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

Emptywheel Twitterverse
bmaz @davidminpdx Talk to @teddysanfran (Who is now really TeddyPortland)
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bmaz @MiracMagntism Absolutely, but most of ones from the right that will come already are. Don't dispirit left by trying harder to please right.
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bmaz @SunsetGunShot Yeah, but I kind of like the premise!
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bmaz Hillary is more concerned with swimming right than left and here are the @Democrats doing what they do https://t.co/ppBJe088OP
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bmaz RT @GinnyLaRoe: some sad truth right here https://t.co/hT9diSEB3N
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bmaz RT @dannowicki: The Arizona Republic's Steve Benson on @realDonaldTrump's call for GOP unity. More cartoons: https://t.co/pslz4r1IZF https:…
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emptywheel @superwuster I studied 19th C stuff that was called camp-before-its-time. And he snots always said no, it can't be good before camp is cool
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emptywheel @superwuster No. They're usually only good in a camp sense.
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emptywheel @margibb I was a civ kid! Tho so late in the Duck and Cover era it was mostly rote performance.
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bmaz Hey @ryanlcooper you picked a fine day to connect to Verizon https://t.co/ksNjRurhic
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bmaz RT @billmon1: I thought by now Clintons understood that they (and Wall Street Dem backers) ARE the Rockefeller Republicans. https://t.co/V
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bmaz @ddayen Yeah, well if you make it to Phoenix, call #Grumpr
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