The Pandora Papers - Everything You Need To Know!
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- เผยแพร่เมื่อ 5 ต.ค. 2024
- Revelations from nearly 12 million leaked confidential financial records have thrown light on the concealed wealth of powerful public figures around the world. How do they hide their money, and why is this information important?
The Pandora Papers were released this week showing that Jordan’s King - Abdullah II amassed $100 million in property including homes in The United States and London. An alleged mistress of Vladimir Putin, Russia’s leader managed to covertly buy a luxury residence in Monaco. Tony & Cherie Blair used a company structure avoiding paying Stamp duty on their London home. The Czech Republic’s prime minister, an anticorruption crusader, secretly acquired a French Riviera estate.
Revelations from the Pandora Papers report, a collaboration by the International Consortium of Investigative Journalists and media partners that include The Washington Post and The Guardian, began reverberating through and beyond the financial world of the rich and powerful almost immediately after the authors started releasing them on Sunday. In Today’s video we look at what data was released, and to what extent does it matter. We Discuss why wealthy individuals have moved their wealth into South Dakota Trusts and away from Switzerland and The Cayman Islands.
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Yes I also questioned the motives of the writers (read it twice)
Patrick, in this video you just start. No music. No titles. I love this! Shows you value our time. Please please keep your starts this fast. Something else that may save you editing time: in some videos you have generic video clips. These do not matter much to me. Visuals that add information like a person's portrait or a chart or meme etc are good but generic video clips IMHO is wasted on people like me that are mostly listening and are fine with a single angle view of you speaking. Perhaps a survey could tell you how common this is among your audience? I do have your audio only podcast subscribed but mostly end up listening through your TH-cam channel which has your latest stuff faster.. Maybe drop the ~ 30s podcast intro going forward and just post 1:1 the TH-cam audio? Thank you!
4:30 you must read Alexei's investigation on Vladimir Putin, he discovered he has tons of women and tons of children
That nuclear waste joke was hilarious
Hello sir Patrick Boyle in your last interview with attorney libayan i know that you said that nft games was a gambling but he always said that you claim and explained that it was a ponzi schem . Can you plss clarify it tnx
Your ability to make jokes without even blinking an eye is on a different level. Appreciate your content as always.
Greed. Funny as hell.. Love the humor!
he is obviously hitman from the hitman series. its just to relieve his stress
Jokes for days, honestly
Ok so that explains 03:58 then :)
@@antonphibes4924 Ha! yes. His videos are always full of them. If you're not paying attention, you'll miss them because his voice tone doesn't change. Ha.
You seriously have one of the most important channels on TH-cam as far as delivering facts in a world of "fact checking", "clickbait" and "fake news" . So much b.s. on the news these days this is what we need. Unbiased opinionated news.
I agree with almost everything you wrote, except for the use of the word "opinionated."
It may seem odd but "opinionated" is a synonym for "biased."
I did not know the precise definition of opinionated - until I looked it up for myself:
"If you describe someone as opinionated, you mean that they have very strong opinions and refuse to accept that they may be wrong."
Synonyms: dogmatic, prejudiced, biased, arrogant
⬆️ definition source:
Collins (online dictionary)
Given its definition, it seems "opinionated" is a useful euphemism to describe an arrogant, biased person (like a politician).
Idk if i can agree with his opinion. After all hes a millionaire himself. The leak is just a tool to push legislators in the right direction and in this regard its not a bad thing (for the majority).
@@vongmanu4419 yes but he gives everyone middle class and poor an explanation of how everything works. If he didn't care, he wouldn't open a TH-cam channel when hes already rich
@@vongmanu4419 I shouldn't have to tell you this. But, being wealthy doesn't automatically make you bad, lack integrity, or be unethical, just as being poor doesn't automatically make you good, have integrity or be ethical.
With a one world government..
Capitalism economic transparency and accountability will be realise ...
And everyone as members of our species of humanity will follow the same laws, regulations and constitution... yup and yes Capitalism economic prosperity will be shared by all...yup
Agreed Patrick, very nice take on the matter. With a combination of cynicism but also level headed takes. Why you're my favorite finance channel by a longshot.
i can spend a week researching on a topic and Patrick will still tell me something i didn't know about it, it's awesome.
I concur. Actual useful shit to learn. Amazing!
Gerald Celente
The plane bagel would not be happy with yoi
UK media utterly silent on this.
