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 @JasonLeopold Because talking to a class 10 months after an order for transparency will accomplish the greatest public understanding.
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JimWhiteGNV Jealous! Have fun. RT @Pedinska: At the airport about to fly to Ottawa to see @ggreenwald speak and meet @Bill_Owen !
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JimWhiteGNV After Acid Attacks on Women, Rouhani Speaks Out Against “Discord” “Under the Flag of Islam” https://t.co/reIE2i1yfZ
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emptywheel @radleybalko More poor people as profit centers thinking.
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emptywheel So again, to prosecute individuals, all our phones should be insecure. But banks? Can't fuck with the casino.
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emptywheel Holder tells @evanperez he asked Congress to make it easier to prosecute banks. http://t.co/5RGNZDsMzU But nothing as major as CryptoWar.
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emptywheel RT @johnknefel: NEW: WH tells me end of Afghan war doesn’t necessarily trigger stricter drone guidelines in Af/Pak. My latest http://t.co/U
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emptywheel Did the CIA destroy evidence of their hacking of SSCI server? http://t.co/IMQA5rgcp0 (If CIA, then good bet on destruction of evidence)
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emptywheel RT @AliWatkins: EXCLUSIVE: Final inquiry in #SSCI/#CIA fight ends, and "missing" computer logs leave questions. Latest w @ryangrim : http:/…
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emptywheel RT @ahmed: Saudi Interior Ministry issues warning against any calls or protests to lift the ban on women driving http://t.co/9srU1e4Lsm
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emptywheel @ExumAM Tho I think Coburn is wrong: we're seeing a lot of fiddling w/IG Reports, across agencies. @washingtonpost
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emptywheel RT @ExumAM: This is great but disheartening work by @washingtonpost. USAID needs more good, effective scrutiny, not less. http://t.co/fRYLV
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