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
JimWhiteGNV RT @AP_Sports: Why does A's pitcher Pat Venditte need this odd-looking glove? http://t.co/gNUb3AkVPZ (@JanieMcCAP) http://t.co/YWYy5Zcu9q
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emptywheel @remesdh That's why this should be general rule. Both parties do it. No reason we should be surveilled if they're not.
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emptywheel @remesdh It was never proven but I'm fairly sure they went back and doctored emails on Plame outing, destroyed several days.
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emptywheel I blame @joshgerstein for Hillary's email failures. If he weren't so damned insistent on reading Bill's emails, she might have followed law
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emptywheel Good thing Hillary didn't preside over agency that had 250,000 poorly secured emails stole--oh wait. She did?!?!
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emptywheel Oh wait?!?! That's too extreme? Well, consider it fire insurance for transparency. My house has never burned, but I have insurance anyway.
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emptywheel All govt agencies, all pols, will have email retained by NSA in a "lock box" with a "golden key" for 30 years (FBI retention term).
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emptywheel My new approach to surveillance activism is gonna be to require retention fr pols they demand of mere proles.
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emptywheel RT @johnjcook: we've known for two years that hillary conducted state business on an off-the-books email acct http://t.co/Xph2vpvePK
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emptywheel When multiple people simultaneously use the same dorky word in online twips about propaganda.
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emptywheel Guess there's no way to arrange for both Menendez and Rice to lose in a battle bt two of them AND to have GOP net loss? #AskingForAFriend
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