It was all over the news a weeke ago you egg
@@brettharter143 Egg? Well I've certainly been called worse. I meant that there's been nearly zero fallout or awkward questions from the media. It's already passed through the news cycle.
Digital Data Distraction , Government Paper Gap
South Dakota?! Patrick Boyle is THE best informed and most balanced financial commentator on TH-cam.
When I start, a company it is going to be based in South Dakota! No income tax or capital gains tax. Also, there is no estate tax, so your family will actually get the money instead of the government.
Jesus. Again, I learned so much.
Way more than I would have ever learned from any classic/corporate media report.
Thanks Patrick!
You my friend need a Joe Rogan sized subscriber list..You are the most balanced and learned reporter on TH-cam..Keep it up..
Patrick putting out 5* content when the rest of us drunk as sh*t. Hero.
Wahh
@lfc777372 sounds like a Tom Nash comment lol
Lmao, peak friday night behaviour.
I’m of the same mind on the issue.
A 45 minute news story was run a few days ago here Australia, and I was left scratching my head not knowing what the problem was.
The trouble was, the news outlet was accompanying the story with triggering language and unsettling music. For the most part I’m sure the Pandora papers are just a headline to sell and get the public worked up over nothing.
Journalism has become a junked career. Pandora paper is a desperate effort by journalists to repair their damaged image where public trust is concerned
@Quentin Styger 😄😄
Defaming completely legal and ethical stuff for clicks
This was a really good piece. The pandora papers have everything the average person finds salacious. But when you step back as your video does, it would appear there are more opinions about the papers than people who have actually read them. Having lots of money doesn't mean corruption and seeking privacy doesn't mean you have something bad to hide.
I totally agree, but Anil Ambani called for bankruptcy in England to Chinese and English banks. In Pandora papers he had some huge wealth in offshore countries. What about those banks who lent the money. FYI banks money is public money. It maybe legal, but is it moraly correct?
Second king of Jordan, has done purchases of huge properties around the World, while his country is facing issues. His own people are suffering.
Yea I agree it is legal, but again the question arises. Is it moraly right?
Just imagine being a citizen of Jordan, paying taxes plus the government is borrowing as te rich are saving taxes "legally" (which makes the citizen's and the future generation poor)+ the ongoing political tension.
How can any nation grow?
There are ennumber of such examples.
That is why minerals rich African countries are still underdeveloped and these hypocrates talk about poverty, hunger and developing the world 🤔.
11:37 So this is where “Trust Fund Kids” come from.
I would agree with your ending statement, there is no way that the data for this report was gathered legitimately. In order to gain access to confidential documents and hand it over to a journalist institution, would have been through theft or someone inside leaking documents, willingly or coercively. I would imagine that the IJIC could be hit with lawsuits by parties affected over sharing private information, especially if the data was confidential for legitimate and ethical reasons, and I do hope so.
Definitely illegal. Not even the police are allowed to seize confidential documents between a lawyer and their client.
Bono is such a hypocrite.
The same type of hypocrite like the people who rage about their own tax burden and fines whilst demanding more state owned social services. Politics brings out the hypocrite in A LOT of people, whether they're a rich chump or a methhead making minimum wage.
@@samsonsoturian6013 spot on
@@samsonsoturian6013 Not really. They might argue for optimizing expenditure/reducing waste.
Patrick Boyle is legit. I wish there were at least a thousand of them and the world will be a lot more intelligent and saner place.
There are 100s of millions of them. Mostly quietly living their lives, doing good, donating to charities, helping others. The problem is very few of them end up in politics.
Hellow Patrick , we have a politician in Romania ( the mayor of on one sector of Bucharest ) that own some offshore companies ( revealed in the Panama papers ) that are involved in business in Romania. The problem is that those companies do business with the town hall where he was elected, so he pay 96,6 million euro's to those companies from the town hall budget. In my opinion this is money laundering and corruption at top level. So not all are doing legal transaction with the offshore companies. The problem is that in Romania he will not be prosecuted because corruption is to extended even in the judiciary system. An the sad thing is that even if we know that he steal ( he is the most in debt person in the Romania - not paying his tax to the state ) he is still elected as mayor by the citizens.
Robber baron 2000's making up for lost times in the 1900's. Lusting for the misery of the 1800's their tyranny wrought.
Very good point. Conflict of interest is one common form of corruption.
How is he the most in debt person in Romania?
I think that his closing remarks and example of when disclosure of this information by journalists is appropriate and your scenario is exactly was he was agreeing with.
