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Banks hiding up to $32 trillion off shore

 
krosty
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07/22/2012 09:05 PM
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Banks hiding up to $32 trillion off shore
[link to www.aljazeera.com]

Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280bn 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.

"What's shocking is that some of the world's biggest banks are up to their eyeballs in helping their clients evade taxes and shift their wealth offshore."

- John Christensen, the Tax Justice Network
Anonymous Coward
User ID: 17011760
United States
07/22/2012 10:16 PM
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Re: Banks hiding up to $32 trillion off shore
Yep , and its our fucking money they sole!!!
Anonymous Coward
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07/22/2012 10:20 PM
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Re: Banks hiding up to $32 trillion off shore
Pro-cede from crime.
Anonymous Coward
User ID: 80449
United States
07/22/2012 10:31 PM
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Re: Banks hiding up to $32 trillion off shore
Romney is one of them. That's why you won't see the tax returns. Great American....Not.
Anonymous Coward
User ID: 14380192
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07/22/2012 10:34 PM
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Re: Banks hiding up to $32 trillion off shore
how the hell is it illegal to have offshore accounts?

idiot writer hates rich people
ScrumpTheTexan
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User ID: 2511238
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07/22/2012 10:38 PM

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Re: Banks hiding up to $32 trillion off shore
Shit-stirring class-warfare enabling *crap* from Al Jizzera... nice to see that they're working so closely with the Administration these days.


hillary

Hillary approves.
I am a Christian.

Christian does not equal doormat or pushover.

SickOfItAll

"I Have Sworn upon the Altar of God... Eternal Hostility against every form of Tyranny over the mind of man." -Thomas Jefferson, Sep. 23, 1800

MedinaD
For previous Newsletters, click 'Scrump's News Letters' @ [link to www.godlikeproductions.com]
Anonymous Coward
User ID: 1190567
07/22/2012 10:38 PM
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Re: Banks hiding up to $32 trillion off shore
Read the book 'Treasure Islands', it explains how it all works.
Anonymous Coward
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07/22/2012 10:40 PM
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Re: Banks hiding up to $32 trillion off shore
the reason they put the money offshore is so it doesn't get "stolen" and given to others against their will
Marxist

User ID: 18815543
New Zealand
07/22/2012 10:42 PM
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Re: Banks hiding up to $32 trillion off shore
how the hell is it illegal to have offshore accounts?

idiot writer hates rich people
 Quoting: Anonymous Coward 14380192


No, he expects the rich to magnanimously donate their wealth to the masses!!

wtf
Workers of the World, Unite. You have nothing to lose but your chains!
Anonymous Coward
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07/22/2012 10:46 PM
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Re: Banks hiding up to $32 trillion off shore
What's funny is that you think 280 billion is a lot of money... lol that ain't shit. The annual deficit in the us is how much?
Anonymous Coward
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07/22/2012 10:49 PM
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Re: Banks hiding up to $32 trillion off shore
Shit-stirring class-warfare enabling *crap* from Al Jizzera... nice to see that they're working so closely with the Administration these days.


hillary

Hillary approves.
 Quoting: ScrumpTheTexan


Get a GED *THEN* give us your so-called opinion-WHEN ASKED
Justalittlebad

User ID: 19045983
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07/22/2012 10:52 PM
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Re: Banks hiding up to $32 trillion off shore
Shit-stirring class-warfare enabling *crap* from Al Jizzera... nice to see that they're working so closely with the Administration these days.


hillary

Hillary approves.
 Quoting: ScrumpTheTexan


^^This^^
Justalittlebad/more or less
Anonymous Coward
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07/22/2012 10:55 PM
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Re: Banks hiding up to $32 trillion off shore
the reason they put the money offshore is so it doesn't get "stolen" and given to others against their will
 Quoting: Anonymous Coward 14380192
Anonymous Coward
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07/22/2012 10:57 PM
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Re: Banks hiding up to $32 trillion off shore
the reason they put the money offshore is so it doesn't get "stolen" and given to others against their will
 Quoting: Anonymous Coward 14380192


I live on one of the offshore Islands and we are laughing our heads of at pepes like you.

Lets say Romney wants to stash 10 million here to avoid paying your taxes, well he still has to pay our much less taxes and we get an easy life, excellent health care, education, public transport very low income taxes, house prices that are still climbing, excellent job opertunities.
Over the past 20 years nearly all the schools have been rebuilt, we have a brand new main and satilite hospitals, new electric generating and distribution network and the same with water and sewage, new airport and most of the roads rebuilt, an excellent social housing program, great shopping and entertainment and an excellent comunication system.

