The Grand Duchy of Luxembourg is a founding member of the EU, but it's also a rogue state, enabling massive corruption throughout the trading bloc; while Cyprus and Malta will sell any corrupt robber-baron EU citizenship, it's Luxembourg that leads in laundering their money.

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As the @TaxJusticeNet's @nickshaxson memorably put it, Luxembourg is "a criminal enterprise with a country attached" - a country where corporations are guaranteed "an easy ride on taxes, disclosure, financial regulations, and criminal enforcement."

https://t.co/0SiOVd9yKU

2/
2014's #Luxleaks exposed some of the worst corruption, whereby @PwC worked with Luxembourg officials to secure illegal tax benefits for major corporations and the world's richest people.

https://t.co/ZUJN8vieU7

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Luxleaks lead to a 2018 EU directive that required member states to publish registers of the true owners of the companies they registered.

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Luxembourg published theirs in 2019, and @lemondefr partnered with ten media orgs for a year-long analysis of the register, which was published this week: #Openlux. The findings reveal that Luxleaks was just the tip of the iceberg.

https://t.co/444xHGcNOB

5/
Luxembourg claims that it primarily registers companies to serve Luxembourgers, but 90% of the country's companies are controlled by foreigners, lead by the French, who control 17,000 Lux companies.

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All told, Luxembourg is home to 55,000 offsore companies with more than €6t in assets. Much of this wealth belongs to Russian oligarchs, Italian mafiosi, corrupt latinamerican leaders, and far-right EU parties like Italy's Lega.

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Whole neighborhoods in large cities like London and Berlin are owned by Lux companies, empty safe-deposit boxes ultimately controlled by the wealthiest, most corrupt plutes of 157 countries.

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279 of the world's ~2,000 billionaires park their money in Luxembourg through shell companies. But the country only employs 59 enforcers charged with monitoring compliance with corporate transparency laws. All told, the country's finance regulator has a mere 900 employees.

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Thus, the secrets unearthed through Openlux only represent a fraction of the country's corruption - those companies that complied with the registration laws rather than risking enforcement by the minuscule cohort of vastly outnumbered legal enforcers.

eof/

More from Cory Doctorow #BLM

Today's Twitter threads (a Twitter thread).

Inside: ADT insider threat; Billionaires think VR stops guillotines; Privacy Without Monopoly; and more!

Archived at: https://t.co/nu1HbReiEX

#Pluralistic

1/


This Wednesday, I'm giving a talk called "Technology, Self-Determination, and the Future of the Future" for the Purdue University CERIAS Program:

https://t.co/po5IivZyr4

2/


ADT insider threat: If you build it they will spy.

https://t.co/kJrmtu8L3S

3/


Billionaires think VR stops guillotines: TARP with tasps.

https://t.co/MIKwvsICkr

4/


Privacy Without Monopoly: Podcasting a reading of the latest EFF whitepaper.

https://t.co/R2sl75y4rb

5/

More from All

MASTER THREAD on Short Strangles.

Curated the best tweets from the best traders who are exceptional at managing strangles.

• Positional Strangles
• Intraday Strangles
• Position Sizing
• How to do Adjustments
• Plenty of Examples
• When to avoid
• Exit Criteria

How to sell Strangles in weekly expiry as explained by boss himself. @Mitesh_Engr

• When to sell
• How to do Adjustments
• Exit


Beautiful explanation on positional option selling by @Mitesh_Engr
Sir on how to sell low premium strangles yourself without paying anyone. This is a free mini course in


1st Live example of managing a strangle by Mitesh Sir. @Mitesh_Engr

• Sold Strangles 20% cap used
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• Booked profitable leg and rolled up
• Kept rolling up profitable leg
• Booked loss in calls
• Sold only


2nd example by @Mitesh_Engr Sir on converting a directional trade into strangles. Option Sellers can use this for consistent profit.

• Identified a reversal and sold puts

• Puts decayed a lot

• When achieved 2% profit through puts then sold

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