1/2/2018 The Hidden-In-Plain-Sight Mechanism Of The Super-Wealthy: Money-Laundering 2.

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The Hidden-In-Plain-Sight Mechanism Of The Super-Wealthy: Money-Laundering 2.0

by Tyler Durden
Sat, 12/30/2017 - 19:55

148
SHARES

Authored by Charles Hugh Smith via OfTwoMinds blog,

Financial and political power are two sides of one coin.

We all know the rich are getting richer, and the super-rich are getting super-richer. This reality is illustrated in the chart of income gains, the vast
majority of which have flowed to the top .01%--not the top 1%, or the top .1% -- to the very tippy top of the wealth-power pyramid:

Though all sorts of reasons have been offered to explain this trend--I've described the mechanisms of financialization here for years--two that
don't attract much mainstream media attention are money laundering and control fraud, i.e. changing the rules of what's legal so what was illegal
yesterday is legal today--presto-magico, illegally skimmed wealth is now "legal."

Correspondent JD recently submitted an excellent summary of the progression from Money Laundering 1.0 to Money Laundering 2.0:

Money laundering 1.0 is making dirty money legal, control fraud is manipulating the 'legal' options, and money laundering 2.0 is making sure that
'legal' fortunes are not taxed and cannot be clawed back."
Conventional money laundering works by shifting ill-gotten gains into legitimate banks and/or assets. Ill-gotten gains can be laundered quite
easily by buying homes or businesses (in the U.S., Europe, etc.) with cash. The home or enterprises can then be sold and the net is now legit.

Another kind of money laundering opens shell accounts in U.S. states with no income tax or offshore tax havens and then transfers intellectual
property or other income-producing assets into the shell accounts.

As JD pointed out in his email to me, control fraud is a profoundly insightful concept presented by author William K. Black (Wikipedia), the essence
of which is that those with control/ power in centralized institutions can defraud the institutions and their users/citizenry by modifying the rules of
what's legal/allowable, and do so legally, i.e. within the letter of the law if not the intent of the law.

Black is the author of the book The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry.
Control fraud ranges from juicing the financials of companies to "legally" stripmining entire nations. In my view, borrowing billions of dollars to buy
back shares in a company and thereby boosting the value of the stock options held by top management is an excellent example of fully legal
control fraud: the top managers essentially transfer enormous wealth from the enterprise to their private pockets, under the guise of "building
shareholder value."

Day Trading: 7 Tips to Charting Trends - Capital at risk Guardian Stockbrokers

Saudi Arabia: market profile Hong Kong Trade

In other words, control fraud ranges from masking fraud to bringing fraud (however shakily) into the circle of quasi-compliance to fully legal fraud
(i.e. much of what enriched the few at the expense of the many in 2002-2008 housing/mortgage bubble.)

The ultimate form of control fraud is our auction-to-the-highest-bidder "democracy" in which wealth casts the only votes that count. Just transfer
enough wealth to the political class via campiagn contributions, "donations" to their foundations, etc., and then have a juicy targeted tax break
inserted into a complex legislative bill.
The structure of JD's money laundering 2.0 has been exposed by The Panama Papers and the Paradise Papers. If you're not familar with the
enormous offshore tax avoidance industry, here are a few sources to start with:

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Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corruption (a.k.a. The Panama Papers)

The Paradise Papers: A new mass data leak, this time from an elite law firm with elite clients, shows how deeply offshoring is embedded in the
global financial system.

How Corporations and the Wealthy Avoid Taxes (NYT)

An estimated $8.7 trillion, 11.5 percent of the entire world’s G.D.P., is held offshore by ultrawealthy households in a handful of tax shelters, and
most of it isn’t being reported to the relevant tax authorities
Wealth doesn't trickle down – it just floods offshore, research reveals (The Guardian)

Why we are shining a light on the world of tax havens again (The Guardian)
After explosive leaks from an offshore firm last year, others in the sector insisted it was a bad apple. Now that claim can be tested.

How to stop the super-rich looting our wealth: make it illegal (The Guardian)
The Paradise Papers expose a business model that lets the few asset-strip the many. Governments have powerful tools to stop this – but do they
have the will?

Of course they don't, because the political class is a direct beneficiary of Money laundering 2.0: the primary coin of trade between the super-
wealthy/corporatocracy and the political class is is the granting of what amounts to control fraud: tax breaks and loopholes that are tailored
specifically to the super-wealthy and global corporations.
The Hidden Wealth of Nations: The Scourge of Tax Havens (book)

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Just remember two things: JD's definition of money laundering 2.0: "making sure that 'legal' fortunes are not taxed and cannot be clawed back"

There is only one elite class at the top of the wealth-power pyramid: Financial and political power are two sides of one coin.
*  *  *

I'm offering my new book Money and Work Unchained at a 10% discount ($8.95 for the Kindle ebook and $18 for the print edition) through
December, after which the price goes up to retail ($9.95 and $20).Read the first section for free in PDF format.

