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 McIntosh, Klipsch and UFO. Looking for @JasonLeopold http://t.co/Xv58POxDiK
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JimWhiteGNV @kirkmurphy @JohnDingell @tigers It is tonight! Big lead by #Rays in eighth.
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emptywheel @imraansiddiqi I can think of lots of cases that start from an unsolicited tip from someone trolling in chat rooms. Guess who!
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emptywheel @imraansiddiqi But I would bet money he's not the only one of FBI's "experts" that plays that role.
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emptywheel @imraansiddiqi The underlying implications even more so: that he was putting garbage into FBI's hands, then going on the stand to explain it
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emptywheel RT @adamjohnsonNYC: glad we're all realizing the white house petition gimmick was always a PR project for the social media age.
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emptywheel RT @SpyTalker: Does Israeli Spy Jonathan #Pollard Have $1 Million Waiting in a Swiss Bank Account? http://t.co/ZMfEQsgOSG
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emptywheel RT @zackwhittaker: Dear NYPD. See something, say something? Your security certificate isn't trusted, and you're still on Windows XP. http:/…
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emptywheel @PogoWasRight Jamie Dimon probably keeps 1000 busy all by himself.
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emptywheel @nickmanes1 Yick. I was exhausted (redeye) and made a special trip. App name is "tortas fronteras O'Hare, btw" @p2wy
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emptywheel @nickmanes1 @p2wy You guys are so predictable. But, awesome, huh?
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emptywheel RT @Rick_Bayless: U can skip the line at OHare's Tortas Frontera: download app, order when u touch down or r in TSA line, p/u goodness http…
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