@@Nawras672, those with the most money, usually take on the most debt.
Hi Patrick your point on how journalists accessed private information and made it available to the public is poignant, your depth on this subject offers a different take to the narrative. Thank you
Agreed
Thank you for continuing to provide this great fact-based content on your channel! It's refreshing to be presented with actual facts on these topics. It's difficult to separate fact from opinion, assumptions, and slander in media nowadays. So thank you! The casual humor tossed in is perfect
Can i say how i like how you angle this from different perspectives? That is pure quality, and very objective. I love content that don't take personal stance but take a look at things from several perspectives rather than just having tunnel vision with emotions. ! Great !
Agreed!
To be honest...
I expected something more by a name like PANDORA Papers.
Something world shaking.
Like knowing the amount of naked shorts in the world or something alike.
This is more like Hypnos, the god of sleep papers.
Rich people using tax haven, i am shocked, flabbergasted, gobsmacked and startled by these revelations
If you want to send a fleet to South Dakota, you could sail north up the Mississippi, and take a left when you reach the Missouri. Eventually you'll get there, although I'm not sure how feasible that would be in practice.
Patrick, I have learned a great deal from you and passed your information to many people.
I think the world (especially journalist) can take a lesson from the class you show in the delivery of information.
Mrs Anna is legit and her method works like magic I keep on earning every single week with her new strategy.
Who's this professional everyone is talking about I always see her post on top comment on every TH-cam video I watched
I think I'm interested how can I get in touch with Mrs Anna
expert mrs Anna has been managing my trade for months and I keep making profit every week,made $9,130 last week
I'm from Brazil, I and two other of my friends tried her immediately we testified, her performing wonders🇧🇷
Most people remain poor only because friends and relatives discouraged and advise them against investing and trading forex while the wise ones kept investing and growing higher financially
Trading without a professional like expert Mrs Anna is like gambling with your money
Thankful for intelligent people like Patrick who make watching videos worthwhile. You actually learn about real life financial reports worthy of watching. Great work
“The fleet would struggle to get to South Dakota.” 😂
You are quickly turning into my favorite... thank you for the reasonable and concise reporting of things... and the dry, witty humor that's absolutely spot on! ;)
Feels like I still at qmul! Loved the Derivatives lectures, professor! Am very happy I can still learn with u! Many thanks from Brazil 🇧🇷
Not sure about the UK, but trying to get around stamp duty by purchasing the company that holds it is largely fixed in HK when the net asset value of the company is taken into account for the transfer of shares instead of just the consideration of the share transfer.
Similar situation in Malta which has laws based on UK law. But Malta introduced a lower rate of transfer for companies intravivos (not after death). Not really issue to the average person as they are exempt from any sales tax on their primary residence so effectively get a bigger benefit.
But who in the right mind with intent to do this in HK would have an HK registered company? BVI et al all day long, thanks.
@@jfletcher1029 it used to be a trick long time ago
These days u can obtain searches for BVI companies and as Patrick mentioned their function as tax haven has largely evaporated
@@vinniechan that’s good to know. It’s not like there’s generally heavy taxation in HK anyway.
Wow, this is so much less scandalous but actually more informative... color me surprised
Didn't expect South Dakota at all. 🤯
Thanks for explaining why..
lmao "a king, a man who wears a golden hat"
Ireland has a corporate tax rate of 12.5% and their citizens still feel the need to dodge tax?
Citizens (not Bono) pay high income tax (for poor public services just covering bloated pensions and national.debt), high VAT, high excise tax, high stamp duty etc... your company, a seperate legal entity, paying 12.5% is irrelevant to personal taxes.
@@Number69 you can make a company or something like a small one for one person in Ireland?
There should be possibilities to optimize tax.
I don't know exactly how Ireland tax system works, but there are always legal alternatives to pay less taxes, like you buy a plane for your one person company and so on.
No one wants to fork over hard earned cash
@@overPowerPenguin Exactly what I was thinking
Also it shouldn't be too hard for someone like Bono
@@vinniechan Yes, he should be able to hire someone with easy.
This was an incredibly informative video and I think you're on the money with your closing analysis. Offshore accounts and tax free havens make more sense to me now. Trusts still seem like they could be used fairly dodgily.
I agree. Unfortunately almost everything that has legitimate uses can also be used in a dodgy manner
This Guy's is killing it . Great Work Man !!