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.

99290  92 

Comments
Cabreado • Dec 30, 2017 8:01 PM
29
1 "There is only one elite class at the top of the wealth-power pyramid: Financial and political power are two sides of one coin."

C'mon CHS...

Is this supposed to be some great revelation?

8 piceridu  Cabreado • Dec 30, 2017 8:47 PM

0 CHS...you lost me when you quoted the Guardian 3 times...have you ever seen this?
https://medium.com/@caityjohnstone/what-happens-when-a-russiagate-skeptic-debates-a-professional-russiagater-
1e796f620a4a

9 mkkby  piceridu • Dec 30, 2017 11:23 PM

10 CHS became worthless a long long time ago.  Conflating tax avoidance with laundering?  What a fuck tard.  He must be
another socialist who thinks just because you are successful you should pay the entire bill.

It's really all over for these shitty blogs.  I no longer care if net neutrality makes them all go away.

7 Xena fobe  mkkby • Dec 31, 2017 12:49 AM

0 The point was that powerful elites control centralized systems to fleece all of us.  The money comes from you and I.

4 Endgame Napoleon  Xena fobe • Dec 31, 2017 1:50 AM

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0
The worse thing is the impact on democracy. When political control is achieved via vast sums of money, sometimes gained
from overseas contacts and endeavors, voters have little leverage. Even when your vote counts to put the leader in office,
what the leader actually does in office has a lot more to do with big money and its sway. 

3 Sirius Wonderblast  Endgame Napoleon • Dec 31, 2017 6:36 AM

0 IT is why the establishment interests so entirely spit the dummy when things don't go their way, e.g. Brexit, Trump, and why
Greece got leant on to the point it was crushed.

1 1 Alabama  Sirius Wonderblast • Dec 31, 2017 7:54 AM

0 Have you seen the Feds portfolio of fraud? Its the nightmare that has to be lived to be believed.

1 mkkby  Endgame Napoleon • Dec 31, 2017 3:13 PM

0 Democracy shaped things more than you are admitting.  Where did all the socialist programs come from?  Answer -- from
poor people voting themselves other people's hard-earned shit.  Those politicians might have been bought and sold by the
wealthy, but they still keep the free shit army entertained and fed.

Here's a thought experiment for you.  Maybe it's just for the wealthy to rule.  They pay most of the bill.  Why should they
have to shut up and take an ass raping?  You have your social security, unemployment and welfare helping you in times of
need.  You got your cut.

0 crazzziecanuck  Xena fobe • Dec 31, 2017 3:48 PM

0 The nice thing about the 0.01%?  There really isn't that many of them.  So, if we decided it was in our best interest in executing
these worthless eaters, and IMHO the time is ripe for it, the bodycount would be pretty limited.

The ultra rich pay rich people to convince the middle classes that all their problems are caused by poor brown people.

This goes to the idea of "consent of the governed", and those at the top of the racket have forgotten that important fact.   If I was
a multibillionaire, the last thing I would count on to protect me is a bunch of hired goons.  When the shit hits the fan, the goons
will just shoot their masters and take their shit because they will fear the teeming mobs.

0 Lost in translation  mkkby • Dec 31, 2017 3:36 AM

0 + 1000

1 OverTheHedge  mkkby • Dec 31, 2017 4:16 AM

1 Isn't he all about moving assets abroad, getting dual citizenship and generally trying to avoid tax? Buy gold held outside of
the US ,that sort of thing? 
Is this article ironic? Am I missing something? Or just he believes in emulating the super-rich?

I'm confused, I have to admit. (Is there a different Charles Hugh-Smith, or am I thinking of someone else completely?)

2 NYC_Rocks  Cabreado • Dec 31, 2017 9:05 AM

0 Only because the financial sector got an advantage through the Federal Reserve Act in 1913.  Financial sector is not a competitive
market.  Blame the state for the govt sponsored monopoly power of the Fed. Banks have lobbied and hijacked the govt.  It's the govt
with the power to pass laws, fine and tax you and throw you in jail, not the banks.  The govt has it backwards.  Wilson let the Fed be
created and then we think we can regulate it.  Doesn't work because eventually the regulated hijack the regulators.  The core
problem is to get rid of the monopoly power and regulators and let the banks see real competition with each other with no central
bank to bail them out.  Watch the industry fragment and diversify as no one would put all their money in an over leveraged bank.
They would have so much more competition.

1 HopefulCynical  NYC_Rocks • Dec 31, 2017 12:36 PM

0 That doesn't work either, unless the law makes the banks have utter and complete transparency. Nobody would know an over
leveraged bank from a sound one.

0 crazzziecanuck  Cabreado • Dec 31, 2017 3:51 PM

0 I suspect the point he is trying to make is that finance and politics have pushed out the actual "job creators."

Umh • Dec 30, 2017 8:02 PM

13
2 Perhaps one of the worst descriptions of money laundering I have ever heard.

15 FreeShitter  Umh • Dec 30, 2017 8:05 PM

0 Agreed...Leo Getz did a better job of explaining it in Lethal Weapon 2.

8 peddling-fiction  FreeShitter • Dec 30, 2017 8:20 PM

0 So, if you forget where you replied on ZH, see who you replied to. Then open his profile. Then see his posts. Then reply to his
post, if you remember which one is the right one. Then go through a worm hole and reappear at the said article. Messed up
beyond comprehension.

4 Stuck on Zero  peddling-fiction • Dec 30, 2017 8:22 PM

0 It's easy to see where the wealthy park their money. Visit the US Treasury site: http://ticdata.treasury.gov/Publish/mfh.txt.

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Look at all the treasuries owned by Ireland, Cayman Islands, Luxembourg, Bermuda etc.

8 ThirdWorldNut  Stuck on Zero • Dec 30, 2017 8:22 PM

4 Nothing that inheritance tax could not fix in 2 generations flat - thats in our lifetimes.

1 Endgame Napoleon  ThirdWorldNut • Dec 31, 2017 1:53 AM

0 No, it won’t fix a system, where elites are not investing in their own country to generate more businesses. It will not stitch
the Republic back together, either, but the degree of inequality is likely causing this dynastic way of thinking. The
Founders were not like that by design.

1 SybilDefense  Endgame Napoleon • Dec 31, 2017 10:44 AM

0 The system won't be fixed. Not by one vote at a time, where votes are bought and paid for by false promise.  The founders
were part of the people, and the people were the militia.  Today we believe we still have 2A but we have relinquished the
militia to the gov because we believed they would act on our best interest.  Remember the Civil Defense preparedness
program during the cold war (now the NSA). People of all skills would meet, practice, and communicate with a common
secure homeland goal. Entire field hospitals could be erected in a few short hours, people signed up to contribute in
whatever way they could. Even motorcycle groups became communication operatives learning HAM skills or physically
taking messages to other control centers if needed. Everyone learned how to handle weapons.  The people ran it, worked it
and came together while doing so.  A sense of pride in community existed.  The bad guys were not on US soil... Yet.  The
NSA took over CD and phased out non gov participants (we the people).

When you relinquish control to the gov, it is difficult to get it back.  The framers acted on behalf of their constituents
because their constituents had a powerful voice (they were the homeland security or militia), backed up by a strong sense
of community.

We the people could regain control of our government if we made a concerted effort to become the part of government the
framers knew. Obviously tyranny was a big part of their concern when writing our founding documents.  Things may have
been worded a little differently if they foresaw a country of Xbox playing name calling crybabies whimpering fix it for me. 
There is no incentive for our gov to fix it.  Politicians and bankers don't seem to be increasingly struggling.  The opposite
is true for We The People.
The old addage that if you want something done right, you must do it yourself.  If you owned a business and never visited
the office, who is to blame when your employees rob you blind.

Although there are too many government positions, it is still hard to be voted into a good one.  So what can "We" do to
regain our Democracy.  We must become our government, not elect popular talking heads to be our government. Become
involved in a Civil Defense start up in your neighborhood. Coordinate with other chapters. Let's create a voice that is
consolidated enough not to be ignored.  You tube has many informative videos on how the Civil Defense program worked. 
My favorite follows the city of Reading PA.. A day in the life if you will.

America has enough homeland strife to focus on without the trillions we spend on foreign war for the benefit of the MIC. 
Imagine the tax cut you would receive with a %50 reduction in gov employees/salaries, and a 90-100% cut in defense
spending if our country were totodays only on defense instead of offense. Our gov must be administrative in nature and
take their orders from their employer...We the people.

 
If TPTB were honest, they would subsidize a public request to rebuild the CD program.  Gov should wholeheartedly
embrace a call by the people to become involved. It would create jobs and private sector leadership.  Industries and
technological advancements in public guidance would boom.  Public awareness and voter intelligence would skyrocket if
only reading the constitution was a criteria for participation.  The experiment in a free democratic system would be a
resounding success. 

This is not a call for a "measly militia or fifth column" to overthrow or change the systemically ill predicament we've been
lulled into accepting .  It is simply a statement.  If you want change, become the change.  Our constitution does not begin
with the words "Them politicians...". It describes a pathway for us to own our country, as intended.  If "We" continue to
allow "them" to do our job, we will get what "they" decide is enough to ensure complacency, and not a morsel more.  2A is
not only a right, but a duty, as well is the government of our land and nation.  It is our fault if it is allowed to fail. 

Start today.  Happy New Years

0 Reality_checkers  SybilDefense • Dec 31, 2017 12:21 PM

0 In other words problems in our country are all because there aren't enough guns in people's hands?

1 Giant Meteor  peddling-fiction • Dec 30, 2017 8:23 PM

0 Just toughening us up for the o pockee lips ..

The end is nigh !

5 peddling-fiction  Giant Meteor • Dec 30, 2017 8:25 PM

0 Tyler is on acid, walking naked in his home.

0 JibjeResearch  peddling-fiction • Dec 30, 2017 11:03 PM

0 You were with him at that time?

0 peddling-fiction  JibjeResearch • Dec 31, 2017 10:38 AM

0 Dirty cat is projecting...

3 lew1024  Umh • Dec 30, 2017 9:30 PM

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0
I find it difficult to distinguish your assertion from one generated by a bot, e.g. 'Perhaps one of the worst descriptions of X I have
ever heard'.

Your 1-2 with the previous guy is standard bot sequence.

Arguments based on facts, not assertions is the standard for human comments here at ZH. You don't make the cut.

Uncoy • Dec 30, 2017 8:03 PM

22
0 Charles, you are absolutely right. There are no rules or ethics or guidelines at this point. Might equals right again just as in
the Middle or Dark Ages. Security violations which would send you or I to jail for ten years allows Hillary Clinton to run for
president, as "gross negligence" becomes "carelessness"

25 Uncoy  Uncoy • Dec 30, 2017 8:18 PM

0 When the powerful can change the laws to suit their financial interests whenever they like makes the whole system a rigged
poker game. Apple just decides to keep all its profits, then do illegal deals behind closed doors with Irish politicians, then
waits it out for the US to change its laws so it can bring its profits home nearly tax free. All illegal and unethical and done
almost openly, brazenly by one of the most visible and profitable companies in the world. The world's wealthiest company
run by a gay narcissist perpetuating the greatest tax fraud in history. Yet Tim Cook has the audacity to openly scold
Europeans for expecting him to pay taxes on Apple's local profits and to admonish his own politicians for expecting Apple
to pay any tax at all.

The corruption at the top hollows out the bottom of the economy. Younger people don't have much interest in an honest
day's work as they see that those gaming the system and not working are doing so much better. There will be no one to do
the work, little to eat. If the super wealthy think they will be safe in their guarded havens, they haven't been reading history.
The aristocrats of Ancien Régime France were the most coddled and protected and privileged class since the heyday of
Ancient Egypt.
Most of them lost their heads. King Charles I of England was reputedly a very jolly fellow until Oliver Cromwell and the
Roundheads had enough of subsidising his shallow lascivity.

I'm not sure what we -- the intelligentsia or upper middle class -- can do to stop these shenanigans. If they don't stop it will
end badly for all of us. The upper middle class will be the first to suffer - as we're easier to get to - but the really rich will
pay an even higher price. I originally wrote elite instead of rich. But these people are not elite. They are scum, lacking either
ethics or humanity, only interested in pecuniary gain and willing to break any rules to obtain these riches.

For heck's sake, you can't take wealth to the grave. Wealth should be a tool to improve the world, not a method to hold it
senselessly ransom.

4 dirty fingernails  Uncoy • Dec 31, 2017 1:17 AM

0 Hell yes! Well said. When the laws are used to benefit only a certain class, the entire system suffers. At some point a law will
be passed to take your/my stuff, too, if they want it. They are building a neo-feudal system right in front of us and nobody
seems to care.

2 J J Pettigrew  Uncoy • Dec 31, 2017 6:38 AM

0 35% corporate tax was the mantra....yet NO ONE paid that level...

effective tax rates well well below.....

" , borrowing billions of dollars to buy back shares in a company and thereby boosting the value of the stock options held by top
management is an excellent example of fully legal control fraud: the top managers essentially transfer enormous wealth from the
enterprise to their private pockets, under the guise of "building shareholder value." "

that's the game....

and , you sit on my board, Jim sits on your board, we both sit on Jim's board....we all vote each other big money.

0 Singelguy  Uncoy • Dec 31, 2017 7:29 AM

0 We really don’t have to do anything but sit back and wait. The current way of doing things is unsustainable. The good news is
that the vast majority of the wealth of the 0.1% is in paper assets. When the system finally collapses, the value of those paper
assets will also collapse. For many, those paper assets have been leveraged, so when the value collapses, everything will be
lost. Subsequently, the 0.1% will have substantially less influence on the politicians and a new balance might be established. 

4 Kefeer  Uncoy • Dec 30, 2017 8:41 PM

2 As Solomon rightly said: there is nothing new under the sun, all is vanity like grasping at the wind.

All have this in common; we are born spiritually still-born and born to die - everyone.  The only unanswered question is where
do you go after you die and even though you die; yet you live....but where is the most important question...where??

Giant Meteor • Dec 30, 2017 8:04 PM

1
0 Money laundering ? Nooooooo, say it ain't sooooooo

hooligan2009 • Dec 30, 2017 8:13 PM

8
4 100% tax on assets over 100 million?

3 Hyjinx  hooligan2009 • Dec 30, 2017 8:21 PM

2 Ummmm... then why engage in any economic activity that could generate such income?  Probably not good on balance.

Xena fobe  Hyjinx • Dec 30, 2017 11:15 PM

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3
0 Why bother for a paltry 100 million?  That's not even enough for a decent sized yacht.  Better off collecting welfare.

1 Chris88  hooligan2009 • Dec 30, 2017 8:58 PM

3 Sounds like something a failure in life would come up with.

4 Xena fobe  Chris88 • Dec 30, 2017 11:11 PM

1 Those that asset mine nations using power over centralised systems are entitled to keep their ill gotten gains?  Then lets let all the
criminals out of jail too. 

0 Xena fobe  hooligan2009 • Dec 30, 2017 11:03 PM

0 Too easy to transfer the ill gotten gains off shore.

Giant Meteor • Dec 30, 2017 8:15 PM

19
1 “When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a
legal system that authorizes it and a moral code that glorifies it." ~ Frederic Bastiat

"I know not why any one but a school-boy in his declamation should whine over the Commonwealth of Rome, which grew
great only by the misery of the rest of mankind. The Romans, like others, as soon as they grew rich, grew corrupt; and in
their corruption sold the lives and freedoms of themselves, and of one another. [...] A people, who while they were poor
robbed mankind; and as soon as they became rich, robbed one another."
Samuel Johnson: Review of Thomas Blackwell's "Memoirs of the Court of Augustus"

The whole of the federal government as presently configured, in simpatico with "systemically important" bad faith actors, has
become the largest grifting operation known in the history of mankind." Giant Meteor

18 Chris88  Giant Meteor • Dec 30, 2017 9:04 PM

1 "Government is the great fiction through which everybody seeks to live at the expense of everybody else."

- Bastiat

1 NYC_Rocks  Chris88 • Dec 31, 2017 9:07 AM

0 Yes!  One of our biggest problems in this country is the Federal Reserve Act.  Fed is a govt sponsored monopoly.  The source of the
problem is with the govt who allowed it to be created and won't take it back.  Politicians have been bought completely.

2 JibjeResearch  Giant Meteor • Dec 30, 2017 11:06 PM

0 Yep, what you are talking about are the Fed, Gov, and All Big Banks that work directly with the Fed.

An Shrubbery • Dec 30, 2017 8:16 PM

6
0 QUOTE OF THE CENTURY:
BEST WAY TO ROB A BANK IS TO OWN ONE

adolphz • Dec 30, 2017 8:30 PM

2
0 The US brokers are behind corruptuon.

Giant Meteor • Dec 30, 2017 8:31 PM

10
0 What must be understood ..

Systemically important, too big to fail, IS the control fraud , and the vehicle of the control fraud, the robber , and the get
away driver .. a silent coup descended upon the land. What is good for me, is criminal for thee. Therefore, there is no rule of
law. There is only the rule of men, and tyranny, a fait accompli. I was certain that this had already been made abundantly
clear ..

Perhaps not ..

1 Xena fobe  Giant Meteor • Dec 31, 2017 12:25 AM

0 It should be clear to anyone who gives it a moment's attention.  We are all harmed by these criminal elite.  The left knows it and the
right knows it.  The elite can only continue pilfering by keeping the left and right from working together to stop them. 

Chris88 • Dec 30, 2017 8:58 PM

3
4 Oh no a tax haven! You mean successful people avoid theft? ZOMG!

3 Xena fobe  Chris88 • Dec 30, 2017 11:22 PM

0 Well, maybe you might want to read the article. 

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