Mitt and His Buddies Looted Almost $10 Trillion from Real Economy

The Tax Justice Network just released an updated version of a report showing how much money gets siphoned out of the real economy into tax shelters: conservatively, $21 Trillion, and possibly as much as $32 Trillion.

I’ll have more to say about what the report says about the how the super wealthy have done in the last decade and which banks have been helping to loot the real economy.

But for now, consider where Mitt Romney fits into this picture. TJN shows that it’s really just the richest of the rich–those 91,186 people who make up the top .001%–that account for the biggest chunk ($9.8 Trillion) of this looting.

Not only is Mitt a member of that tiny club. But his net worth–commonly reported to be $250 Million but, given all the secrecy, possibly much more–puts him well above the mean $183 Million that members of this club enjoy.

And Mitt and his buddies in this very elite club have stashed 18% of the total liquid net worth of the world in places where not only can’t potential presidential voters know about it, but it also remains outside the kind of circulation that would really contribute to real economic growth.

Last week, Obama released an ad that said Mitt is the problem. TJN shows just what a big problem Mitt and his buddies really are.

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14 Responses to Mitt and His Buddies Looted Almost $10 Trillion from Real Economy

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bmaz @ScottGreenfield "The law professor in the Think Progress blog was totally correct." Oh yeah, like that is fucking credible.
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bmaz @ddayen Well, compared to Loretta Lynch, he surely is.
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bmaz @KellyFlood3 @DanCBarr My own little picture for posterity. Arpaio's look was priceless.
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bmaz @DanCBarr Mike Manning still loves his cash cow! http://t.co/Oi7Redxw1r
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bmaz Tony Blair to join McCain at Sedona Forum 2015 http://t.co/vtNulbBl6z Jeebus, what is Sheldon Whitehouse doing at this? Cc: @emptywheel
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bmaz @benwizner @realDonaldTrump Go stand in the corner Ben
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bmaz @johnsonr Ilya Kuryakin!
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bmaz RT @DanCBarr: @bmaz Yep. The only thing truly shocking about Arpaio's testimony is that there people who are shocked and surprised.
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bmaz @DanCBarr 22+ years. It started first looking suspect about 60-90 days in. Though public first really started catching on w/Norberg death.
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bmaz RT @emptywheel: Government’s Own Witness Debunks Government’s “Overwrought Hyperbole” in Sterling Case https://t.co/kJ4tJAAUw0
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bmaz RT @eggsandbread: how to sneak chocolate undetected into a US cinema http://t.co/GkBNQFAUV8
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bmaz @ErinatTheSun Didn't think so. So why would anybody ever file in state court then??
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