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Клептократія по-американськи
Протягом багатьох років одна країна діяла як найбільша офшорна гавань у світі, приймаючи сотні мільярдів доларів незаконних фінансів, безпосередньо пов’язаних з корумпованими режимами, екстремістськими мережами та всім найгіршим, що тільки є у світі. Проте це не вкритий піском Карибський острів і навіть не традиційний притулок фінансової секретності, як-от Швейцарія чи Панама. Натомість виявилося, що найбільший зиск має країна, котра досі претендує на роль морального лідера вільного світу і на першість у боротьбі зі злодіями та корупціонерами — США.
У “Клептократії по-американськи” висвітлено перетворення Сполучених Штатів на світовий центр офшорингу. Яким чином штати, як Делавер і Невада, відточили мистецтво анонімних компаній-оболонок, і як досягнення реформаторів після 11 вересня спричинили новий потік нелегальних фінансів безпосередньо до США. Як африканські деспоти та постсовєцькі олігархи стали домінувати на американському узбережжі, в промисловості, цілих містах і містечках Середнього Заходу США. Як брудні гроші почали проникати в американські університети, аналітичні та культурні центри. І як борці з корупцією намагаються відновити лідерство США в цій сфері та покласти нарешті край пануванню клептократії по-американськи.
У “Клептократії по-американськи” висвітлено перетворення Сполучених Штатів на світовий центр офшорингу. Яким чином штати, як Делавер і Невада, відточили мистецтво анонімних компаній-оболонок, і як досягнення реформаторів після 11 вересня спричинили новий потік нелегальних фінансів безпосередньо до США. Як африканські деспоти та постсовєцькі олігархи стали домінувати на американському узбережжі, в промисловості, цілих містах і містечках Середнього Заходу США. Як брудні гроші почали проникати в американські університети, аналітичні та культурні центри. І як борці з корупцією намагаються відновити лідерство США в цій сфері та покласти нарешті край пануванню клептократії по-американськи.
368 pages, Paperback
Published January 1, 2025
187 people are currently reading
6459 people want to read
About the author
Casey Michel
7 books97 followersCasey Michel is an author, journalist, and director of the Combating Kleptocracy Program with the Human Rights Foundation. He is the author of AMERICAN KLEPTOCRACY, named by The Economist as one of the "best books to read to understand financial crime"; described by The Atlantic as "brilliantly clear"; and called "masterful" by Financial Times.
He is also the author of FOREIGN AGENTS, which received starred reviews from both Kirkus and Publishers Weekly, and was one of the “biggest foreign-policy book releases of 2024,” according to Foreign Policy.
He is currently sanctioned by the Russian regime for his work.
His new book, UNITED STATES OF OLIGARCHY, will track the rise and reign of America's oligarchic class, and the damage done to America's democracy—as well as how America's wealthiest class has allied with dictators around the world.
UNITED STATES OF OLIGARCHY will be released in the summer of 2026. All of Michel's books are published by St. Martin's Press.
Michel's writing on offshoring, foreign lobbying, authoritarianism, and illicit wealth has appeared in The New York Times, Financial Times, The Wall Street Journal, The Atlantic, Foreign Affairs, and The Washington Post, among other outlets, and he has appeared on NPR, BBC, CNN, and MSNBC, among other stations. He has also testified in front of the Senate Judiciary Committee on the links between illicit financial networks and national security.
He received his Master’s degree in Russian, Eurasian, and East European Studies from Columbia University’s Harriman Institute, and served as a Peace Corps Volunteer in northern Kazakhstan. He currently lives in New York, where he is insanely fortunate to be married to Versha Sharma.
He is also the author of FOREIGN AGENTS, which received starred reviews from both Kirkus and Publishers Weekly, and was one of the “biggest foreign-policy book releases of 2024,” according to Foreign Policy.
He is currently sanctioned by the Russian regime for his work.
His new book, UNITED STATES OF OLIGARCHY, will track the rise and reign of America's oligarchic class, and the damage done to America's democracy—as well as how America's wealthiest class has allied with dictators around the world.
