Mossack Fonseca and the Terrible, Horrible, No Good, Very Bad Day

mossack fonseca

“A blind domination founded on slavery is not economically speaking worthwhile for the bourgeoisie of the mother country. The monopolistic group within this bourgeoisie does not support a government whose policy is solely that of the sword. What the factoryowners and finance magnates of the mother country expect from their government is not that it should decimate the colonial peoples, but that it should safeguard with the help of economic conventions their own “legitimate interests.”” – Frantz Fanon, The Wretched of the Earth

“I did a lot of infrastructure development in my life. To fund them with foreign currency is madness. OK? Madness.” – Tidjane Thiam, CEO of Credit Suisse

Jürgen Mossack has had a good run. While Mossack and the firm he co-founded, Mossack Fonseca, will deny the illegality of their actions until the bitter end, it really does not matter. Their purpose, their utility to some of the most powerful and wealthy people of the world, was to keep their information and the information of their clients in the shadows. To not just protect capital from the oversight and taxes of the various applicable governments, but to protect these safe havens from scrutiny. While many of these accounts or the funds within them were illegal, what really matters here is that the capital has been exposed, and with that exposure it will be expected to re-enter various cycles of accumulation and consumption. The jig is up.

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