Maybe the $32T in assets hidden offshore could help us out on the deficit
Posted by Charles II on April 4, 2013
David Leigh, The Guardian:
Millions of internal records have leaked from Britain’s offshore financial industry, exposing for the first time the identities of thousands of holders of anonymous wealth from around the world, from presidents to plutocrats, the daughter of a notorious dictator and a British millionaire accused of concealing assets from his ex-wife.
The leak of 2m emails and other documents, mainly from the offshore haven of the British Virgin Islands (BVI), has the potential to cause a seismic shock worldwide to the booming offshore trade, with a former chief economist at McKinsey estimating that wealthy individuals may have as much as $32tn (£21tn) stashed in overseas havens.
I’m really getting into FFFFFF territory when I see demands for cuts to Social Security, Medicare, and Medicaid at a time when we know that the ultra-wealthy have seceded from their responsibilities as citizens.
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