Paradise Papers: Argentine Finance Minister Luis Caputo ran secret offshore wealth funds

[sandensea]

Documents obtained through the Paradise Papers exposé published today by the International Consortium of Investigative Journalists (ICIJ) reveal that Argentine Finance Minister Luis Caputo managed at least two offshore wealth funds.

Neither firm - the Cayman Islands-based Alto Global Fund, nor its Miami-based parent company Noctua Partners LLC - was listed in Caputo's financial disclosure statement, as required by Argentine law from all public officials and candidates for office.

"It was an investment fund for friends and family," he said in an Argentine interview today.

Luis Caputo, 52, is a first cousin of local industrialist and construction tycoon Nicolás Caputo - best friend of Argentine President Mauricio Macri.

The funds, opened in 2009 and with over $100 million under management, remained under Caputo's management until December 2015, when he was named Finance Secretary - a post upgraded to Finance Minister this January.

Today's disclosure casts new doubts over Caputo's role as chief Argentine representative during negotiations with vulture fund head and GOP megadonor Paul Singer, whose Caymans-based NML fund demanded a 1,600% payout on old, defaulted Argentine bonds bought from resellers at pennies on the dollar.

The agreement reached in April 2016 with Caputo netted NML $2.4 billion - a payout estimated by economist Joseph Stiglitz at 1,180%, plus legal fees totaling $253 million among the various holdouts.

Asked about possible conflicts of interest, the minister seemed ambiguous.

"I don't think so - but the truth is that I don't know. If any fund that has litigated against Argentina appears linked to Noctua, I'll eat this phone and throw myself through the window."

The is the third such international scandal to involve President Macri or close associates since he took office two years ago.

The Panama Papers and Open Corporate leaks, published in April 2016, listed 50 offshore shell companies in Macri's name or his family's dating from as far back as 1981.

At: https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.eldestapeweb.com%2Fparadise-papers-el-ministro-macri-salpicado-tener-offshore-las-islas-caiman-n35572&edit-text=

Argentine Finance Minister Luis Caputo: "I'll eat this phone and throw myself through the window."

[Iliyah]

1. Shit is slowly coming out

[sandensea]

3. His boss (and close friend) Macri was all over the Panama Papers last year

Macri does a lot of racist dog-whistling, has been raising taxes on average people to pay to high-end tax cuts, and has been trying to get his predecessor and most prominent opponent - who happens to be a progressive woman - jailed over trumped-up charges.

And yes, he and Trump go a long way back.

[Judi Lynn]

4. It would be justice to see them circling their way together down the drain, two idiots in love

with power, with other peoples' money, with themselves.

The world would be so much better without them.

[sandensea]

5. Ah, they've got a lot of big, big money behind them.

As you know, it's the kind of governance a sizable faction of the elite (though certainly not all) would like to see worldwide. And they've learned how to use their money just before key elections in order to tip the outcome in their favor.

Still, some sunlight does get through - as today's disclosures show.

One thing's certain: today was Christmas in November for Bob Mueller. Let's hope there's something truly useful for him in all these Paradise papers.

[dhill926]

2. Well...that would be a hell of a way to go...