Panama Papers Show How Rich United States Clients Hid Millions Abroad
Eric Lipton and Julie Creswell, New York (NY) Times
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Panama City, Panama, home to the law firm Mossack Fonseca. A trove of the firm’s internal documents, known as the Panama Papers, have shaken the financial world. Credit Joe Raedle/Getty Images
June 5, 2016 | Over the years, William R. Ponsoldt had earned tens of millions of dollars building a string of successful companies. He had renovated apartment buildings in the New York City area. Bred Arabian horses. Run a yacht club in the Bahamas, a rock quarry in Michigan, an auto-parts company in Canada, even a multibillion-dollar hedge fund.
Now, as he neared retirement, Mr. Ponsoldt, of Jensen Beach, Fla., had a special request for Mossack Fonseca, a Panama-based law firm well placed in the world of offshore finance: How could he confidentially shift his money into overseas bank accounts and use them to buy real estate and move funds to his children?
Eric Lipton is a Washington-based correspondent for The New York Times, where he writes about government relations, corporate agendas and Congress; and
Julie Creswell is a staff reporter for The New York Times, primarily writing features for the business section that follow the flow of money around private-equity firms, Wall Street banks, healthcare companies and real estate investments.
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