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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emptywheel RT @carolrosenberg: Crosby: The accused USSCole bomber had "persistent and chronic anal-rectal complaints..."
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emptywheel Odd part of hanging with @FalguniSheth: who knew that Amherst had decent Mexican and Chinese food?
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bmaz @joshgerstein Wow, that is quite a plea.
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bmaz @MikeScarcella He's rt about better shopping in Tucson; Douglas is a pit. Still, seizure+search based on non-crim+innocuous activity. Ugh.
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bmaz It is completely unacceptable for @CNN to be claiming credit for the Phoenix VA Hospital story; @azrover + @azcentral broke it first.
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bmaz @OKnox Ooops!
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bmaz @nadabakos @robertcaruso @AllThingsHLS Well, they are cops, so credibility IS an issue!
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bmaz @nadabakos @robertcaruso @AllThingsHLS I thought so too. Just relating how the livestock inspectors treated them for these purposes.
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bmaz Whether favor far greater transparency for OLC or not (I do) this paper by @ericisbeautiful looks very informative http://t.co/2eARGM8y9g
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bmaz @ericisbeautiful I have downloaded for reading, but have a feeling I will disagree!
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bmaz RT @ericisbeautiful: If you're following the recent case about the Al-Awlaki memo, might enjoy my note about downsides of OLC transparency …
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bmaz @RebekahLSanders I meant to say that yesterday, but was distracted by the arrival of Founders Beer in Phoenix. Thanks for reminding me!
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