All of this and more paid for by rich pepes taking their money out of other country's and putting it here where I live.

So I and the other 80 thousand who live here thank you for allowing our once backward island to become one of the richest in the world.

hf.

We could not have our lifestyle with out your ignorance.
ScrumpTheTexan
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User ID: 2511238
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07/22/2012 11:06 PM

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Re: Banks hiding up to $32 trillion off shore
Shit-stirring class-warfare enabling *crap* from Al Jizzera... nice to see that they're working so closely with the Administration these days.


hillary

Hillary approves.
 Quoting: ScrumpTheTexan


Get a GED *THEN* give us your so-called opinion-WHEN ASKED
 Quoting: Anonymous Coward 13641821


Herp.

Derp.

norespect
I am a Christian.

Christian does not equal doormat or pushover.

SickOfItAll

"I Have Sworn upon the Altar of God... Eternal Hostility against every form of Tyranny over the mind of man." -Thomas Jefferson, Sep. 23, 1800

MedinaD
For previous Newsletters, click 'Scrump's News Letters' @ [link to www.godlikeproductions.com]
Anonymous Coward
User ID: 1910494
07/22/2012 11:07 PM
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Re: Banks hiding up to $32 trillion off shore
Shit-stirring class-warfare enabling *crap* from Al Jizzera... nice to see that they're working so closely with the Administration these days.


hillary

Hillary approves.
 Quoting: ScrumpTheTexan


It was reagan/bush/thatcher economics that allowed the tax havens, like us, to prosper and boy have we prospered.
Cheers...
Anonymous Coward
User ID: 80449
United States
07/22/2012 11:09 PM
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Re: Banks hiding up to $32 trillion off shore
Funny how the rich can hide their money overseas, but expect the US military to protect their assets here and abroad. I say pay up. Those of you who say it's OK for the super rich to hide money with tricks of the system just pay more when it happens. What a bunch of dumb fucks.
Anonymous Coward
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Egypt
07/22/2012 11:10 PM
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Re: Banks hiding up to $32 trillion off shore
Shit-stirring class-warfare enabling *crap* from Al Jizzera... nice to see that they're working so closely with the Administration these days.


hillary

Hillary approves.
 Quoting: ScrumpTheTexan


Here is a better source for you - I don't like Al Jizza either, but they're just running the story that broke elsewhere.

[link to www.businessinsider.com]

According to a new study published by the Tax Justice Network, the richest people in the world have at least $21 trillion and as much as $32 trillion sitting in offshore bank accounts to dodge taxes in their home countries.

According to London's Observer, which got early access to the report, the findings were based on data from the Bank of International Settlements, the International Monetary Fund, and private sector analysts.

From the Observer:

In total, 10 million individuals around the world hold assets offshore, according to Henry's analysis; but almost half of the minimum estimate of $21tn – $9.8tn – is owned by just 92,000 people. And that does not include the non-financial assets – art, yachts, mansions in Kensington – that many of the world's movers and shakers like to use as homes for their immense riches.
...
Assuming that super-rich investors earn a relatively modest 3% a year on their $21tn, taxing that vast wall of money at 30% would generate a very useful $189bn a year – more than rich economies spend on aid to the rest of the world.

Read more: [link to www.businessinsider.com]
Anonymous Coward
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07/22/2012 11:13 PM
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Re: Banks hiding up to $32 trillion off shore
Why am I not surprised?


pick
Anonymous Coward
User ID: 20082582
Egypt
07/22/2012 11:13 PM
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Re: Banks hiding up to $32 trillion off shore
Shit-stirring class-warfare enabling *crap* from Al Jizzera... nice to see that they're working so closely with the Administration these days.


hillary

Hillary approves.
 Quoting: ScrumpTheTexan


It was reagan/bush/thatcher economics that allowed the tax havens, like us, to prosper and boy have we prospered.
Cheers...
 Quoting: Anonymous Coward 1910494


No, I think its because you guys have thrown out all corrupt rothschild bankers are arresting them now, isn't that right?
Anonymous Coward
User ID: 14380192
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07/22/2012 11:18 PM
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Re: Banks hiding up to $32 trillion off shore
Explain the hoardes of liberal democrats in Congress that have offshore bank accounts, including some in Obama's administration.

