like south dakota. >> south dakota's privacy and assets are looking to hide their fortunes. south dakota trusts hold more than $370 billion in assets, that's up from 60 billion a decade ago. south dakota is the main reason that the u.s. is now ranked second behind the cayman islands on the tax justice networks financial secrecy index. >> trevor: yeah, south dakota. surprising, right? i mean, not for me. i kind of figured there was too much money floating around south dakota on my last visit there. thanks to laws that are super friendly to hidden wealth, south dakota is apparently a great place to avoid taxes. i mean, of course, the downside is when you withdraw your money, it will have covid, but downsized to everything in life. and what's interesting is even south dakota plays such a big part in the tax evasion team, the bill nasr in south dakota don't seem to be participating in it. one of the big questions coming out of it, already, is how come there are not mo american millionaires and billionaires on the list? one distressing theory is they pay so little taxes under u.s

to quote the movie "fletch," the story is south dakota, frank. it's south dakota. you're watching "meet the press daily." daily. tonight, i'll be eating salmon sushi with a japanese jiggly cheesecake. (doorbell rings) jolly good. fire. (horse neighing) elton: nas? yeah? spare a pound? what? you know, bones, shillings, lolly? lolly? bangers and mash? i'm... i'm sorry? i don't have any money. you don't look broke. elton: my rocket is skint! bipolar depression. it made me feel like i was trapped in a fog. this is art inspired by real stories of people living with bipolar depression. i just couldn't find my way out of it. the lows of bipolar depression can take you to a dark place... ...and be hard to manage. latuda could make a real difference in your symptoms. latuda was proven to significantly reduce bipolar depression symptoms and in clinical studies, had no substantial impact on weight. this is where i want to be. latuda is not for everyone. call your doctor about unusual mood changes, behaviors, or suicidal thoughts. antidepressants can increase these in children

live in south dakota. now, you know, you talked about that as well. so i'm always using the villanova was on this show. he was quoting oscar wilde and saying that, you know, oscar wilde saying charity is not the answer. individual philanthropy is not the, i'd say you gave up money that you inherited from the great oscar meyer, fortune people in the states watching this will know what's going on. why didn't you put that money in? i'm in a magazine about income inequality or create a i mean, obviously you are part of this institute now, why give it away? well, you know, i was a young fella 40 years ago, but, but i just didn't want to benefit from a system of dynastic inheritance. where some families, wealth grew, and others were struggling. i did give it to several foundations that made good decisions about where to invest it and where to give it to him, you know, make the united states a more equal society. i have no regrets looking back on that, and in fact, that gave me some insights into this hidden well

people can create a trust in south dakota. that is anonymous, that is untaxed and will exist forever. so if you're trying to build dynastic wealth, south dakota is your place. they've changed their laws to attract what we call dynasty trusts. and none of that money is seen by, i mean, south dakota isn't the richest state in the union. no, not at all. i mean, there's some, there's a very small wealth management sector that's probably paid quite well. but to be honest, very little of that money touches down in south dakota and the benefits people who live in south dakota now you know you talking about then ask, well, slow boise jack. the villanova was on this show. he was quoting oscar wilde and saying that, you know, oscar wilde saying charity is not the answer. individual philanthropy is not the answer you gave up. money that you inherited from the great oscar meyer, fortune people in the state to watching this will know what's going on. why didn't you put that money in, in a magazine about income inequality or create a i mean

south dakota. according to a bombshell report released days ago, south dakota is among a number of u.s. states most popular these days among the ultrarich for stashing billions with little oversight. today south dakota is home to the nation's largest number of trusts. that's how this money is hidden. so much so that according to "the washington post," the state's trust system has quadrupled in value in the last decade and now holds $367 billion in assets, all of it untaxable, and largely anonymous, at least until now. the kicker? it's all legal. thanks to a number of tax loopholes and state laws. so i know what you're wondering because it's what i'm wondering. how did this happen and how did south dakota become the place? chuck collins has written extensively about this issue, how the global rich hides their wealth. he has known about the south dakota tax haven status for years and in fact was trying to sound the alarm on this. he himself was once heir to the oscar mayer weiner fortune. he joins me

