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Secret Files Reveal World Elites' $32 Trillion in Hidden Financial Accounts (+video)

Photo Credit: Tim Meko

Dozens of journalists sifted through millions of leaked records and thousands of names to produce ICIJ’s investigation into offshore secrecy ­

A cache of 2.5 million files has cracked open the secrets of more than 120,000 offshore companies and trusts, exposing hidden dealings of politicians, con men and the mega-rich the world over. The secret records obtained by the International Consortium of Investigative Journalists lay bare the names behind covert companies and private trusts in the British Virgin Islands, the Cook Islands and other offshore hideaways.

They include American doctors and dentists and middle-class Greek villagers as well as families and associates of long-time despots, Wall Street swindlers, Eastern European and Indonesian billionaires, Russian corporate executives, international arms dealers and a sham-director-fronted company that the European Union has labeled as a cog in Iran’s nuclear-development program.

The leaked files provide facts and figures — cash transfers, incorporation dates, links between companies and individuals — that illustrate how offshore financial secrecy has spread aggressively around the globe, allowing the wealthy and the well-connected to dodge taxes and fueling corruption and economic woes in rich and poor nations alike.

The records detail the offshore holdings of people and companies in more than 170 countries and territories.

Here’s how offshore accounts hide financial assets:

Read more from this story HERE.

Democrats demand that Romney release taxes but refuse to release their own

Members of Congress are demanding that U.S. presidential candidate Mitt Romney give full disclosure of all of his tax returns, but most are refusing to publicize their own.

The presumptive presidential nominee has disclosed his 2010 tax return and 2011 tax return estimate, but refuses to publicize any more. His refusal is generating critical responses from Congressional members, who claim his secrecy makes him unfit to run for president.

However most members of Congress do not think that this same level of transparency should apply to them. While senators and representatives are required to publicize their sources of income, they are not required to disclose their tax returns, which contain additional financial data like spousal income.

McClatchy has asked all 535 members of Congress for full disclosure of their tax returns, but only 17 have complied.

Among those who refused are Rep. Nancy Pelosi and Rep. Harry Reid – both of which have heavily criticized Romney for his limited transparency.

Read more from this story HERE.

Photo credit: dannymac15_1999