The Panama papers leak may be the biggest leak of information in terms of raw content, but it a long way from being the most serious in terms of it’s impact. Richard Nixon used this now infamous line to deny his involvement in the Watergate scandal, which he was later found to be knee deep in. The extensive coverage on the event gave birth to the suffix “–gate” that has been subsequently used to define most scandals and controversies – such as the Memogate, Celebgate, Iraqgate. Nixon’s acceptance of illegal campaign funds, misuse of state bodies, and attempted cover up of this series of events after a break in at the Watergate office complex led to widespread calls for his impeachment. He resigned before that could happen in 1974.
The Watergate scandal led to reforms in camping funding laws - now activists and politicians are trying to use the Panama papers to push tax reform. And while some changes may be on the cards on tax, it must be remembered that today with the existence of super-PACs in the US, that reform has been nullified. Illegal Campaign donors found a new way, so will tax evaders – constant vigilance and reform is required even if we mange unlikely reform.