At first blush, the Panama Papers seemed to be a big deal involving so many in the exclusive club for the rich and powerful.
However, a closer second look at the matter shows it's grossly overblown.
Rather than scandalous, it's boiling down to being little more than the harassment of individuals.
For example, Lau Ming-wai, a rising star in local politics, was named for having a British passport - which could perhaps be interpreted as a veiled bid to question his loyalty to Beijing.
Then, Hong Kong action star Jackie Chan Kong-sang is "exposed" for his ownership of half a dozen offshore companies.
Meanwhile, others, including British Prime Minister David Cameron, are implicated over links to offshore shells via family members.
I've been expecting to see more revelations concerning irregularities, only to be seriously disappointed.
According to information published to date, the Panamanian law firm and corporate service provider, Mossack Fonseca, has its busiest operations in Hong Kong, assisting clients in setting up thousands of shell companies in tax havens like the British Virgin Islands.
But why should it be surprising to see the SAR take an active role in the network? Its financial and legal services are world renowned, which naturally would lure those with the means to use the services.
Instead of criticism, the Panama Papers are more an endorsement.
I wonder if the Hong Kong Monetary Authority would remain so calm if there were serious breaches of the law.
HSBC, for instance, has been highlighted for having facilitated the setting up of thousands of offshore companies for its clients.
Yet, the HKMA has been rather quiet over the matter. I'm sure if American regulators had found anything wrong with the practice, heavy fines would have already been imposed.
The Panama Papers fiasco bears the hallmark of Uncle Sam's gimmicks for the impact is multi-faceted.
Most immediate of all, a number of national leaders are challenged - Russian President Vladimir Putin is accused of hiding gray wealth via his loyalists, while President Xi Jinping is queried in regard to a family member.
Even the late Mao Zedong may be rolling over in his mausoleum, since he's implicated in connection to a family descendant.
This is about geopolitics.
Naturally, there are the numerous names of tycoons and famous people.
But what really leaps out is the conspicuous lack of American names in the scandal. It's well known that Washington has been combating tax evasion. So after taking wealthy individuals to task, shouldn't it be logical to crack down on the havens?
Will the rich still flock to these paradises if they can't keep their assets from public scrutiny?
Development of the Panama Papers caper defies common sense because the huge amount of files is supposed to be closely guarded.
While it would be diplomatically inconvenient for official authorities to make public the documents that are bound to embarrass foreign partners and foes, it couldn't be more convenient than to pass them onto the press.
I wouldn't be the slightest bit surprised if Washington was involved in the leak.
