James Petras

James Petras

Thursday, 09 August 2012 09:48

The Ascendancy of a Criminal Financial Elite

Never in the history of the United States have we witnessed crimes committed on the scale and scope of the present day by both private and state elites. An economist of impeccable credentials, James Henry, former chief economist at the prestigious consulting firm McKinsey & Company, has researched and documented tax evasion. He found that the super-wealthy and their families have as much as $32 trillion (USD) of hidden assets in offshore tax havens, representing up to $280 billion in lost income tax revenue! This study excluded such non-financial assets as real estate, precious metals, jewels, yachts, race horses, luxury vehicles and so on. Of the $32 trillion in hidden assets, $23 trillion is held by the super-rich of North America and Europe.......... Download the full article in pdf attachment (below)