UNITED STATES OF OLIGARCHY will be released in the summer of 2026. All of Michel's books are published by St. Martin's Press.
Michel's writing on offshoring, foreign lobbying, authoritarianism, and illicit wealth has appeared in The New York Times, Financial Times, The Wall Street Journal, The Atlantic, Foreign Affairs, and The Washington Post, among other outlets, and he has appeared on NPR, BBC, CNN, and MSNBC, among other stations. He has also testified in front of the Senate Judiciary Committee on the links between illicit financial networks and national security.
He received his Master’s degree in Russian, Eurasian, and East European Studies from Columbia University’s Harriman Institute, and served as a Peace Corps Volunteer in northern Kazakhstan. He currently lives in New York, where he is insanely fortunate to be married to Versha Sharma.
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Displaying 1 - 30 of 92 reviews
July 1, 2021
This book details how extremely rich oligarchs from Africa, eastern Europe, or the middle east, often launder their ill-gotten gains through American institutions. Anyone familiar with TV series such as Ozark or Billions will be familiar with such schemes. Unfortunately these are not fiction, but are all too true. The book also details some of the laws that have been put into place to help combat this money laundering, usually without a lot of success.
Towards the last part of the book, the author details real estate activities of Donald Trump and characterizes him as similar to the other individuals described in this book. I am not sure about whether all of this is true or not, but the author takes some of his credibility away by lauding the Obama regime and talking about the "wonderful" changes that will be occurring under now-President Biden. Unfortunately the fact that Joe Biden is compromised with Russia, China and the Ukraine because of the dealings of his son Hunter is ignored. This book identifies a real problem, but the solutions the author proposes are not realistic .
I received a complementary copy from the publisher via NetGalley in exchange for an honest review.
Towards the last part of the book, the author details real estate activities of Donald Trump and characterizes him as similar to the other individuals described in this book. I am not sure about whether all of this is true or not, but the author takes some of his credibility away by lauding the Obama regime and talking about the "wonderful" changes that will be occurring under now-President Biden. Unfortunately the fact that Joe Biden is compromised with Russia, China and the Ukraine because of the dealings of his son Hunter is ignored. This book identifies a real problem, but the solutions the author proposes are not realistic .
I received a complementary copy from the publisher via NetGalley in exchange for an honest review.
December 5, 2021
Leftist Crap!
Don’t be hoodwinked by some really excellent story telling. The author is a rabid leftist that uses his skill to espouse that all financial transactions must be transparent, asset ownership must be documented showing a physical human owner, that sellers of assets are responsible for the research of the sources of funds, that Banks are responsible for the policing of transactions crossing their networks, and that Government should play an active role in commerce.
I encourage one to read the last chapter first. There, the author exposes the creation or a “New Progressive Era” and lauds Senators Warren and Sanders. He decries “ American capitalism in all it’s in humanity, and in all it’s corruption - much as the Trump age has revealed all that is crass, all that is corrupt, about the American political system, and about modern capitalism more broadly.”
Don’t be hoodwinked by some really excellent story telling. The author is a rabid leftist that uses his skill to espouse that all financial transactions must be transparent, asset ownership must be documented showing a physical human owner, that sellers of assets are responsible for the research of the sources of funds, that Banks are responsible for the policing of transactions crossing their networks, and that Government should play an active role in commerce.
I encourage one to read the last chapter first. There, the author exposes the creation or a “New Progressive Era” and lauds Senators Warren and Sanders. He decries “ American capitalism in all it’s in humanity, and in all it’s corruption - much as the Trump age has revealed all that is crass, all that is corrupt, about the American political system, and about modern capitalism more broadly.”
August 15, 2021
American Kleptocracy by Casey Michel is an interesting and timely book describing who and how money is moved about globally. What is frustrating and disturbing to learn is although most of the money is not stolen in the US, much of it is transferred into the US where it goes from dirty to clean money legally! Mr. Michel is an Adjunct Fellow for the Hudson Institute’s Kleptocracy Initiative, and has contributed research pertaining to offshoring, illicit finance, and foreign interference to the German Marshall Fund, the Human Rights Foundation, as well as others.
