Posted on 11/26/2021 10:45:18 AM PST by Roman_War_Criminal
When reporters Will Fitzgibbon and Debbie Cenziper began digging into the Pandora Papers — nearly 12 million confidential files leaked to the International Consortium of Investigative Journalists whose contents would go on to reverberate across the world — they noticed something curious.
In the trove of documents, which expose a secretive financial system that shields the deals and assets of some of the world’s richest and most powerful people, one U.S. state, South Dakota, stood out.
“We early on found a document in the leaked records that showed that there were a number of trusts established in South Dakota, and of course, our question was, who’s establishing trusts in South Dakota?” says Cenziper, a reporter at The Washington Post. “And we just really wanted to answer that question.”
(Excerpt) Read more at pbs.org ...
The issue is that South Dakota allows you to declare residency without ever being there. You can get insurance, bank accounts and mail boxes without ever being in South Dakota. Expats with wealth use South Dakota to get access to American financial systems. A similar thing for Delaware which allows companies to incorporate for virtually nothing. So almost all companies of size are Delaware companies.
I heard that interview & it was very fascinating.
The Corn Palace is a must-see while in SoDak.
Perpetual trusts.
This is a horrible report. If the best they could find is someone with $10 million dollars in a family trust, these are little guys. They don’t have crime money. They found some people who have been convicted of crime who have a trust registered in the state. Thats stupid. The money is not in the state. Just the registration of the trust. San Fran has billionaires. SD has families worth around $10 million. Yes a criminal could put money in lots of places around the world, South Dakota is just a place that steals some of the trust business from New York and Chicago. And I am sure that New York and Chicago have billion dollar trusts from people like Epstein. Lets play a game. Who can name ex-cons who have companies and bank accounts in Chicago or New York with millions or billions. Ever hear of the Rainbow Coalition, ex-con JJ jr. Now you try.
If a mass media outlet starts investigating billionaires they may find themselves spiked by their new boss!
The Corn Palace is a must-see while in SoDak
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You should be out in time out for this comment. Possibly even fined.
LOL. I was gonna say Wall Drug, but went with the Palace.
Cool. Now do Delaware and banks. Forget about motor homes and Ferraris registered in Montana.
Yes!! Promote Wall Drug and the Corn Palace! If we hold those two out as what SD has to offer we won’t have to worry about undesirables moving here!
Agreed and don’t get me started on Wall Drug. Two hours of my life I’ll never get back.
I just looked up Flintstones Bedrock City and am saddened that it closed in 2015.
—”The Corn Palace is a must-see while in SoDak.”
And is different every year.
how can average people USE South Dakota for financial gain?....
but its OUR people....OUR type of people who go there....
the kids love it....
and it has a great book store....
The same reason SD is so popular with full time Rvers.
Love Rushmore & the Badlands but have no desire to ever stop at Wall Drug or the Corn Palace again. Just not my thing.
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