Saturday, April 09, 2016

NYT Editors Ignore US Financial Criminality

NYT Editors Ignore US Financial Criminality

by Stephen Lendman

America is the world’s leading tax haven, encouraging foreign high net worth individuals to invest here tax free, secrecy assured.

OECD standards aren’t observed. America welcomes dirty money, trillions hidden in private accounts.

NYT editors discussed financial secrecy, largely ignoring the world’s leading scofflaw, diverting attention elsewhere.

They lied, saying “(t)he United States and European governments (are) concerned about banks being used by tax cheats and criminals in a shadowy international financial system” instead of explaining America is the leading global haven for tax cheats.

It agreed along with 131 other nations to observe OECD information-sharing standards, while systematically breaching them unaccountably.

Times editors criticized Panama for lack of oversight over internally held foreign wealth when its illicit operations pale compared to America’s - the world’s leading money laundering/tax haven, supported and encouraged by US officials, including Obama while publicly condemning tax avoidance.

“It is no coincidence that thousands of government officials and magnates from from around the globe have turned to Panama for ways to hide their cash,” said Times editors.

Far greater numbers stash trillions of dollars in America tax free - likely including heads of state, other top government officials and major business ones.

Times editors gave short shrift to unprecedented financial criminality in America. Saying Obama “intends to adopt new rule (to) close loopholes” permitting tax avoidance ignores nearly his entire tenure encouraging and supporting them.

Last November, the Tax Justice Network accused America of impeding initiatives for greater global financial transparency.

In January, Bloomberg called America the new Switzerland, “the world’s favorite new tax haven,” high net worth individuals encouraged to hide wealth here.

Swiss lawyer Peter Cotorceanu was quoted, saying “(t)hat ‘giant sucking sound’ you hear…is the sound of money rushing to the USA.”

Rothschild & Company’s Andrew Penny calls America “the biggest tax haven in the world.” Enormous amounts of wealth moved from other tax havens to the US.

Lawyers, accountants and financial firms increasingly are advising clients to park wealth in America for greater safety.

It wants other nations disclosing financial information about foreign wealth held in their countries while concealing it domestically.

Deplorable US standards are worse than Panama’s and other  global tax havens. Transparency rules are for other nations, not America, unilaterally setting its own standards.

According to Transparency International’s Shruti Shah, it’s easier to create shell companies in America for tax avoidance than get a driver’s license. 

Times editors failed to explain, supporting monied interests instead of exposing US public and private wrongdoing on a massive scale.

Stephen Lendman lives in Chicago. He can be reached at 

His new book as editor and contributor is titled "Flashpoint in Ukraine: US Drive for Hegemony Risks WW III."

Visit his blog site at 

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