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 I am just catching up, but did @erinscafe try to draw a bubble bath in Pauley Pavilion?? http://t.co/Ngh2GFdlwh
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bmaz @robertcaruso Rob, sailors don't date sailors, you need a Marine.
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bmaz Frankly I am SHOCKED @emptywheel has not been agitating about the awesome Diana Taurasi, Brittney Griner and Phoenix Mercury. #SlackinSister
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bmaz Y'all go read latest Border story from @DcBigJohn "Border Patrol Agent Charged In $60,000 Money-Laundering Scheme" http://t.co/AZUki3asSj
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JimWhiteGNV RT @onekade: Dude should be facing war crimes charges and yet there he goes, blabbing his ugly face off on tv, rewriting history http://t.c…
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JimWhiteGNV RT @teddysanfran: @onekade Hey Betrayus? Who trained that Iraqi army that shed its uniforms and ran away? Wasn't that YOU?
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emptywheel As you watch this Frontline piece, remember Dick Cheney still had his own heart back then. With a pulse and everything.
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emptywheel RT @sarahjeong: will parody your favorite new york times columnist for a burrito
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