they've gotten the legislatures of south dakota, nevada, and other states, to create secrecy laws. the very thing that the united states tried to get switzerland to stop doing, we, as a nation, are now permitting. it's an extraordinary operation in which the united states of bets, the program that deprives us of the resources with which we could solve our problem . well, and i want to go to that south dakota in nevada issue because you made a great point and what i don't understand in reading this is i understand if you want to be like delaware, you want allow people to incorporate. yes, there's less taxes and you can work things around. but when you start looking at financial secrecy laws, why is it beneficial to, to us states, to actually allow people to park money like it is the cayman islands? i really appreciate you sometimes you asked me questions. i know how to answer. there are all kinds of fees and all kinds of commissions that are a so that the people in south dakota who handle the transaction can charge wild amounts of money. did all the people in nevada because this is

what about south dakota? it's hard to imagine, but the prairie state of fewer than 1 million people is actually home to a burgeoning trust industry used to park billions and billions from overseas and shield the money from scrutiny. that is according to the pandora papers, a blockbuster investigation using a trove of nearly 12 million confidential financial documents. my next guest says this is just one of the myriad of ways in which america actually enables corruption all over the world. sarah chayes is a journalist who studied corrupt networks across the globe. her recent book is called "on corruption in america and what is at stake." welcome, sarah. first, tell us the story of south dakota. south dakota basically says if i company comes and registers, we will not ask too many questions about who owns the company. that's always the issue there. you have a company, but in many cases you are required to reveal who are the ultimate owners of the company. >> in this case it's not as much companies but trusts. t

it does raise eyebrows, but let's not forget, south dakota, and this is really getting into the weeds, was represented by a couple of democrats here in washington for many years, who were very, very much involved in the senate banking committee. and certainly they would want to make it possible for their states residents to have access to these sorts of businesses because those businesses named jobs. so it's going to be really hard to see a state try to crack down on these sorts schemes if it means that it's residents are going to have access to good paying jobs. you know, there aren't a lot of factories any more in south dakota or in the mid west for that matter. and, and so much of the u. s. as economy has moved to services. so it's kind of surprising that more states haven't been um, uncovered in this reporting along with south dakota in terms of providing financial services is the term to of the very wealthy and the very influential. thank you. rosalind children full events. rosalind in washington, dc on to other news at least 13 people have been killed in an explosion in afghanis

>> it is such an honor to be with all of you here today. >> reporter: south dakota governor noem has been basking in the national spotlight. >> people had no idea who i was six months ago. >> reporter: trumpeting her approach to the coronavirus pandemic. >> my people are happy. they're happy because they're free. >> i think it is clear she wants to be president. she intends to run for president in 2024. she spends more time than any governor in recent history has spent out of state. she is inserting herself in issues that don't directly impact lives of south dakotans. >> reporter: now controversy over a closed door meeting in the governor's mansion threatens to derail those ambitions. noem called the meeting july 27th of 2020 with state officials. >> these are my kids. >> how's it going? >> reporter: and her daughter. >> oh, man. best husband ever. >> reporter: according to the associated press peters was facing a denial of certification as a real estate appraiser when the meeting took place. four months later she got her license. while the woman who oversaw the appraisal program for

it south dakota, we don't know who they are? , , :, :, south dakota, we don't know who they are? , :, :,, ,, are? it is important to stress there is nothin: are? it is important to stress there is nothing illegal— are? it is important to stress there is nothing illegal or _ are? it is important to stress there is nothing illegal or improper- are? it is important to stress there | is nothing illegal or improper about setting up a trust. they could be advantages in many ways, the taxation. what the anti—money—laundering rules require is that the beneficiary would be identified properly so if law enforcement agencies, police or tax authorities or whoever is seeking could get information. and while these standards are being applied in europe and in london for instance properly, of course not perfectly, but at least there is a process of legislation and the court has much to improve, but at least there are some rules. in the united states is covered in the set way but those uncovered at all. until recently congress the united states hasn't even obliged banks to ascertain who is

so no love lost between these two south dakota republicans. this week noem who very clearly harbors ambitions to sup plant donald trump in 2024 is facing scandals of her own, allegations she sought a state license for her daughter and guess which disgraced attorney general is now reviewing those allegations. jason roundsberg. we have a journalist and native south dakotan who wrote the definitive piece on roundberg's fatal crash for "vanity fair" joins me now. my, my, my. what is, tell me first about what is alleged about what noem did to kind of lean on a civil servant on behalf of her daughter to get her a real estate license? that is the allegation as far as i understand it. what happened? >> these revelations were all brought to light this week thanks to tremendous reporting by the associated press. and what they detailed is that in july of last year governor noem summoned this state employee to a meeting. she was the executive director of the certification program for the state. she was brought into this meeting after that state agency had

