EDITOR’S NOTE: As with most anything Progressives develop, this scheme has so many moving parts that it’s easy to become confused over one part’s interconnection to another. It’s taken days to whittle this down so it could be fully understood as it also involves judicial appointments, patent law rulings, social media, stock market speculation and other nationally known-known political players.
In March 2009, former Nevada state Senator Valerie Wiener, who was Senator Harry Reid’s speech writer and press secretary from 1981 to 1986, introduced changes to Nevada’s corporation law that aimed to protect lawyers from liability when representing offshore clients. The Nevada legislature approved Wiener’s bill on May 20, 2009 as Senate Bill 350.
In short, the changes allowed Nevada attorneys to offer complete anonymity to offshore clients. This law change applied only to Nevada attorneys – lawyers from out-of-state are still required to report tax evasion cases.
In 2010 the Obama Administration determined it was time to put an end to secretive tax-havens. This led to a 2010 law, called the Foreign Account Tax Compliance Act that requires financial firms to disclose foreign accounts held by U.S. citizens and report them to the IRS or face steep penalties.
After coercing nearly 100 countries to sign on to the Organization for Economic Co-operation and Development (OECD) disclosure standards, the Obama administration refused to become a signatory. In declining to sign, this opened the door for the moneyed globalists from the typical tax haven strongholds to move their holdings to the U.S.
Then in 2015, the Panama Papers uncovered evidence that Nevada’s Reid is a prime facilitator in these actions. The Panama Papers are 11.5 million confidential documents detailing more than 214,000 offshore companies represented by the Panamanian law firm, Mossack Fonseca.
Among the discoveries is that Nevada is now prominent among the global elite as a new and favorite location to hide from tax collectors. As Bloomberg wrote January 27, 2016: “Some are calling [Nevada] the New Switzerland. By resisting new global disclosure standards the U.S. is creating a hot new market, becoming the go-to place to stash foreign wealth.”
Enter Rothschild & Co., an old-world financial institution that’s been instrumental in helping to hide the global elite’s wealth in places like the Bahamas, Switzerland and the British Virgin Islands for decades. And now — it’s been learned that Rothschild & Co. has recently opened a trust company in Reno, Nevada.