Serious media brands and agents need to make their beliefs and values very clear and behave accordingly. Only then they will be distinguished from the abundant trash and get the high recognition deserved. Reputations are much more valuable than eyeballs. Journalists who disagree offend the public interest and must be exposed to feel the pain. Patrick, thanks for another fine video.
Agree…but I am glad some holier than thou celebs, like Bono, get their hypocritical acts exposed. Very good video! 👍
When I saw this video I knew I would get a better understanding afterward than if I watched anybody else. Most news skims a few seconds of headlines and then others bloviate on the headlines. Thank you for helping me see through the noise on this subject. And thanks for all the future videos! Jokes were on POINT this video
Wooow mind blown well done Pat!
South Dakotan here, it checks out. Lots of trust companies here. We don't have 1M people in the state so I'm sure we were hoping for a different kind of publicity than this. 😂
Wait so a South Dakota trust could safeguard me against UK divorce laws and Child support?
Great job Patrick. Like the others I'm always struck by your even handed and reasonable approach. Well done.
Looks like I’ll need to schedule time with my financial advisor to discuss South Dakota.
Thank you Patrick, as always. You provide the most balanced and unbiased explanations and who are the ones that likely have broken the laws. You the the best financial educator on TH-cam that I am aware of.
Thank you Mr. Boyle for another video filled with solid, make sense information. I look forward to your work every time you release a new episode. This one was so informative, and with your clear and simple explanation, it really makes me feel better. Keep up the great work, I know this must take lots of time, I really respect your efforts.
I came for the knowledge, and stay for the humour lol.
I don't know how you are able to keep a straight face when saying some of these joke, even Jack Dee can't do that. Well done.
Thank you for sharing the knowledge
As a person from a nation that has significant issues with corruption in government, this kind of journalism does have its uses which I feel justify the manner by which the information is obtained. It can be a bit of a shock seeing local government figures (think: those at the mayoral level) included in these leaks alongside someone like Bono -- revelations like these, I feel, can not be reasonably done locally in the country due to the corruption I mentioned.
That said, I do find it unacceptable that those innocent are also affected so grossly by these leaks. It's a bit of a struggle for me personally to try and reconcile the criminality of this which is why I found this video to be so entertaining.
It's great to know that Ringo has such as strong and eloquent advocate. Three cheers for common sense. Most of us would rather have snoopy "journalists" dig for real crimes that hurt people than to have them stirring up gossip for all the tony cocktail parties they attend.
Dat'd be T'ree cheers eh?
Such a pleasure to listen to such an intelligent and deliberative account! As always, great job.
I had to stop the video from laughing at the south dakota/fleet joke
@@worldstar907 Really... Interesting... That doesn't seem right.. (I'm in the US)
Thank you so much for sharing up to date tip on where to hide money legally ❤️❤️❤️
Amazing content as always Patrick, thank you for your time and effort!
superb presentation. Loving your work Pat!
Many thanks!
"WHO DO I TRUST? ME!" Beautiful
Interesting, thorough and informative as usual, with a dash of dry sense of humor... Good job, great channel.
Love your channels! Straight facts with no bullshit. Thanks!
"The Little House on the Prairie". I don't miss an episode. Every day at noon !!!
====___ Unique (21B Reissuable) Baby Chinese Stablecoin €1.75M ___====
Really appreciate this more balanced analysis of the papers, I see a lot of people just seeing it all as 'oh these people bad'
Once again, great job Mr. Boyle.
Jesus. The way you explain is so detailed and thorough. I love you.
Patrick is even more effective as YT’s moral compass. Impressive stuff.
I love living in South Dakota, saved a ton of money.
Wow great video , very informative…
Thanks for explaining the leak. It's kind of a big deal in Ukraine even though nothing substantial on the president was found beyond him registering his main company offshore
10/10 video, incredibly written and gives a great perspective!!!
The point about protecting privacy -- personal and family -- resonates especially strongly here in the U.S. right now. The crazies are going after school board members, public health officials, local government members, with frightening ferocity. Death threats, picketing in front of homes, harassment ... like paparazzi on meth.
Except they're not going after investments but individuals, in which case an offshore company would do nothing to protect privacy.
Your conclusions are totally right. The papers mostly disclose the intimacy documents from some people, which come in headlines today. If someone wants or needs hiding his address and belongings from main public, it's his right. The timing of this release, its magnitude, and its filtered content show the info is there to distract the world from something else, probably from the pandemy controversies.
Only Patrick can pull off a green silk tie, well done!
