The Panama Papers are beyond question one of the most significant acts of whistleblowing next to the Snowden revelations. Yet, the full measure of what has been leaked remains to be disclosed to the public, raising considerable questions about what happened, who is implicated, and the legal and illegal acts of Mossack Fonseca, the law firm behind the breach. This talk will review what the Panama Papers leak is, introduce the breached law firm, examine Mossack Fonseca's explanation of the breach, deconstruct and debunk their explanation, present MF systems that were more likely the cause of the breach, present alternative and more plausible theories of the breach, examine MF communications that indicate questionable and possibly illegal activity within and without the United States, step through the legal implications of MF's activities, identify the right Infosec questions clients should be asking of law firms, and provide a question and answer session to ruminate about the breach and its source.