And, explain Clinton outsourcing jobs under NAFTA

Please, I'm waiting
T Ceti H.C. Radnarg

User ID: 20219107
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07/22/2012 11:37 PM
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Re: Banks hiding up to $32 trillion off shore
yeah that's about right,guess I'll need that account number now...the 5 trillion for the white dragon to just go away was a little low...tell you what, throw in another 1 trillion so it wont be cold hard cash and the dragon rests again.
How unfortunate for some rulers when men,women,and children continue to think... Keep repeating the lies loud enough and long enough and just maybe the people will start to believe the lies again and good luck with that...finding your energy open until mars becomes raging aries...
Anonymous Coward
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07/22/2012 11:38 PM
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Re: Banks hiding up to $32 trillion off shore
how the hell is it illegal to have offshore accounts?

idiot writer hates rich people
 Quoting: Anonymous Coward 14380192


In many cases, it requires intense loopholes to make it work. That money is held, tax-free, and that offer is only available to the rich. Seriously, call up a bank in the Cayman and ask them if you can put your money there.

"Sure, if you meet the account minimum."

It's awfully unfair for those folks to keep and move their money in secret when my savings accounts generates the smallest possible fraction of interest. It's about economic fairness. Just because you have a ton of money, doesn't mean you shouldn't have to follow a set of rules like all of society.
Anonymous Coward
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07/22/2012 11:38 PM
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Re: Banks hiding up to $32 trillion off shore
that's nothing new, what some dummy finally figured it out and it make headlines...lol
Anonymous Coward
User ID: 1910494
07/22/2012 11:40 PM
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Re: Banks hiding up to $32 trillion off shore
Shit-stirring class-warfare enabling *crap* from Al Jizzera... nice to see that they're working so closely with the Administration these days.


hillary

Hillary approves.
 Quoting: ScrumpTheTexan


It was reagan/bush/thatcher economics that allowed the tax havens, like us, to prosper and boy have we prospered.
Cheers...
 Quoting: Anonymous Coward 1910494


No, I think its because you guys have thrown out all corrupt rothschild bankers are arresting them now, isn't that right?
 Quoting: Anonymous Coward 20082582


soz dude, my cell phone net connections brings me out through iceland, i'm actually a resident of an off shore tax haven.

Fwiw I don't like the tax haven system, we know it bleeds money out of the rest of the world but it does give us an easy life.
N3m3s1s

User ID: 1380691
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07/22/2012 11:41 PM

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Re: Banks hiding up to $32 trillion off shore
Shit-stirring class-warfare enabling *crap* from Al Jizzera... nice to see that they're working so closely with the Administration these days.


hillary

Hillary approves.
 Quoting: ScrumpTheTexan


Agreed.
Anonymous Coward
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07/22/2012 11:46 PM
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Re: Banks hiding up to $32 trillion off shore
Romney is one of them. That's why you won't see the tax returns. Great American....Not.
 Quoting: Anonymous Coward 80449


You don't think bammyboy has an ofshore account?lmao
Anonymous Coward
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07/22/2012 11:49 PM
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Re: Banks hiding up to $32 trillion off shore
That's ok, we got the names of those who think they're actually hiding all this shit! Boy, howdy, that rope sure is looking good these days.
Anonymous Coward
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07/22/2012 11:51 PM
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Re: Banks hiding up to $32 trillion off shore
Romney is one of them. That's why you won't see the tax returns. Great American....Not.
 Quoting: Anonymous Coward 80449


You don't think bammyboy has an ofshore account?lmao
 Quoting: Anonymous Coward 14756837


If he does, he's not reporting it on his tax forms.
Anonymous Coward
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07/22/2012 11:52 PM
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Re: Banks hiding up to $32 trillion off shore
Why not set the tax rates at 50% heck even 70% or 80% so Obama can go blow another half billion on a solar energy company and give the rest to his friends?
Anonymous Coward
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Egypt
07/22/2012 11:53 PM
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Re: Banks hiding up to $32 trillion off shore
The Mexican branch of British-based bank HSBC will close about 20,000 accounts in the Cayman Islands believed to have links to organized crime, after a US Senate investigation exposed the bank’s facilitation of money laundering operations.

The accounts have an estimated worth of $675 million, reports Mexico’s El Universal.

HSBC is closing the Cayman accounts in reaction to a 335-page report, the result of a year-long investigation by the US Senate, which accuses the bank of failing to enforce sufficient controls against money laundering.

The investigation has already resulted in the resignation of the bank’s global head of compliance.
[link to www.insightcrime.org]

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