Chuck Collins - The Wealth Hoarders

1 Cover

2 Epigraph

3 Title Page

4 Copyright

5 Foreword

6 Acknowledgments

7 Prelude 1983: Discovering the Money River Slurping Lessons Notes

8 Prelude 2004: The Blue Hippo Swindle Notes

9 Prelude 2020: The Theft of Angola Notes

10 Introduction How Much Wealth is Hidden? Hidden Wealth Touches Us All About the Book Notes

11 1 The High Cost of Hidden Wealth Wealth Extraction and Poverty Sheltering Deadbeats and Kleptocrats Tax Dodging and the Growing Concentration of Wealth Oligarchy and Dynasties of Wealth Spending Millions to Defend Billions Notes

12 2 Who Are the Wealth Defenders? The Wealth Defense Class Cracks in the Facade New York Lawyers on Candid Camera Confessions of a Wealth Defender Armor Up: Dynasty Building Do “Only Morons Pay the Estate Tax?” Notes

13 3 Tools in the Wealth-Hiding Toolbox Wealth Hiding Increases as Inequality Grows Delaware and Shell Companies Lots of Salaries Depend on Delaware’s System The Skinny on Trusts South Dakota: Global Mecca for Wealth-Hiding Dynasty Trusts Bending the Intent of Trust Law Notes

14 4 All in the Family Office Origins of Modern Family Offices Pools of Money You’ve Never Heard About Financial Butlers Good Jobs in Wealth Defense Growing Inequality, Growing Wealth Defense Family Offices Protecting their Special Status Anonymous Pools of Unregulated Capital Notes

15 5 The Wealth Hiding in Your Neighborhood Tax Haven USA Art as a Form of Wealth Storage Luxury Real Estate as Wealth Storage Money Laundering and Criminal Activity The Disruptive Impact of Luxury Housing Notes

16 6 Smokescreens: The Justifications of the Wealth Defense Industry We Are Just Obeying the Rules The Wealth Defense Industry Writes the Rules The Wealth Defense Industry in New Hampshire Creates a New Ownership Device Helping Some Families and Wealth Creators Privacy vs. Secrecy Professional Associations: Spreading the Smokescreen Clients Demanding Less Aggressive Avoidance Welcoming the Wealth Defenders to New Roles Notes

17 7 Solutions to Wealth Hiding Pressure Points to Change the System Changing the Rules: Progress Toward Transparency A Range of Policy Solutions Notes

18 Conclusion: A Time for Bold Action

19 Epilogue: Grads, Don’t Work for the Billionaire Wealth Defense Industry

20 Reading and Resources

21 Index

22 End User License Agreement

1 Cover

2 Table of Contents

3 Epigraph

4 Title Page

5 Copyright

6 Foreword

7 Acknowledgments

8 Prelude 1983: Discovering the Money River

9 Prelude 2004: The Blue Hippo Swindle

10 Prelude 2020: The Theft of Angola

11 Introduction

12 Begin Reading

13 Conclusion: A Time for Bold Action

14 Epilogue: Grads, Don’t Work for the Billionaire Wealth Defense Industry

15 Reading and Resources

16 Index

17 End User License Agreement

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“It is no great surprise anymore that we are facing the greatest crisis in income and wealth inequality that we have seen since the 1920s. What is shocking is the sprawling system of corruption that the ultra-rich have designed in order to hoard their unimaginable wealth at the expense of everyone else. Chuck’s book reveals not only the inner workings of this elaborate scheme to hide more than $20 trillion in wealth, it offers us a blueprint for reversing this obscene inequality so we can take back our democracy and ensure that our government works for everybody – not just the billionaire class and wealthy campaign contributors.”

Senator Bernie Sanders

“This book, a primer to the secrets of the money river, is an essential reformers’ handbook for navigating these dangerous times now facing us – and future generations.”

Nicholas Shaxson, author, The Finance Curse and Treasure Islands

“Skillfully blends personal narrative with social scientific research to create unique insights into a world of privilege that is ordinarily out of sight and out of mind for the rest of us.”

Brooke Harrington, Professor of Sociology at Dartmouth College. Author of Capital without Borders: Wealth Managers and the One Percent

“ The Wealth Hoarders reveals that a whole parallel world exists in which the rich and powerful enjoy the freedom to avoid not just taxes but all kinds of laws they find inconvenient. Accepting the existence of this parallel world means putting democracy at risk.”

Frederik Obermaier, author of The Panama Papers: Breaking the Story of How the Rich and Powerful Hide Their Money

“This vital and expertly written book reveals the epic scale of theft occurring legally and in plain sight. Theft that destroys public services, removes access to housing and for which the poorest pay the highest price. The authors reveal how the fountain of wealth gushes ever upwards; we are all paying the price, some of us with our lives, as the wealth defence industry siphons off trillions. Chuck Collins is tireless in his determination to uncover the vicissitudes of the extremely wealthy. If you aren't already angry about inequality, then read this book. If you aren't angry enough to take action by the end of it, then you either work in the WDI or you are one of the 0.1 per cent.”