a similar series of misreputatiomis reputatiresen representations. you can t say something specific that can influence a financial decision if it s material. this isn t saying the trump soho building is the greatest in the world. this is saying something specific about its value. in that case there were felony fraud charges that were considered. but there was a lot of legal advocacy on behalf of the trump organization and there was a visit to the manhattan d.a. by a campaign donor. after all of that, the case was dropped. so the trumps have had a very aggressive legal strategy to keep regulators away, to keep people from looking away. in this specific panama deal, everything got rolled up into the whole global financial
harbor it and why this panama deal is so instrumental in helping advance that cause? well, it s very easy to set up an offshore corporation and bank account in panama, whether you re an american corporation or a person with a lot of money. it only cost about $2,000 and takes three or four days for the entire process to be complete. once that happen, panama s got some of the most secretive and bank xris e laws in the world and a corporate system which allows you to hide any activity of the corporation from other authorities in other countries a and they have a long history for refusing to cooperate with tax authorities in the united states. it s perplexing if you want to engage the country in a trade deal to begin with. what we found is this is a problem people raised. so the united states tried to have tax exchange agreement with the country, and this agreement really doesn t do much of anything. it s baised on a very old model similar to canada allowing every single transation betwe
recess i will urge them to immediately take some steps, bipartisan common sense steps, that will make a difference. and will create a climate where businesses can hire, where folks have more money in their pockets to spend, where people who are out of work can find good jobs. reporter: so, dylan, what exactly can president obama do with this congress? well, a few things they could find common ground, free trade asgreemts with south korea and colombia and panama. it s unclear hang on. hold on. hang on. are you referencing the free trade deals? reporter: i am referencing the free trade deals. luke, talk about it. the panama deal is nothing but a bank secrecy haven. that s basically what that panama deal is. the south korea deal is a way to hire north korean slaves to make south korean products so we can then refund the north korean government after we gave them sanctions. i think i call that the let s