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sinkingfeeling

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Member since: 2003 before July 6th
Number of posts: 30,187

About Me

I reside in Fayetteville, Arkansas. I am female, single, and one year from full retirement. I'm already retired from a 30-year career with IBM. Love my Victorian house built in 1858 and my dogs and cats.

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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.
Posted by sinkingfeeling | Mon Jul 23, 2012, 11:46 AM (6 replies)
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