Between Panama Rats & The Ekiti Fool

By Louis Odion

Besides its entertainment value, another use the unfolding Panama Papers scandal evidently serves providing us a barometer to gauge the shame index across the universe. Shame is no sign of weakness, mind you. When evinced timeously, it brings out honour. Shame speaks to an inner strength to recoil in the admission that violence had been done to the normative value that defines society; hence the penitent cessation of that course of action. 

*Fayose and Aluko

What is despicable, let it be noted, is shamelessness. To become dishonorable is to lose the sense of shame. The freer a society is, the more leaders would then appear predisposed to show shame when caught pants down.

But in a closed society, they live in denial, thus forfeiting the chance of self-redemption.

The nobility in shame would be demonstrated Tuesday when Iceland's Prime Minister, Sigmundur Gunnlaugsson, resigned once leaks linked him to the infamy of Mossack Fonseca, a Panama-based law firm specializing in helping world celebrities and politically-exposed persons to either launder fortunes or shield investments from tax. The PM and his wife owned an offshore company registered by the Panamanian firm to conceal million dollars worth of family assets. Their shell company, Wintris, had significant investments in the bonds of three major Icelandic banks that collapsed during the 2008 financial crisis.

Long before an angry mob of Icelanders began to occupy the parliament's gate, Gunnlaugsson did the honorable thing in the circumstance by throwing in the towel.

Elsewhere in London, Prime Minister David Cameron practically turned himself in for thorough body search at the British parliament Tuesday. He had to reveal personal secrets to prove he had nothing to do with his dad's shell company exposed by the Panama Papers. 

Addressing a charged chamber, he listed all his earthly possessions to include "My salary, of course, the house we lived in before moving to 10 Downing Street (which now yields additional income as rent) and savings I've from which I earn interests."

Though the details of their own dealing are no more graphic than those of the Icelandic and British leaders, Russian and Chinese authorities have expectedly been in denial. The Panama Papers listed Russian President Vladimir Putin's friends as operating dozens of companies through which billions of dollars had been laundered. Moscow's response? It conveniently dismissed the reports as another show of "Putin-phobia"! No further comment.