Journalists need something to publish and politicians need something to ramble about...
Thank you for the very interesting and level headed take on this issue.
Monarchy diss, check. Putin diss, check. Bono diss, check. Scarface meme, check. Laughing and learning with Boyle ;)
Thank you for all you share!
I just come here every video to hear him say "around the world" (0:35)
Aside from companies that carry out business globally and still pay tax and are transparent about their use of tax havens, this is about billionaires, multi-millionaires. Some possibly with legitimately acquired wealth but most with questionably acquired wealth now hide it in the US to avoid paying tax. Next.
Recent content has been very good and timely. Especially the China property stuff
I LMAO when Patrick said "hard to get a navy fleet to South Dakota" lol! His subtle humor is absolutely the BEST.
Your very knowledgeable, your to the point, no double talk, and factual!
Thank you for your objectif and informative way of inspecting the subject. Watching yours videos for a month now and I think your channel is a rare find!
My opinion is that those leaks are in fact not necessary and are not being helpful by anyway to the majority of us. We all know that many wealthy people are benefiting from the the legal offshore countries and what seems important to me is how the world is going to fight against them or just accept them and lower tax rates in order to incentivise the wealthy to keep their money at home.
Very valuable perspective. Thank you.
You are doing a good job. Thank you for your effort and hard work.
great info - see you in South Dakota
Great video, I had a very vague idea of what offshore companies were before
Excellent summary report, thank you.
Leaks which are important but nobody in the main stream seems to care about
These don't reveal anything we didn't already know.
@@worldstar907 dude, it's just a bunch of idiot reporters trying to enforce a double standard
It's a "designer leak" just like that "designer whistleblower" at Facebook.
I don't doubt all or most of it in it is true, but it is highly selective and clearly pushing only one possible solution. More surveillance and control from a central authority.
This is all a run up to global corporate tax and later on one world monetary/taxation system. And who will control that system? Well...
Lol, so transparent. No US politicians on the list (or Canadian, or Australian...) "because of Fatca". Lol, is Patrick kidding?
Meanwhile, Nancy Pelosi is revealed to be a financial wizard, a genius investor who puts the likes of Warren Buffet et all to shame...
Keep up the great work, Patrick. I always find your videos both informative and amusing 👍
Fantastically informative, thank you
Wow. What a triumph of a video this. I fall into the 'All offshore accounts must be evil' camp, so great to get some insight into that, the musings on the acquisition & dissemination of the data and questioning the morality and motives of the journalism in this case.
The most rational analysis I have come across so far.
Agreed
Phenomenal coverage!!!
Hi Patrick the answers too some off your questions is in the book The Panama papers by Bastian Obermayer and Frederick Obermaier another great read is The Book Treasure islands by Nicholas Shaxson I like your show
Great content as usual. It's good to see some view that is much more nuanced than the hysteria all over the news. Patrick on fire !
Wow, great video. Thanks for the hard work.
You're a wealth of knowledge
Loved the Geiger counter joke 😁
I subscribed this channel after your interview in Coffeezilla... really wonderful way of detailing serious issues...👍👍
Thanks for talking about this! Very important!
As always great research and a fabulous response.
The problem with this piece is the assumption, if something is legal, it is beyond reproach. Unfortunately we live in a world where different legal approaches compete with one another but should all be united under one legal rule which states, we are all equal before the law. If this presiding rule of law, we are all equal before the law, is broken, what does this imply to the rule of law itself? How can a trust to hide ownership of assets from litigation be legal in the face of the laws allowing the right to litigate and win remedies in court? Which one is the right with the higher order? So how can something like an offshore trust, which is especially designed to circumvent the effects of rules and regulations, LAWS, to make citizens equal before the law, be considered legal because it is within laws, designed to prevent some citizens to be equal before the law?
It's called state rights.
I don't really care about tax evasion from some celebs, but seeing a president directly associated in a bribe crime, is something completely different
I've been looking into how to hide my assets and money from my relatives. South Dakota it is !
Nice call out to the Little House on the Prairie. While correct, the tv series took place in her childhood home in Minnesota. The Corn Palace and Wall Drug are two other well known spots that those of us not in South Dakota typically know of, and as in the Corn Palace, make fun of. Keep up the great work! :)
Pat, very good info. Greatly delivered sir!
I respect the way you support Ringo Star.
Ringo Star doesn't need support
@@joefox9875 But in this situation, the support that Patrick gives him is admirable. What's your point exactly?