Investigations Inc.: Filthy Rich
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There are estimates that corruption worldwide costs as much as $1.5 trillion a year. In many countries, the ruling families simply take what they want, living lives of luxury while their people face poverty and oppression. Award-winning Senior Correspondent Scott Cohn and the CNBC Investigations Inc. team. follow the money around the globe to Dubai, London, Paris and the United States, which is fast becoming a place for the Filthy Rich to hide their wealth.
One way to hide illicit assets is through shell corporations. The United States is one of just a handful of countries that allow the formation of companies without disclosing the true owner. Filthy Rich introduces viewers to a Nevada man who claims “there is no better way to cloak your assets from public view” than to set up a corporation through him. He operates a business in his house—which is home to more than 2,000 Nevada corporations. Cohn questions Nevada Secretary of State Ross Miller who takes pride in the fact that his state is now second per capita to Delaware in the number of corporations based there, as well as U.S. Senator Carl Levin, Democrat of Michigan, who says states are becoming conduits for foreign corruption.
A common thread among the filthy rich is oil, and that forces U.S. officials to walk a fine line. CNBC shows how a succession of administrations and companies have been forced to choose between American interests and American values.
One way to hide illicit assets is through shell corporations. The United States is one of just a handful of countries that allow the formation of companies without disclosing the true owner. Filthy Rich introduces viewers to a Nevada man who claims “there is no better way to cloak your assets from public view” than to set up a corporation through him. He operates a business in his house—which is home to more than 2,000 Nevada corporations. Cohn questions Nevada Secretary of State Ross Miller who takes pride in the fact that his state is now second per capita to Delaware in the number of corporations based there, as well as U.S. Senator Carl Levin, Democrat of Michigan, who says states are becoming conduits for foreign corruption.
A common thread among the filthy rich is oil, and that forces U.S. officials to walk a fine line. CNBC shows how a succession of administrations and companies have been forced to choose between American interests and American values.
Slideshow: Corruption Hot Spots
Which major countries are perceived as the most corrupt?
Which major countries are perceived as the most corrupt?
Lawyers Against Corruption
The little-known human rights group Sherpa scours financial and property records in order to trace assets back to corrupt leaders and stem illicit capital flows. Their biggest case yet focuses on the ruling families of Gabon, Equatorial Guinea and the Republic of Congo.
The little-known human rights group Sherpa scours financial and property records in order to trace assets back to corrupt leaders and stem illicit capital flows. Their biggest case yet focuses on the ruling families of Gabon, Equatorial Guinea and the Republic of Congo.
Crude of All Evil?
Should the U.S. be doing business with countries that are rich in resources — and friendly —but accused of corruption and human rights violations?
Should the U.S. be doing business with countries that are rich in resources — and friendly —but accused of corruption and human rights violations?
Ranch House Near Reno
Shielding assets from the tax man or from overly inquisitive regulators is a time-honored strategy for the wealthy. Some turn to secretive financial havens like Switzerland or the Cayman Islands. Or there’s always Fernley, Nevada.
Shielding assets from the tax man or from overly inquisitive regulators is a time-honored strategy for the wealthy. Some turn to secretive financial havens like Switzerland or the Cayman Islands. Or there’s always Fernley, Nevada.
Obiang Family of Equatorial Guinea
The Obiang family from the tiny West African nation of Equatorial Guinea has used shell companies and California banks to buy tens of millions of dollars’ worth of luxury cars, jewelry, real estate and even Michael Jackson’s crystal studded glove valued at $275,000.
The Obiang family from the tiny West African nation of Equatorial Guinea has used shell companies and California banks to buy tens of millions of dollars’ worth of luxury cars, jewelry, real estate and even Michael Jackson’s crystal studded glove valued at $275,000.
Aliyev Family of Azerbaijan
Baku, Azerbaijan, a former Soviet Republic on the shores of the Caspian Sea, is a nation where the average citizen makes $420 a month. The family of Azerbaijan’s President Ilham Aliyev has accumulated property and business interests around the world that are worth millions.
Baku, Azerbaijan, a former Soviet Republic on the shores of the Caspian Sea, is a nation where the average citizen makes $420 a month. The family of Azerbaijan’s President Ilham Aliyev has accumulated property and business interests around the world that are worth millions.
COMING SOON FROM INVESTIGATIONS INC.
Health Care Hustle
Conservative estimates put health care fraud in the U.S. at $80 billion each year. Scott Cohn and Investigations, Inc. spent five months on the front lines with a joint strike force taking down doctors, pharmacy owners, and criminal rings accused of bilking Medicare and Medicaid out of millions.
Conservative estimates put health care fraud in the U.S. at $80 billion each year. Scott Cohn and Investigations, Inc. spent five months on the front lines with a joint strike force taking down doctors, pharmacy owners, and criminal rings accused of bilking Medicare and Medicaid out of millions.
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