Computer scientists tracked sophisticated money networks to learn how rich people hide fortunes offshore

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“The degree of fragmentation is something I have never seen before.” Remember the leaked Panama Papers in 2016, which revealed a laundry list of wealthy people stashing money offshore? The bold-font names ranged from heads of state like former U.K. prime minister David Cameron to Simon Cowell, Emma Watson, and Pedro Almodóvar. (We should note here that parking money offshore itself is not necessarily illegal.) Read Full Story

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Why we make better money decisions during a crisis

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Many Americans are conspicuously building up their savings accounts. These healthier financial habits are more than being careful—they are a common human reaction to large-scale disaster. There is a vital lesson buried in the April announcement from the Bureau of Economic Analysis. Despite the unprecedented numbers of people filing for unemployment — 30 million at the end of April—people are actually saving money. The report indicates that the savings rate escalated to a historical high of 13.1% in March, with people putting away $2.17 trillion. The last time it neared 13% was 2012; before that was 1970. Read Full Story

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7 black-owned businesses to support online right now

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If you want to be more intentional about where you spend your money, here are some places to start. Over the past few days, people have taken to the streets to protest the systemic racism that persists in the United States. Even if you can’t join the frontlines, there are many ways you can help. One, in particular, is by spending money at black-owned businesses, as data journalist Mona Chalabi pointed out on Instagram . Read Full Story

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Why digital donations through Venmo and Cash App have exploded during the pandemic

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People asking for money online has become more and more prevalent—and reveals an unsettling reality about the state of our safety net. A college student pleading for grocery money. A driver in need of an unexpected car repair. A worker out of a job because of the COVID-19 pandemic. A single mom who needs to pay the internet bill to support her kids’ distance learning. Read Full Story

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