that's right, south dakota is the new cayman islands! it's the perfect place to hide money, because no one wants to go to there. ( applause ) all right, hold on. ma'am -- ( applause ) -- where did you hide the documents? south dakota? you can go. ( laughter ) this one's a freebie. if there were only a way to get our hands on all those hidden funds. have they tried this? (slot machine winning bells) we've got a great show for you tonight, my guest is julianna margulies. but when we come back, is your dog getting high? the answer might make you paranoid. 4 +* # babe? ooh... oh! ooh! ooh... yeah? oh, yeah! there are many ways to say it... sí. yes. ...but when you find the best bargains ever at ross, you'll say yes for less! you know when you're at ross, ooh! and the fall finds are everything? and those brands at those prices are everywhere? okay, yes! that's yes for less! bring on the fall looks you've been waiting for with the best bargains ever... ...at ross. yes for less! ♪♪ ( cheers and applause ) >> stephen: hey, everybody! welcom

but than the money came back to america again in the form of sitting in a trust in south dakota. host: jenny, a republican. good morning. caller: -- host: are you with us? stick by your phone. sydney in louisiana, you are next. caller: good morning. i would like to know where he is blaming all these foreign countries, russia, china and all - why don't you discuss the 131 federal judges that have just been put out that they were ruling on case courts, where they were making money by the decision. did you hear anything about that? guest: i did hear about that case. you probably know the details better than i do, but you are right to be asking -- we cannot just focus on corruption overseas when we have corruption here as well. so that is why the legislation, like the enablers act, would focus on all u.s. persons in terms of the financial intermediaries of corruption, regardless of where it comes from. if it is anybody in the u.s. with ill-gotten gains and they are trying to stash money in south dakota, that would be covered as well. host: josh rudolph, we have seen so much from the

south dakota south dakota has become a global destination for wealth because they passed a series of laws that created a trust industry that allows people to park assets in south dakota with the guarantee of almost absolute secrecy. and so that is a huge appeal for people who were interested in, you know, privacy. and so it's really become one of the world's top destinations there really is no more off shore. really, you know, off shore tax havens is really onshore now in the united states. >> wow you know, most articles on this subject are just beginning we're told can you give us an idea of what's in the pipeline >> absolutely. we've got a fascinated story coming up tomorrow on looted artwork. we've got stories about the more than 100 billionaires in the world whose names show up in the pandora papers so we have a lot more coming today we had a story about criminals in the united states, including some very high profile criminals, who moved their assets off shore while investigators were bearing down and potentially moving to prosecute. so it's really been a fascinating look at thi

winter weather advisories are put in place for south dakota. what's happening is it's colliding with some warmer air and sea. the transition that's happening right now, it's going into rain. that's what we will deal with from minneapolis to south dakota, all the way into the akron area in ohio this afternoon, it could be a quarter of an inch of rain, very minimal throughout the day, losingthat sunshine an into the northeast as well, minneapolis below average. 57 degrees temperatures are starting to warm up once again we'll talk about where coming up >> good to know, janessa, thank you. >>> queen els both turned down the older of the year award. the queen who hat 95 just hosted a summit on climate innovation she responded that you are as old as you feel and as such she doesn't believe she meets the criteria her late husband prince philly was older of the year on his 90th birthday. >> what do they say, off with the head >>> the latest proposal missed from president biden's audit package. >> why former president trump is losing his grip over the l

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a state of south dakota has emerged as a major destination of wealthy people to avoid tax. although experts we spoke to said they're not surprised. the very thing that the united states criticized switzerland in the past for it is now doing the famous numbered accounts. look, the real lesson here is, if you will allow the distribution of wealth and income to be as only equal as it now is in the world to day. you create the incentive and the means for those that the top to continue to accumulate from one generation to another. there's an amazing tax evasion taking place around the world. and there's also a lot of unaccounted, unaccountable capital sloshing around the world. you know, using various off shore havens and, and governments tolerate this and, and banks make a lot of money off this. and the u. s. by the way, it is itself a major tax haven. it's a incorporation laws are among the easiest in the world. so the u. s. is actually a crime participant and this kind of a really crazy, monstrous, no tax avoidance for less attractive fuel travels in the u. k. next. and there

