Re Panama Papers: 2012 study says "Global Elite Hiding Up to $32 Trillion"

[kristopher]

keyword: Mossack Fonseca law firm


Democracy Now reports...

Exhaustive Study Finds Global Elite Hiding Up to $32 Trillion in Offshore Accounts

A new report reveals how wealthy individuals and their families have between $21 and $32 trillion of hidden financial assets around the world in what are known as offshore accounts or tax havens. The actual sums could be higher because the study only deals with financial wealth deposited in bank and investment accounts, and not other assets such as property and yachts. The inquiry was commissioned by the Tax Justice Network and is being touted as the most comprehensive report ever on the "offshore economy." It also finds that private banks are deeply involved in running offshore havens, with UBS, Credit Suisse and Goldman Sachs handling the most assets. We’re joined by the report’s author, James Henry, a lawyer and former chief economist at McKinsey & Company. [includes rush transcript]

http://www.democracynow.org/2012/7/31/exhaustive_study_finds_global_elite_hiding

Super-Rich Hold Up To $32 Trillion In Offshore Havens: Report
07/22/2012 05:00 am ET | Updated Sep 20, 2012

LONDON, July 22 (Reuters) - Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.

The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.

He used data from the World Bank, International Monetary Fund, United Nations and central banks.

The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, putting wealth beyond the reach of local tax authorities...

http://www.huffingtonpost.com/2012/07/22/super-rich-offshore-havens_n_1692608.html

[cantbeserious]

1. The 1% Have Been Fleecing The 99% For Centuries - It Is High Time Their Power Was Destroyed

eom

[roguevalley]

8. this is a crime against humanity

[Hortensis]

23. Well, this is a damned good 'nother step. :)

And no accident. Lots of capable people around the world want them taken down, and some very good ones are working at it.

[Electric Monk]

2. Or maybe they are trying to "protect the rest of us" from realizing what's really up.

http://hyperdiscordia.crywalt.com/dollar_paranoia.html

[scottie55]

3. And I Hillary Clinton As Your President Will Prosecute Every Single

Tax dodger.

Buhahahahhahhahahhaaaahahahahahaaa.

[Roland99]

10. Glad I read that before I took a drink!!

[Sivart]

4. This is the root of so much of our problems.....

For a good economy - one that works for everyone, you need the money circulating, trading hands often.......When these fuckers sit on it, we are all screwed.

[Initech]

5. These people are leeches, criminals, and thieves.

[turbinetree]

6. Breaking the law is still breaking the law...............................

and I for one this is really tiring of paying for someone to hide there tax, and basically paying there tax, while they hide it, because someone has to pay for that deficit, while I have to pay mine..............................
I hate rigged games, its that simple......................................

I want to know everyone of these people names---------------------to hell with them, they put on there pants and dresses just like everyone else, except they rigged the system---------------------and we all pay for there this crap, one way or another.....................

WE WANT NAMES..........................


Honk------------------------for a political revolution Bernie 2016

[AlbertCat]

7. Don't worry

It's all gonna trickle down any minute now....

[BeanMusical]

9. Kick and R

[libdem4life]

11. I've read a few articles, but only see foreign names...especially those

from countriees we do not like. Putin usually is the photo in the article. Then a number of South and Central America politicians we don't like.

Is it because no Americans...politicians or celebrities with name recognition...stash their cash?

Or is that shoe waiting to drop later? Cause to pause.

ETA: Maybe Bernie was on to them before it was News. It definitely makes his message louder and clearer.

[elljay]

18. Mossack Fonseca is one of many firms

that provide this service to the wealthy and hey may have done little business in the U.S. compared to other countries. There has been a statement that U.S. info will soon be published, so maybe we're just not being patient enough. The American oligarchs are definitely using this strategy, among others, to hide their income. If our government were really interested, they would start an investigation into the other firms that help true richc shield income. However, we know they are not and, if any but one of the current Presidential candidates win, they will continue to do nothing.

[Hortensis]

24. Our government is not as powerful as you imagine.

Neither are they, however. Obama has hurt the plutocracy -- they were right to run scared when we elected him, but there was only so much he could do.

Libdem, EVERYONE who bothered to read a newspaper or journal now and then was "on to them." What is new is hard evidence presented to the people of the world that either allows prosecutors to charge specific people and companies with specific crimes or will lead to it. If the people in the various nations insist. Perhaps you saw video of the giant crowds surrounding the capital building in Iceland.

Excess cynicism is more foolish and destructive than none at all. At least credulous people don't try to throw all the good people making a difference under the bus. And take pride in voting against them, for god's sake. OUT with him, down with them -- whoever they are.

[libdem4life]

25. Yes, we all know it goes on.

But taking names and kicking rear ends is new. It's almost a shoe in for Bernie's message. Seems like it's really time for Change.

[First Speaker]

12. A trillion dollars here, a trillion dollars there...

...pretty soon, you're talking about real money...apologies to the late Everett Dirksen...

[packman]

13. A factor in inflation/hyper-inflation?

Hiding all that money is, as pointed out in an above post, removing it from the economy. A solution that a government, any government, is to print more money for necessities such as roads, schools, goods, etc. The more money printed to cover those losses in tax havens, the more a country slips into inflation which seems to be an on-going problem in many countries.

[Bernardo de La Paz]

14. How much has Trump hidden?

[ronnie624]

15. When are people going to wake up to the pathology of capitalism?

If you think about it long enough, it should become obvious that there is nothing logical in the desire to have a million times more than is needed for a comfortable, secure existence, especially since we all know that our greed-based system of economics is destroying our biosphere.

People can be so fucking stupid, even the 'smart' ones.

[jalan48]

16. So when we hear "austerity" and cutting social programs we know why.

The money's there, it's really that the oligarch's have decided they aren't going to help pay for our social contract any longer. Private bank accounts, private speeches, private golf courses, private living communities-the list goes on and on.

[Depaysement]

17. $280 billion?

That seems very low.

[Stainless]

19. Too Bad The PP's Weren't Released About Two Months Sooner!

Hillary's cozy relationship with Goldman Sachs and other Wall Street Criminals should have ensured Bernie's nomination.

Although her nomination seems to be a given at this point, I think the voters in Wisconsin have a chance to send a message by voting overwhelmingly for Bernie today!

[JEB]

20. The hidden money should be confiscated for the benifit of the people.

[CrispyQ]

21. The 1% need a hoarders intervention at the hands of the 99%.

[felix_numinous]

22. Jackpot