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.

Tweet about this on Twitter0Share on Reddit0Share on Facebook0Google+0Email to someone

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

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
Emptywheel Twitterverse
emptywheel RT @QuinlanTL: .@ANANurses urge leniency for #nurse who refused to #ForceFeed #Guantanamo #prisoners | #security #HumanRights #law | http:/…
35mreplyretweetfavorite
emptywheel @ggreenwald Note, @TimothyS is hosting @JamesRisen at FDL Book Salon tomorrow at 5ET. Should be great convo abt profiteering and war.
36mreplyretweetfavorite
emptywheel .@Krhawkins5 More importantly, Bob Graham WAS starting an investigation in 2002 before Roberts thought of "about 10 reasons not to do so."
45mreplyretweetfavorite
bmaz @JustADCohen Um, no.
46mreplyretweetfavorite
emptywheel RT @maassive: Taos: Famous for skiing, Dennis Hopper's grave and, now, illegal subpoenas for phone records. https://t.co/ElssstKjCl
50mreplyretweetfavorite
emptywheel @BartNaylor But only revolving door banksters can find bankster crime. @alexisgoldstein
51mreplyretweetfavorite
emptywheel The Drone Rule Book Has Made It Easier for Our Partners Drone Kill With Us Again https://t.co/VGIhoC0yCR
56mreplyretweetfavorite
emptywheel John Bates harshes on @JustSecurity, perhaps bc @steve_vladeck got him spanked for presuming to speak for courts http://t.co/TjvhMFT9Mb
1hreplyretweetfavorite
JimWhiteGNV RT @bmaz: There's "not “a single case in which a state secrets assertion actually made by the Govt in civil litigation was finally rejected…
1hreplyretweetfavorite
JimWhiteGNV Been focusing on the negotiations in Vienna for so long that my addled brain went to this on worst possible outcome: http://t.co/VqwM3utTbg
1hreplyretweetfavorite
bmaz Cite for last tweet: http://t.co/LtgbcFFWAh
1hreplyretweetfavorite
bmaz There's "not “a single case in which a state secrets assertion actually made by the Govt in civil litigation was finally rejected by courts"
1hreplyretweetfavorite