The Panama leaks are a blackmail plot?

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If this is true, I have new respect for the Langley boys.
There is no story about any U.S. person, none at all, nor about any important NATO politician. The highest political "casualty" so far is the irrelevant Prime Minister of Iceland Sigmundur David Gunnlaugsson who, together with his wife, owned one of the shell companies. There is no evidence that the ownership or the money held by that company were illegal.

So where is the beef?

As former UK ambassador Craig Murray writes, the beef (if there is any at all) is in what is hidden by the organizations that manage the "leak":

The filtering of this Mossack Fonseca information by the corporate media follows a direct western governmental agenda. There is no mention at all of use of Mossack Fonseca by massive western corporations or western billionaires – the main customers. And the Guardian is quick to reassure that “much of the leaked material will remain private.”
What do you expect? The leak is being managed by the grandly but laughably named “International Consortium of Investigative Journalists”, which is funded and organised entirely by the USA’s Center for Public Integrity. Their funders include

Ford Foundation
Carnegie Endowment
Rockefeller Family Fund
W K Kellogg Foundation
Open Society Foundation (Soros)

http://www.moonofalabama.org/2016/04/selected-leak-of-the-panamapapers-creates-huge-blackmail-potential.html

Seems plausible to me. I think we'll see, but seeing the names of the funders does not fill me with hope.