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Mon Jul 23, 2012, 11:46 AM

A money 'black hole': rich hide at least $21 trillion in tax havens, study shows

http://bottomline.msnbc.msn.com/_news/2012/07/23/12903523-a-money-black-hole-rich-hide-at-least-21-trillion-in-tax-havens-study-shows?

Thanks to lax international tax rules the world’s super rich have siphoned at least $21 trillion -- more than 50 percent larger than the entire U.S. economy -- into secretive tax-free havens, according to a study by UK campaign group Tax Justice Network.

The report by James Henry, a former economist at international consultancy McKinsey & Co., shows how with the help of private banks the money has flowed into countries such as Switzerland and the Cayman Islands.

The figure of $21 trillion in off-shore funds is conservative and the true sum could be as high as $32 trillion, Henry said.

According to the study, the world’s top 50 private banks managed more than $12.3 trillion in 2010 in off-shore financial assets, up from $7.5 trillion five years earlier.

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Reply A money 'black hole': rich hide at least $21 trillion in tax havens, study shows (Original post)
sinkingfeeling Jul 2012 OP
xchrom Jul 2012 #1
nadinbrzezinski Jul 2012 #2
MooseTrax Jul 2012 #4
Berlum Jul 2012 #3
ErikJ Jul 2012 #5
Fumesucker Jul 2012 #6

Response to sinkingfeeling (Original post)

Mon Jul 23, 2012, 11:57 AM

1. Du rec. Nt

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Response to sinkingfeeling (Original post)

Mon Jul 23, 2012, 12:02 PM

2. This leads to resentment

Wow! Who'd thunk?

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Response to nadinbrzezinski (Reply #2)

Mon Jul 23, 2012, 02:18 PM

4. Shucks....That Ain't Nuthin





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Response to sinkingfeeling (Original post)

Mon Jul 23, 2012, 12:05 PM

3. Raunchy Republicon Ripoff Values

International edition

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Response to sinkingfeeling (Original post)

Mon Jul 23, 2012, 05:13 PM

5. The top 1% have $46 Trillion so

they have to stash it somewhere (tax-free)

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Response to sinkingfeeling (Original post)

Mon Jul 23, 2012, 05:17 PM

6. Ahh.. We've found the job creator's job bank..

Excellent..

Smithers, you know what to do..

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