Via VOX, a funny and easy to digest explanation of the Panama Papers, originally from Reddit
When you get a quarter you put it in the piggy bank. The piggy bank is on a shelf in your closet. Your mom knows this and she checks on it every once in a while, so she knows when you put more money in or spend it.
Now one day, you might decide “I don’t want mom to look at my money.” So you go over to Johnny’s house with an extra piggy bank that you’re going to keep in his room read full post
That secret tax-free piggy banks are popular among elected officials, who are paid, of course by taxes, is not surprising, but does seem particularly odious.