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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bmaz @joanmccarter Welp, this is not going very well. #BroncoBlues
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bmaz @shaneharris @columlynch No, not in the least. Seemed worth noting though.
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bmaz Does Power ever look in the mirror? RT @CBSWalsh: Strong words from @AmbassadorPower: Russia has to stop lying+has to stop fueling conflict
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bmaz @shaneharris @columlynch Well, that is pretty dubious.
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bmaz @kevinjonheller No kidding. Also, Sam Power chastising Russia for lying is pretty hilarious. Does she ever look in the mirror??
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bmaz RT @kevinjonheller: Pretty sure the US is the last country that should be criticising #Russia 4 violating #Ukraine’s sovereignty. Something…
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emptywheel Why are they teaching Johnny Football w/binders rather the Surface?
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emptywheel SEC Commissioner calling SEC punishment a wrist slap. http://t.co/bm0nFW4W6S
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emptywheel RT @eisingerj: #SEC chair Mary Jo White's commissioners are now in open revolt. Aguilar's amazing dissent on weak enforcement move: http://…
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bmaz @jadler1969 @Mansfield2016 @brianbeutler @voxdotcom @ezraklein Hey, I would like to hear more about the Halbig Kitty.
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bmaz Wow. Texas A+M did some work on SC and the 'Ole Ball Coach. Very impressive. Bet @JWGOP is pretty pumped up.
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emptywheel @kevinjonheller I won't be satisfied with this night until he throws a pick. @camachotalk
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