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Banks, Global Elite Confirmed to Hold $32 Trillion in Offshore Accounts

Anthony Gucciardi
July 23rd, 2012
Updated 11/02/2012 at 4:04 pm
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moneycoins1 235x147 Banks, Global Elite Confirmed to Hold $32 Trillion in Offshore Accounts

Major banks and the financial global elite are now confirmed to have as much as $32 trillion in hidden assets stashed away in offshore accounts that are subject to little or no taxation. As a result, around $280 billion is estimated to be lost in tax revenues. In other words, the multi-trillion dollar banks and elite families are avoiding any taxation while forcing United States citizens to foot the bill. Amazingly, the $32 trillion stashed away represents the overall GDP of the United States and Japan combined.

In order to reach the monetary figure, which many are calling quite conservative, economist James Henry commissioned was by the Tax Justice Network — a group that seeks to bring tax evasion to light. Even the Tax Justice Network was quite shocked by the outcome, with spokesperson John Christensen saying he was ultimately startled by the “scale” of the numbers. What’s more concerning than the numbers, however, is the entities behind them. The report revealed that major banks such as Bank of America and Citigroup were among the many major corporations and banking organizations to hide their assets in offshore tax havens.

Bank of America, HSBC, Global Elite Families Among Listed

In an interview with the news organization Al Jazeera, Christensen explains just how deep the report goes:

“We’re talking about very big, well-known brands – HSBC, Citigroup, Bank of America, UBS, Credit Suisse – some of the world’s biggest banks are invovled…and they do it knowing fully well that their clients, more often than not, are evading and avoiding taxes.”

To find the incriminating information, Henry (the economist working for Christensen and the Tax Justice Network) actually utilized data from deep within the International Monetary Fund (IMF), World Bank, United Nations, and central banks to reach his final figure. Embedded in what could potentially be the largest and most publicized breaking story on the subject of large-scale tax evasion by the wealthy elite, Henry also found that the offshore tax havens are actually quote attractive to entire developing nations — not just major banks and ultra-rich families.

Used by ‘private elites’ to hide the wealth of developing nations, Henry found the balance sheets of 139 developing countries on record. Since the 1970s, he estimates that among the richest of these nations currently disguising their true asset value had amassed around $7.3 to $9.3 trillion. A figure that is completely unknown to the rest of the world due to the fact that is ‘unrecorded’ as offshore wealth.

The findings are continuing to gain mainstream attention, and pinpoint just how far big banks and major corporations will go in ensuring that they do not have to pay a dime in taxes while at the same time calling for mass tax increases for the average citizen. Furthermore, it shows the financial mischief of the financial elite, depositing trillions upon trillions of dollars into offshore accounts with unknown value.

About Anthony Gucciardi:
1.thumbnail Banks, Global Elite Confirmed to Hold $32 Trillion in Offshore AccountsGoogle Plus ProfileAnthony is the Editor of NaturalSociety whose work has been read by millions worldwide and is routinely featured on major alternative and mainstream news website alike, including the powerful Drudge Report, NaturalNews, Daily Mail, and many others. Anthony has appeared on programs like Russia Today (RT), Savage Nation, The Alex Jones Show, Coast to Coast AM, and many others. Anthony is also dedicated to aiding various non-profit organizations focused around health and rehabilitation as well as the creator of the independent political website Storyleak

From around the web:

  • Carter Dayton

    It figures that banks would figure out a way to minimize the taxes they pay. Officials should really do something about this. That amount of tax revenues lost is way too huge to ignore.

  • Benjamin X

    Ian MacLeod;
    It's great to read a persons comments; that's not brain dead, as MOST of the AMERICAN public are… I've also done my homework,
    whereas I went back too the Americas Civil War; and proceeded forward; I also used books that had long ago been removed from most libraries,
    In fact I had to special order most of these book(s) that I used in my research;
    My thoughts was: If these Author are lying in their books WHY removed them from the public
    domain… The ONLY reason these books/essays are removed from the American public is very simple: Americas SELECTED Leadership are
    the real Liars.And the vast American public have not a clue. Please "Google" The MoneyChanger ; Also The Pipe Papers; Believe me; It gets
    more depressing as you go farther along.

  • Mad Axeman

    Time we changed the tax laws a tad, no….?

    Some new legislation, perhaps….This calls for a bipartisan effort….No one can object to the shutting of a loophole, no matter which party or philosophy you are…

    Any one person determined to be doing this spends a mandatory time in jail….In the case of an organization, the chief officers get to do so…

    You'd only have to bust a few to end the practice….

    Look to your leaders, to implement a simple solution……..!

    • Ian MacLeod

      We HAD a perfectly good law: Glass-Stiegall. There were others, which is why this never happened before, especially on such a scale. First they destroyed the US government, then they replaced it with a corporation of the same name and created Washington D.C., then that corporation pretended to BE the US government, and that was accepted. It STILL IS.The Fed is a private bank and part of the private Central Banking system. They and the CEO of "UNITED STATES, INC.", the actual title being the President of UNITED STATES" (they usually leave off the "INC."). Obama, and his advisory board, called Congress, have been working hard to criminalize disagreement with the corporation, to undo any effect of the Constitution and laws based on it (and all of this is legally only effective within the borders of Washington D.C.), and to destroy the economy, the food supply and the water supplies of the country so as to render the populace impotent to resist when they finally decide to complete their takeover. The food is mostly poisoned or rendered non-nutritive, and the water is simply poisoned, while what water isn't poisoned is claimed as the property of the Federal Government (it's another corporation called "UNITED STATES GOVERNMENT"). As long as they have the most powerful, advanced and numerous weapons, they can enforce all of these edicts. It helps that the damaged immune systems of the people render us tired, not thinking well, and the destroyed economy, fouled "food" and toxic medicines, plus unending propaganda by a great many routes will make it that much harder to resist.

      This has been planned for generations,and was implemented in force about two generations ago. It's still not going to entirely easy for them, but they don't care if they lose a lot of those fighting for them to finish the destruction of the U.S. First, it helps Agenda 21, which includes the Depopulation Agenda, right along no matter WHO dies – their cops and military or the civilians refusing to cooperate. 90% of them (of US) are slated for destruction eventually anyway: anyone resistant to mind control, capable of thinking for him- or herself, aggressive people, the old, the sick and injured, those with chronic illnesses, self-actualized people… They want slaves smart enough to be useful and to serve as breeding material, and slaves that are good, strong and stupid workers, with a tiny handful who will be watched like hawks to handle the technology and so on.

      It's looking like they may just succeed, too, unfortunately.


  • Anon


    Congressman Ron Paul's H.R. 459, the Federal Reserve

    Transparency Act, could come up for a vote at any time!

  • ck

    The biggest scam is upon them though because they are all destined to bite the dust and not take one nickel with them, they are all stupid mortal fools in the end. TRILLIONS won't do anything for them in death. Even man who wanted to rule the world never made it out alive. So much for all their offshore accounts.

  • Jericho

    I can go to jail for not paying taxes and these people deliberately hide money and its OK?

  • Steve W.

    The biggest problem is these people will never be forced to hand over more taxes. Politicians just don't have the balls. And in America every politician is some financial industries bitch.

    • Ian MacLeod

      That's just it: the "elites" HAVE those politicians balls on their mantles on display! All but one or two in Congress, ALL appointees, like holder, and all the alphabet agencies are OWNED just as much. The military seem to be like the cops: as long as someone is in a familiar place of power from which orders have always come, they'll follow those orders, legal or not.

      As far as I can see, we're screwed. We can hurt 'em before we die, but that's about it.