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
emptywheel Hey haters: Brady has a pit bull mix. http://t.co/jLcxgsJ5Es cc: @phillipanderson
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emptywheel Waiting for the GOP to challenge DC/FAA's no drones in DC rule now. Heller 2.0.
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emptywheel So public corruption and spying in one week, Preet. Think maybe NOW you could muster up a bankster?
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emptywheel If this Russian spy isn't as pretty as Anna Chapman, what will New Yorkers watch on TV while the snow melts?
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emptywheel @LOLGOP Sure. But he'll find a way to use it to direct federal funding to some bigwig developers.
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JimWhiteGNV RT @darth: "little higher...little hi...oh crap..uh oh" http://t.co/bLVyahjX8I
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emptywheel @astepanovich My advice is like all my advice: sensible shoes. (Also, if the power goes out, check to see if there's free sushi)
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emptywheel King Salman "known to have held cogent conversations as recently as last Oct." http://t.co/cJqJzkuGyz Did anyone ever say that abt Reagan?
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emptywheel @onekade But again, if the power goes out there may be free sushi in the offing.
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emptywheel RT @MicahZenko: Of 355 Americans killed by terrorism since 9/11, 80% died in Iraq or Afghanistan-wars started to prevent safe havens. http:…
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emptywheel @phillipanderson As I said, airdrop the snowmobiles.
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emptywheel @phillipanderson Well, your airports aren't 19th century. They're mid-20th century. @joanneleon
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