discussion about
1:15:30 the Panama Papers yesterday. There's others that have to be named. I'm not sure what they're...I think it's going to be, you're gonna find people...I don't want to say or predict any particular name except for the Bernie Madoff names but I can think of a number of athletes who probably got involved in this. Athletes, professional athletes who make millions and millions and are worth some close to $1 billion dollars in some instances are suckers for this stuff! Yeah how about this? To expand
1:16:18 What if the Madoff money, which you've all been led to believe was a Ponzi scheme? Which was a pretty easy excuse. What if that was actually laundered for the drugs? Possible. And everybody knew it like this is, we're making money hand over foot here so they had a double-double... This is real conspiratorial but they had a double-double booking system so they made it look like they were doing a Ponzi scheme but really everyone was benefiting. Ponzi's scheme as a front for money laundering right? It's pretty extreme but it's a funny idea why not and everybody was I can see Kevin Bacon going drug money hell yeah! I'm a consumer come on let's do it
1:17:03 Well, in Panama you know where Noriega was once running the place is a notorious hub. Even though they play it up as a financial hub... I'm afraid to call Uncle Don about this one this is not a good idea. I shouldn't be talking to him about anything Panama or Nicaragua related Probably not. We're going to have to go on our own on this one. I think so! I expect more and more stuff to come in now, Deutsche Welle had a nice little exposition on this and they're German so it still doesn't do the job of the list that Ansela had on her tweet but