Wednesday 7 December 2016

Gene Kerrigan: Rich hiding 250 Croke Parks of cash

As the wealthy get richer, the poorest again bear the brunt of the bankers' mistakes, writes Gene Kerrigan

Published 29/07/2012 | 05:00

Imagine a million dollars. Imagine it sitting on a seat in Croke Park. Imagine every seat in the stadium had a million dollars wrapped and stacked on it. Altogether, that would be upwards of $82bn. Now, imagine 12 Croke Parks, each seat similarly decorated with money. Now, you've got a trillion dollars.

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Now multiply that by 21. We're looking at over 250 Croke Parks, each holding $82bn. Now, unless the batteries on my calculator are dodgy, we're looking at something approaching the amount of money hidden offshore by the super-rich in 2010.

The figure of $21trn is the conservative estimate (it could be up to $32trn) in a report published last week by the Tax Justice Network (TJN). The research for the report was done by the former chief economist of McKinsey, a consulting firm that's hired by major corporations and governments.

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