10 Aug 2012

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

So here we have it - more on the banks - DemocracyNow.org write:

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 and Company.

To see more Democracy Now! reports about tax havens, visit http://www.democracynow.org/topics/tax_havens

See also the films I put together of John Christensen talking about Tax Havens in Stroud: http://stroudcommunity.tv/tax-havens-part-1-alternative-to-the-cuts/

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