The money flows into the US with the assistance of US lawyers and set up in shell companies mainly in Delaware, South Dakota and Nevada, three states that have made it possible to set up an Anonymous Shell Company in less than one hour. Some of the people described with vast sums of stolen money meaning over 1 billion dollars are from Equatorial Guinea and Ukraine. In the case of Teodore Obiang now VP of Equatorial Guinea who among ways to “wash” his money bought up all the Michael Jackson items including the famous glove. In this case the harm is mainly to the people of Equatorial Guinea who have lost much of the revenue that could be used to make the country more livable. In the case of Ukraine, the oligarch Ihor Kolomoisky not only ransacked the Ukraine economy he and his cohorts purchase steel mills and office buildings in middle America which they ran into the ground but as Michel explains the money is now free and beyond the grasp of Ukraine while at the same time causing massive financial pain to hard working middle class Americans. So the key point is it does impact the US and at this point we do not know how large this problem may be since all the money and who it belongs to is still hidden.
I believe this is an excellent book to begin to understand this issue and problem for America. It is well written without technical jargon and will make you a bit more informed about an important issue for America.
The money flows into the US with the assistance of US lawyers and set up in shell companies mainly in Delaware, South Dakota and Nevada, three states that have made it possible to set up an Anonymous Shell Company in less than one hour. Some of the people described with vast sums of stolen money meaning over 1 billion dollars are from Equatorial Guinea and Ukraine. In the case of Teodore Obiang now VP of Equatorial Guinea who among ways to “wash” his money bought up all the Michael Jackson items including the famous glove. In this case the harm is mainly to the people of Equatorial Guinea who have lost much of the revenue that could be used to make the country more livable. In the case of Ukraine, the oligarch Ihor Kolomoisky not only ransacked the Ukraine economy he and his cohorts purchase steel mills and office buildings in middle America which they ran into the ground but as Michel explains the money is now free and beyond the grasp of Ukraine while at the same time causing massive financial pain to hard working middle class Americans. So the key point is it does impact the US and at this point we do not know how large this problem may be since all the money and who it belongs to is still hidden.
I believe this is an excellent book to begin to understand this issue and problem for America. It is well written without technical jargon and will make you a bit more informed about an important issue for America.
January 20, 2022
American Kleptocracy is generally a good overview of the money laundering phenomenon, but it's too ideological, too left-leaning and too partisan in its second half. A lot of times this hurts its premises and its ability to convey information.
I read the book based on a positive review that appeared in The Economist (not exactly a pinko magazine). I read a few reviews on this site and Amazon and had a general idea of the author's stances. And yet, a lot of paragraphs and phrases still surprised me. Take into account that I'm not American and not invested in any of the major parties, and still a lot of its attacks on Republicans come across as unfounded and unncessary.
WHAT I LIKED about the book was how it covers the historical creation of anti-money laundering laws, regulations and its move to the foreground of policymaking in the 9-11 era. Its explanation of real cases, real people, and real regulations helps make it all too clear.
WHAT I DISLIKED was how the author interchangeably used terms and ideas to imply that every instance of anonymity is bad. It also criticised all the tools in the Corporate and Banking worlds that allow for money-laundering, as if they were all obviously bad ideas that only cause harm. But it failed to analyze how these could be replaced and at what cost. This is my main criticism: there is a cost to higher anti-money laundering regulations, and the author at no point tries to establish what those costs could be or how they could impact consumers.
All in all, a good read as long as you know you'll find a lot of arguments made only for political points
I read the book based on a positive review that appeared in The Economist (not exactly a pinko magazine). I read a few reviews on this site and Amazon and had a general idea of the author's stances. And yet, a lot of paragraphs and phrases still surprised me. Take into account that I'm not American and not invested in any of the major parties, and still a lot of its attacks on Republicans come across as unfounded and unncessary.
WHAT I LIKED about the book was how it covers the historical creation of anti-money laundering laws, regulations and its move to the foreground of policymaking in the 9-11 era. Its explanation of real cases, real people, and real regulations helps make it all too clear.
WHAT I DISLIKED was how the author interchangeably used terms and ideas to imply that every instance of anonymity is bad. It also criticised all the tools in the Corporate and Banking worlds that allow for money-laundering, as if they were all obviously bad ideas that only cause harm. But it failed to analyze how these could be replaced and at what cost. This is my main criticism: there is a cost to higher anti-money laundering regulations, and the author at no point tries to establish what those costs could be or how they could impact consumers.
All in all, a good read as long as you know you'll find a lot of arguments made only for political points
November 24, 2021
When people think of off-shore money havens, they usually think of places like the Caymans. But, in fact, as author Casey Michel shows in his book, American Kleptocracy, the US has become one of the world’s biggest and most popular places for off-shore tax havens and money laundering.
In this well-wriitten, well-documented, and surprisingly readable book, he describes the history of the rise of US offshore havens from its start in states like New Jersey to its rapid spread to other states who saw all the money rolling in and wanted in on it. He also introduces us to some of the people offering this ‘service’ and those taking advantage of it’ from African despots to Russian oligarchs. A truly eye-opening book.
Thanks to Netgallet and St Martin’s Press for the opportunity to read this book in exchange for an honest review
In this well-wriitten, well-documented, and surprisingly readable book, he describes the history of the rise of US offshore havens from its start in states like New Jersey to its rapid spread to other states who saw all the money rolling in and wanted in on it. He also introduces us to some of the people offering this ‘service’ and those taking advantage of it’ from African despots to Russian oligarchs. A truly eye-opening book.
Thanks to Netgallet and St Martin’s Press for the opportunity to read this book in exchange for an honest review
November 1, 2021
How the U.S. Created the WORLD’S GREATEST MONEY LAUNDERING SCHEME in HISTORY
Casey Michel shows us the world of illicit offshore money schemes.
American Kleptocracy looks at how the United States morphed into the center of global money offshoring.
Our country has been at the center of this illicit game for far too long. While our leaders decry corrupt regimes around the world, we are happy to take their money.
If you want to start your own shell company go to Delaware. Or Nevada. Delaware will let literally anyone set up a virtual shop. Having managed property for a long time, most of my owner’s companies are LLCs in Delaware. A state they don’t live in. Soviet Oligarchs, African despots, the worst of the worst store their money here while their own people starve. And when Trump came along it was a marriage made in greed. Restrictions were released. Laws made it easier to launder and hide money.
Do we really know how much of our own country is owned by outsiders? Shocking.
This was an excellent book that taught me a few new things. The author has a way of breaking down a rather large topic and just saying, “Hey, this is what is going on!”. He also talks about how our new President could proceed.
Very well researched and written, this was a great read.
NetGalley/November 16th, 2021, St. Martin’s Press
Casey Michel shows us the world of illicit offshore money schemes.
American Kleptocracy looks at how the United States morphed into the center of global money offshoring.
Our country has been at the center of this illicit game for far too long. While our leaders decry corrupt regimes around the world, we are happy to take their money.
If you want to start your own shell company go to Delaware. Or Nevada. Delaware will let literally anyone set up a virtual shop. Having managed property for a long time, most of my owner’s companies are LLCs in Delaware. A state they don’t live in. Soviet Oligarchs, African despots, the worst of the worst store their money here while their own people starve. And when Trump came along it was a marriage made in greed. Restrictions were released. Laws made it easier to launder and hide money.
Do we really know how much of our own country is owned by outsiders? Shocking.
This was an excellent book that taught me a few new things. The author has a way of breaking down a rather large topic and just saying, “Hey, this is what is going on!”. He also talks about how our new President could proceed.
Very well researched and written, this was a great read.
