Search This Blog

Monday, July 23, 2012

News in the Free Media Today

1)   $21 trillion (at least) hiding in tax-havens
A global super-rich elite had at least $21 trillion (£13tn) hidden in secret tax havens by the end of 2010, according to a major study.
The figure is equivalent to the size of the US and Japanese economies combined.
The Price of Offshore Revisited was written by James Henry, a former chief economist at the consultancy McKinsey, for the Tax Justice Network.
Tax expert and UK government adviser John Whiting said he was sceptical that the amount hidden was so large.
Mr Whiting, tax policy director at the Chartered Institute of Taxation, said: "There clearly are some significant amounts hidden away, but if it really is that size what is being done with it all?"
Mr Henry said his $21tn is actually a conservative figure and the true scale could be $32tn...
There is the considerable amount of drug money here... suitably laundered, of course.

2)  Two California cities tackle the mass foreclosure problem (while Washington sleeps)
Financial Times

An excellent article on the passivity of politicians to the Crisis, wherein real innovative thinking comes from the bankrupted cities of Ontario and Fontana in San Bernadino County.

No comments: