Pandora Papers Offer Peek Into Private World of Rich (Podcast)

Oct. 8, 2021, 8:46 AM

Pandora’s box got flung wide open this week, and secrets about how global billionaires and politicians stash their assets came spilling out.

The Pandora Papers are a giant leak of millions of financial documents, reported by the International Consortium of Investigative Journalists. They show how many ultra-wealthy people and global leaders are using offshore trusts and other financial entities to store huge amounts of the assets they own.

On this episode of our weekly Talking Tax podcast, reporter Michael Rapoport hears two very divergent views on what should be done about this.

We hear from Christian Hallum, tax policy lead for the charity and advocacy group Oxfam International, who decries the practices detailed in the documents and says they perpetuate global inequality. And we also speak with Josh Rubenstein, a trusts and estates attorney and national chair of the private wealth department at Katten Muchin Rosenman LLP, who worries that a crackdown could ultimately invade the privacy of law-abiding people who use trusts to manage their wealth.

Listen to the episode here.

Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

To contact the reporter on this story: Michael Rapoport at mrapoport@bloombergindustry.com

To contact the editor responsible for this story: Patrick Ambrosio at pambrosio@bloombergtax.com

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