Monday, April 08, 2013

In The Guardian newspaper's report about this subject they quote a former Mackenzie Group economist as saying that as much as $32 trillion might be hidden away in offshore tax havens. This is roughly twice the GDP of the United States, by far the largest GDP in the world. $32 trillion is also about 13 times greater than the current funds in the Social Security Trust Fund and 246 times the $130 billion that Obama proposes to extract from Social Security over the next 10 years. So a one-time levy of just 0.4% imposed on the criminal corporation's current offshore stash could achive the exact same savings without stealing a nickel from our impoverished veterans, unemployed, and elderly.

 theREALnews                                                                               Permalink

April 5, 2013

Investigation Reveals Trillions Hidden in Tax Havens

Bill Black: An international collaboration of investigative journalists has released the names of wealthy individuals stashing as much as three times the American GDP in tax havens 2013-04-05 14:11:33

More at The Real News


William K. Black, author of THE BEST WAY TO ROB A BANK IS TO OWN ONE, teaches economics and law at the University of Missouri Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. He has taught previously at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics. Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement. Black developed the concept of "control fraud" frauds in which the CEO or head of state uses the entity as a "weapon." Control frauds cause greater financial losses than all other forms of property crime combined. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae's former senior management. 

No comments: