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      A white Mediterranean-style villa with red roofs and vines.

      The US Leads the World in Millionaires, but the Wealth Is Not Trickling Down

      The spectacular wealth of America’s wealthy is paying no great dividends for average Americans; those dividends are funneling instead to the top of the U.S. economic ladder.

      Sam Pizzigati
      Aug 21, 2023

      Five-star hotels. So yesterday. Today’s super rich, The Wall Street Journalreports, are picking palatial luxury villas over swanky suites when they need a quick pick-me-up.

      Italy, France, and Greece currently offer the widest array of villa options, but Portugal seems to be catching up fast. So many options!

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      Opinion
      income inequality
      Credit Suisse chairman Axel Lehmann (L) and UBS Chairman Colm Kelleher attend a press conference

      Credit Suisse Complicit in 'Massive' Conspiracy to Help Rich Americans Dodge Taxes: Senate Report

      "Republican budget cuts have decimated the IRS's ability to root out this kind of offshore tax evasion scheme," said Sen. Ron Wyden.

      Jake Johnson
      Mar 29, 2023

      The Senate Finance Committee on Thursday published the results of a two-year investigation showing that the scandal-plagued Swiss bank Credit Suisse has been complicit in a "massive, ongoing conspiracy" to help wealthy U.S. citizens dodge taxes.

      Spearheaded by Sen. Ron Wyden (D-Ore.), the chair of the Senate panel, the probe found that Credit Suisse violated the terms of a 2014 plea agreement with the U.S. Department of Justice (DOJ) that required the bank to crack down on tax dodging by its U.S. clients.

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      credit suisse
      Federal Reserve Chair Jerome Powell

      Top Economist at Major Global Bank Says Corporate Profits Are Fueling Inflation

      "Companies have passed higher costs on to customers," wrote Paul Donovan of UBS Global Wealth Management. "But they have also taken advantage of circumstances to expand profit margins."

      Jake Johnson
      Nov 03, 2022

      The chief economist at the global investment bank UBS, the world's largest wealth manager, argued in an op-ed for the Financial Times on Wednesday that inflation in the United States "is more a product of profits than wages" and criticized Federal Reserve Chair Jerome Powell for refusing to acknowledge that fact as he plows ahead with massive interest rate hikes.

      "Powell's public remarks offer little insight into how he expects higher rates to tame inflation," Paul Donovan of UBS Global Wealth Management wrote just ahead of the Fed's latest interest rate increase of 75 basis points. "This is the current inflation story. Companies have passed higher costs on to customers. But they have also taken advantage of circumstances to expand profit margins. The broadening of inflation beyond commodity prices is more profit margin expansion than wage cost pressures."

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      News
      corporate profits
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