Many of the 11.5 million leaked Panama papers reflect transactions that meet the letter of the law. Therefore, the obvious defense to the Panama Papers has been: ‘There is nothing illegal about these transactions!’ However, given the lack of transparency, the issues of money laundering and terror financing are never too far from reality. Then there is the larger issue of democratic morality and legality. Is it the `rule of law ́ when the law is geared to allow the rich, famous, and therefore powerful, to park resources in `tax havens ́ like Panama, so as not to pay their `fair share of taxes ́? Or is it the `rule by law ́of those who control disproportionate wealth, media, and charisma'?