The Hidden Money

Richard D. Wolff @ Truthout - Recent revelations of hidden money by the International Consortium of Investigative Reporters (ICIR) have embarrassed governments, large and small, and exposed many rich businesses and individuals. They used places like Lichtenstein, the British Virgin Islands, the Cayman Islands, Switzerland and, of course, Cyprus. Those countries' private banks wanted the money much as their governments wanted the revenue benefits of hidden money inflows. The rich around the world took advantage of those banks' services to launder money with some illegality attached to it, to evade or avoid taxes, to hide business deals from government scrutiny, and so on.  Read more.