there's not a lot for a billionaire to do in south dakota unless they enjoy hitting on a 22 year old waffle waitress with for kids. however, while there are major allegations in the pandora papers, i can't help or feel like something missing here. maybe i have that feeling because this story has been covered heavily by the mainstream media went. 6 6 6 6 what he would do to her job for the 1st time ever. well, well as independent outlet, venezuela analysis points out the pandora investigation was funded by the ford foundation, among others, and led by the washington post among others. and the washington post did not do veto journalism. if you put the washington post and real journalism in a room together, it would be like 2 alpha male cats just then as will analysis rides on like wiki league revelations, where wrong doing by the world's most powerful actors was laid bare for all to see the pandora papers reach us after going through the digestive tract of the corporate media. so don't expect a status quo to be challenged at all. if this were wiki leagues, they would have easily search

south dakota, forget the came and o british virgin islands. we ask an air to be oscar meyer. food company, fortune. why he's calling the united states the tax even after this week's pandora's box of greed and g dealings. and should the billing is escaping to the british virgin islands and space really been the ones in control of our future amongst the stars in world space week sponsored by lockheed martin. and we ask one of the world's greatest science. communicated to professor jim kelley. melissa, more coming up in today's going underground. but 1st, this week ne donation meteors been all over the revelations from the so called pandora papers that revealed large scale dodgy dealings, and alleged corruption by the global elite. but aside from the islands, did it become and synonymous with tax havens? the was largest economy, the united states is arguably been put center stages, the tax haven for the rich and powerful. joining me now from battle bra in vermont is chuck collins, director of the program of inequality and the common good at the institute for policy studies. than

. >> the freedom plus libertarian convention in rapid city south dakota. what is the libertarian approach to improving, changing higher education? >> we go back to the proposal back in 1776. there needs to be a greater connection between the payers for higher education and the providers with the administration and faculty but if you connect the payment mechanism to the product is being preserved and presented to them you have a financial incentive of both parties to improve the educational system. higher ed is financed a third-party provider by the government or student goes or something is not much of a financial connection of the university itself. what it does is it creates bad incentives each of the different stakeholders the university system are seeking a very different thing from the other. there's no feedback mechanism whether faculty are delivering and what they promise. go back to adam smith with the payment system for the actual provision of content is between the students and professor trickle between students and administrators and can adjust

they're showing that they actually revealed that south dakota has become the new hot spot for tens of millions of dollars that used to be in offshore accounts in the caribbean and europe. and this is despite of jo biden's promise to no combat corruption. earlier this year to day i'm issued a national security study memorandum of the fight against corruption to establish cumbersome corruption as a cor us national security interest. the united states will lead by example. and in partnership with allies, civil society ended the pro sex as to far this courage of corruption good. in fact, delaware, wherein mister biden hales from i've got some pretty good, the tax breaks, the company's them they. so if his big platform is to deal with tax evasion, has many leaders do where the americans on that list? well, it's a good question. they're basically not there. i mean, we hear report after report, obviously about like a lot of american businessman and big corporate corporate owners evade avoiding. busy taxes, and yet this report for some reason only mentions a couple of very obscure american bi

is becoming something of a tax haven that points to south dakota, for example, where a tax laws have allowed a number of international figures to secrete funds. once again, there is no lock wrong doing necessarily alleged. the fact is that the facts of what is happening are simply being pointed out in these papers. perhaps as more details follow, we will be able to follow up and see what the precise nature of tax havens in a state like south dakota is. and what it actually means for the bite and administration, which has intented as made very clear that at once to stand down on the use of offshore currencies to avoid taxes here. the possibility that a u. s. state may be used for precisely that purpose. and we've also got a question about how damaging the revelations might be for politicians in pakistan . take us through that mike all day. you've got a number of politicians, allegedly close to other countries leader who, once again, have you shell companies to put money into various entities around the world. now once again, this was according to the papers conducted in secrecy. i kee

south dakota is the new bermuda. where are the americans in this report? right, that's a good question. well, they're basically not there. i mean, we're, we're like you said we've been seeing for a long time report after report about how this american businessman isn't paying taxes. that one isn't. and for some reason only we've in this report only to quite obscure. i mean, i've never seen the names obscure american billionaires were mentioned there. i mean, not one big american name was there. what about jeff bezos? i mean, his, his company, amazon paid 0 dollars and 0 cents in federal income tax, not just in 2020, but in 20182017 as well. ill on mosque also paid no federal income tax in 2018. donald trump paid $750.20. so it seems a bit fishy, that there'd be nothing worth mentioning about any of their offshore assets. of course, i mean, but again, this is the only only the beginning of this series of leaks more are promised from the more reports on the leaks are promised for the coming weeks. so we're going to have to keep an eye on it. and i guess i ca