Scottish Tories defeat anti-money-laundering measure aimed at shutting down the Russian oligarch-Scotland pipeline

The Scottish Limited Partnership is a notorious financial secrecy vehicle that's been used to launder at least $80 billion, mostly from oligarchs and organised crime figures from the former USSR, in only four years. Read the rest

If this goes on... The 1% will own two thirds of the world by 2030

The House of Commons Library has published research projecting the post-2008 growth of inequality until 2030, arriving at an eye-popping headline figure: at current rates, the richest 1% will own two thirds of the world's riches by 2030. I think that number is too low. Here's why. Read the rest

Koch brothers publish letter crowing about all the ways Trump spent the year carrying water for them

In a letter to the Koch network -- a group of evil billionaires who chip in to buy politicians -- the Koch brothers crowed about how Donald Trump (whom they considered replacing with Paul Ryan in a backroom deal at the 2016 RNC) has been a pliable servant to them and their political goals during his year in office. Read the rest

Scottish police confirm requests from world governments to find money laundered through "the UK's homegrown secrecy vehicle"

Scottish Limited Partnerships (previously) are notorious corporate entities whose true owners are easily disguised, making them perfect vehicles for money laundry. Read the rest

A rogue's gallery of 17 of Eastern Europe's richest, most politically connected oligarchs

Albania's Shkëlqim Fusha likes to hide in the shadows, but his cousin, Tirana chief prosecutor Petrit Fusha, is implicated in a massive corruption scandal whose cover-up involved assassinating a 17-year-old boy -- in what is surely an unrelated coincidence, Tirana is where Fusha has made billions in no-bid city contracts. Read the rest

Bell is leading the push to end Canadian Net Neutrality with a secret, extrajudicial Star Chamber that will decide what Canadians can and can't see

Canada has a grotesquely concentrated telcoms sector and a grotesquely concentrated media sector, and thanks to a series of extremely anticompetitive mergers, the two sectors are one in the same. Read the rest

Paul Ryan imagines "Cindy," a hypothetical beneficiary of his tax plan, doesn't realize she and her child are starving to death

Paul Ryan says his tax plan will be great for the poorest and most vulnerable people in America, and he tweeted a hypothetical to help you understand how that works: "Meet Cindy: a single mom, making $30,000 per year, who hopes to one day get beyond living paycheck to paycheck. With a $700 increase in her tax refund each year under our tax bill, Cindy can start saving for her future." Read the rest

Record-breaking number of billionaires signals a second "Gilded Age" with inequality hitting 1905 levels

The total wealth controlled by the world's billionaires has reached $6,000,000,000,000, up nearly 20% from last year. There are now 1,542 dollar-denominated billionaires on earth. Read the rest

Russian inequality is worse than imagined; worse than other post-Soviet states

The World Wealth and Inequality project's latest white-paper, co-authored by Thomas "Capital in the 21st Century" Piketty, painstaking pieces together fragmentary data-sources to build up a detailed picture of wealth inequality in Russia in the pre-revolutionary period; during phases of the Soviet era; on the eve of the collapse of the USSR; and ever since. Read the rest

98% of Bitcoin trading volume over the past six months was in Chinese Renminbi

In case you were wondering why Bitcoin experienced a crazy spike recently: China's economy is a hyperinflated bubble, poised to burst and the Chinese central bank is depreciating the Renminbi -- so China's wealthy are getting their cash out of the country as fast as they can, using any means necessary: suing themselves, spending huge whacks of cash while on vacation, and converting it to Bitcoin (this is especially urgent now that the Canadian real-estate money laundry is shutting down) -- this is just the latest salvo in the Chinese capital flight story. Read the rest

America's gargantuan new corporate landlords evict the shit out of Americans

The housing recovery has been famously uneven, in every way: for one thing, it's allowed hedge-fund and publicly listed landlords to acquire a greater proportion of America's housing stock than ever, even as mass foreclosures created a new class of desperate tenants who pay rent to these corporate giants, who charge higher rents than ever. Read the rest

Bernie Sanders: Trump didn't win the election, the Democrats lost it

“I look at this election not as a victory for Mr. Trump, who wins the election as the most unpopular candidate in perhaps the history of our country, but as a loss for the Democratic Party." -Senator Bernie Sanders, speaking to a sold-out crowd in San Rafael, CA. Read the rest

Donald Trump's 100 day plan: the good, the bad, and the terrifying

On Naked Capitalism, Gaius Publius parses through Donald Trump's "100-day action plan" (just the public parts, not the parts leaked by the bumbler Trump wants to put in charge of the DHS), and calls out the few bright spots (killing TPP, improving NAFTA) and the terrifying remainder (accelerating climate change, deploying a national campaign of stop-and-frisk, all but destroying public education). Read the rest

Tax Inspectors Without Borders: poor countries send each other ninja tax collectors to nail looting multinationals

This week on the Tax Justice Network's podcast (previously), they profile (at 20:40) the OECD's Tax Inspectors Without Borders, through which poor countries loan each other their most effective tax collectors to help catch the tax-dodging multinational corporations who drain the countries' economies -- and the organization transfers tax enforcement expertise in the process. Read the rest

Dick Van Dyke, 90: Bernie Sanders is the best candidate for seniors

Dick Van Dyke, who recently celebrated his 90th birthday, has written an op-ed in the Hollywood Reporter endorsing Bernie Sanders as the best candidate for senior citizens. Read the rest

British Royals' celebrations with narration from North Korean patriotic parade

This is a genius piece of media criticism: mapping the BBC's own slavishly patriotic broadcast of the British royals' 2015 "celebrations" onto its breathless voice-over for a North Korean patriotic demonstration in celebration of a Kim birthday. (via Kottke) Read the rest

Bernie Sanders on small money donations vs sucking up to billionaires

Bernie Sanders, who smashed Obama's record for small-money donors in December and blew through his own fundraising goals, writes about the difference between raising lots of small sums from individual Americans and chasing huge donations from America's oligarchs. Read the rest

More posts