A huge news story lately has been the Pandora Papers leak. That is where it has been leaked to the public all sorts of specific information about the wealthy hiding their riches from the taxman. A lot of information is there, like who has been doing this and how exactly they have been doing this. I would like to say that these tax cheats are being hunted down and aggressively being punished by the Canada Revenue Agency. However this does not appear to be the case.
The Panama Papers leak occurred in 2016 and despite big words from the government there has been little follow up. Then came the Paradise Papers leak of 2017. There was some talk about bringing to justice those that had cheated various governments but I saw little action in Canada. Now we have the 2021 Pandora Papers leak and I’m expecting zero action by our government.
The thing that really bothers me about the leaks not resulting in the rich being pursued by the government is that it is just a minor nuisance being named in these leaks. In fact, with no follow up by our government, the leaks are free advertising for these offshore accounts as a way to do business.
In the Pandora leaks of this year, sports heroes Elvis Stojko and Jacques Villeneuve were named as having offshore accounts. Because of our government giving a free pass to these kinds of shenanigans, Elvis and Jacques are basically giving a free endorsement for this kind of behaviour. Ironically Villeneuve’s offshore company is partly an attempt to keep every last cent of endorsements he made.
But here he made a free endorsement to these tax havens. And now that he is outed, his endorsement for anything in the future is going to have the reverse effect on myself and many others. We are going to be biased against future products he endorses. You, too, Elvis.
The pattern of giving the leaks names that start with Pa is evident. I am so pessimistic about my and the rest of the world’s governments that I am expecting that eventually the journalists will give in and call the the release of such damning papers the Patriot Papers leak.