British Prime Minister David Cameron Comes Clean About “Panama Papers”

Dan Kitwood/AP

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Just days after dismissing the revelation that his late father managed an offshore fund, calling it a “private matter,” British Prime Minister David Cameron on Thursday admitted to having profited from the very same fund. According to Cameron, he sold his investments for £31,500 (around $44,300) before becoming Prime Minister.

“I want to be as clear as I can about the past, about the present, about the future because frankly I don’t have anything to hide,” Cameron told ITV News.

Cameron’s admission contrasts with earlier statements he made concerning last weekend’s massive Panama Papers leak. The 11.5 million files from the Panama-based law firm Mossack Fonesca traced a number of international leaders and their allies to complex offshore banking arrangements to avoid paying millions in taxes.

Since the leak, Cameron has repeatedly evaded reporters’ questions about whether he profited from his father Ian Cameron’s offshore trust. When asked by Sky News on Tuesday about whether he benefited from the fund at the time, or stood to earn profits in the future, Cameron only answered in present day terms: “I have no shares, no offshore trusts, no offshore funds, nothing like that.”

Cameron’s concession is the latest development in the “Panama Papers” leak. After being named in the documents, Icelandic Prime Minister Sigmundur Gunnlaugsson and Austrian banking CEO Michael Grahammer have both resigned from their posts. The offices of FIFA’s newly-minted president have also been raided.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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