David Cay Johnston | May 02 2016 | The Daily Beast
An investigative economist has crunched 45 years of official statistics to discover just how much kleptocrats have plundered from 150 mostly poor nations
For the first time we have a reliable estimate of how much money thieving dictators and others have looted from 150 mostly poor nations and hidden offshore: $12.1 trillion.
That huge figure equals a nickel on each dollar of global wealth and yet it excludes the wealthiest regions of the planet: America, Canada, Europe, Japan, Australia, and New Zealand.
That so much money is missing from these poorer nations explains why vast numbers of people live in abject poverty even in countries where economic activity per capita is above the world average. In Equatorial Guinea, for example, the national economy’s output per person comes to 60 cents for each dollar Americans enjoy, measured using what economists call purchasing power equivalents, yet living standards remain abysmal.
The $12.1 trillion estimate—which amounts to two-thirds of America’s annual GDP being taken out of the economies of much poorer nations—is for flight wealth built up since 1970.
Continue reading How the Kleptocrats’ $12 Trillion Heist Helps Keep Most of the World Impoverished
by Tax Justice Network,, published March 17, 2015
From Good Jobs First in the U.S., a new study looking at the many and varied grants, tax credits and subsidies harvested by large companies. The press release for the report, entitled Uncle Sam’s Favourite Corporations, begins:
Federal “Corporate Welfare” Database Now Online
Study: Large Corporations Dominate Federal Subsidy Awards; Banks, Foreign-Owned Energy Firms and Federal Contractors Among the Biggest Recipients
Two-thirds of the $68 billion in business grants and special tax credits awarded by the federal government over the past 15 years have gone to large corporations. During the same period, federal agencies have given the private sector hundreds of billions of dollars in loans, loan guarantees and bailout assistance, with the largest share going to major U.S. and foreign banks.
These are key findings of Uncle Sam’s Favorite Corporations, a study with accompanying database released today by Good Jobs First, a non-profit and non-partisan research center on economic development accountability based in Washington, DC. They derive from the first comprehensive compilation of company-specific federal subsidy data. The study and database are available at www.goodjobsfirst.org.
Continue reading New study outlines trillions handed out in U.S. corporate welfare bonanza