“The Cat Is Out Of The Bag” – In Interview Mossack Fonseca Founders Admit It’s Over… To Rothschild’s Delight

Tuesday, April 5, 2016
By Paul Martin

by Tyler Durden

Days before the ICIJ released this weekend’s trove of “Panama Papers” international tax haven data involving Panamaian law firm Mossack Fonseca, Bloomberg conducted an interview on March 29 with the two founding lawyers. In it, it found that even before the full leak was about to be made semi-public (any of the at least 441 US clients are still to be disclosed), the Panama law firm knew that the game was already largely over.

As Bloomberg reports, “during a four-hour interview last week, Mossack and Fonseca sounded like two men in retreat: the go-go days of cranking out shell companies en masse for clients was over; the firm’s been considering scaling back its international franchising; and Mossack was expressing frustration about how Fonseca’s political ambitions were earning them unwelcome scrutiny from regulators and the media. Just days earlier, Fonseca had stepped down as a special adviser to President Juan Carlos Varela, saying he wanted to focus his attention instead on the business.”

“We are going to make ourselves the right size — smaller,” Fonseca said. For the co-head of a firm that over the past few decades has helped revolutionize the way companies and wealthy individuals structure their investments across the globe — and popularized the British Virgin Islands as a hub — the statement marks a big drop in ambition.

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