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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Emptywheel Twitterverse
bmaz @joanwalsh @PPact Terrible. But fear and loathing is their game. Don't accept or give in.
bmaz @speedbudget @Beyerstein There are plenty of very smart people who disagree with me, but from my experience in crim justice system, yes.
bmaz @speedbudget @Beyerstein None of this is about "extra penalties". It is about extra govt leverage and investigatory/surveillance abilities.
bmaz @speedbudget @Beyerstein ...which with sentencing enhancements is effectively life in prison. How much more can you give an adult human??
bmaz @speedbudget @Beyerstein Think about it: 1st degree murder is either life or death penalty. Even armed kidnapping/robbery is 2nd degree
bmaz @speedbudget @Beyerstein It gives the govt better leverage against suspects/defendants, and WAY more invasive tools+rules to investigate.
bmaz @speedbudget @Beyerstein No. For instance in both Dylan Roof+Dear in CO, both are 1stdegree/capital crimes already. What does terrorism add?
emptywheel @KevinBuist Damnit! I'm entering with a Ted Cruz doll and a bunch of colorful condoms. Right outside the carousel.
emptywheel @KevinBuist Can we put him in the river? We need river exhibits back!
emptywheel @KevinBuist Ohhh. The tradeoff of getting him in a winning venue w/some more appropriate church setting.
emptywheel @KevinBuist Maybe you can get him to be an exhibit in Art Prize next year.
JimWhiteGNV RT @CJonesScout: Three #Gators in the top eight of PG's college MLB Draft rankings.