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The Panama Papers: A Small Part of a Larger Challenge?

By Stanley Foodman

The Panama Papers has become a new buzz phrase. Information contained in the Panama Papers ' the unprecedented leak of 11.5 million internal documents from the Panamanian law firm Mossack Fonseca ' illustrates the dangers of noncompliance for U.S. taxpayers and for citizens of other countries with whom the U.S. has exchange of information agreements.

So why should all of this journalistic reporting carry the name of a country that has worked very hard to promote its transparency when it is well known that you don't have to go to Panama to create a shell company? It can be done right here at home in the United States.

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