offshore tax dodging; maximize the divine intent

July 2012 Thanks to lax international tax rules the world’s super rich have siphoned at least $21 trillion — more than 50 percent larger than the entire U.S. economy — into secretive tax-free havens, according to a study by UK campaign group Tax Justice Network.

The report by James Henry, a former chief economist at international consultancy McKinsey & Co., shows how with the help of private banks the money has flowed into countries such as Switzerland and the Cayman Islands. “We’re basically talking about a black hole in the world economy,” Henry told NBCNews.com.

The figure of $21 trillion in off-shore funds is conservative and the true sum could be as high as $32 trillion, Henry said.

According to the study, the world’s top 50 private banks managed more than $12.3 trillion in 2010 in off-shore financial assets, up from $7.5 trillion five years earlier.

In 2010, the world’s top 10 financial institutions — which today include the U.S.’s Goldman Sachs and JPMorganChase, as well as Switzerland’s UBS and Credit Suisse — controlled about half of this amount. At least seven of these top 10 institutions received huge bailouts in the wake of the financial crisis, Henry said.

“This isn’t a bunch of shady third-world banks — these are some of the premier institutions in the world,” Henry said. “JP Morgan, Citibank, Barclays, UBS — the top 10 to 20 banks these are some of the ones who received most of the financial bailout, who were involved in the mortgage fiasco, the Libor rates scandal.”

“Now we find out that they have been spending a lot of time helping very wealthy people avoid taxes,” he added. http://www.nbcnews.com/business/money-black-hole-rich-hide-least-21-trillion-tax-havens-904560
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Maximize, maximize, maximize the divine intent; minimize, minimize, minimize the human disaffection.
-El Morya: 8-27-1967 via Messenger Mark Prophet
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