NetGalley/November 16th, 2021, St. Martin’s Press
May 28, 2022
I KNEW IT!!! This is what happens when you mix money and politics.
September 19, 2022
This book clearly explains how oligarchs in Europe, the Middle East, and Africa use American financial regulations and institutions to launder money (and further harm citizens). To do so, Michel uses two case studies - Teodoro Nguema Obiang Mangue in Equatorial Guinea and Ihor Kolomoisky in Ukraine. I found these examples, and his overall narrative style for the first half of the book, to be compelling, clear, and easy to comprehend without being overly simplistic. I was especially impressed with his descriptions of how the Patriot Act and post-9/11 regulatory environment in general paved the way for large-scale fraud.
Like many other readers, I was unimpressed with the second half of the book, where he takes on modern American kleptocrat Donald Trump and also considers potential mitigation strategies. While I don't necessarily mind the ideological bend in principle, I found the extent to which opines and editorializes pretty distracting, and many of the solutions proposed feel a bit milquetoast/surprisingly under-researched.
All that to say, I thought the first half of this book was great. I think the second half was still worth reading, but I don't think I'd find myself recommending it.
Like many other readers, I was unimpressed with the second half of the book, where he takes on modern American kleptocrat Donald Trump and also considers potential mitigation strategies. While I don't necessarily mind the ideological bend in principle, I found the extent to which opines and editorializes pretty distracting, and many of the solutions proposed feel a bit milquetoast/surprisingly under-researched.
All that to say, I thought the first half of this book was great. I think the second half was still worth reading, but I don't think I'd find myself recommending it.
April 18, 2023
This book is a very good insight into USA as a Tax Haven and as a Money Laundromat.
Unfortunately the author is biased with a very strong Manichean view of the world affairs in which poor USA, representing democracy, freedom and good values, flawed with some Kleptocracy friendly laws and regulations, is surrounded by some Dark Side Countries like Russia, China, and Ukraine (but only before the Euro-Maidan incident), ready to exploit those flawed regulations in order to enrich their corrupted elites, enslave their populations and meddle with "our" democratic system.
Ignoring not only any kind of context in the geopolitical order in which the narrated events take place, but also the elephant in the room, i.e. the very fact that those laws and regulations are used also if not mainly by thousands of Western (and Western allies) related subjects, as in the course of years many investigative journalism and leaks have shown.
Although finding some of those insights on US’ States laws and regulations pretty informative, while reading I started to grow less and less tolerant toward the simplistic view of the world the author behold.
Unfortunately the author is biased with a very strong Manichean view of the world affairs in which poor USA, representing democracy, freedom and good values, flawed with some Kleptocracy friendly laws and regulations, is surrounded by some Dark Side Countries like Russia, China, and Ukraine (but only before the Euro-Maidan incident), ready to exploit those flawed regulations in order to enrich their corrupted elites, enslave their populations and meddle with "our" democratic system.
Ignoring not only any kind of context in the geopolitical order in which the narrated events take place, but also the elephant in the room, i.e. the very fact that those laws and regulations are used also if not mainly by thousands of Western (and Western allies) related subjects, as in the course of years many investigative journalism and leaks have shown.
Although finding some of those insights on US’ States laws and regulations pretty informative, while reading I started to grow less and less tolerant toward the simplistic view of the world the author behold.
January 14, 2022
This book illuminates a complicated subject very well, telling colorful stories about two particularly prolific practitioners - Equatorial Guinea’s Teodoro Nguema Obiang Mangue and Ukraine’s Ihor Kolomoisky. It is highly effective and entertaining. The story leads to Trump businesses and the use of shell companies in buying properties in Trump developments. The interesting connections start to become drowned out by more vitriolic writing and editorializing, in the absence of which the book would have merited a fifth star.
December 10, 2025
There are some really great and important stories that highlight the scourge of kleptocracy and how it is aided and abetted. The Equatorial Guinea story and PrivatBank stories are told vividly. I will long remember some of the more outlandish details of them. Unfortunately, those stories are bogged down by a book that is too long for the material it covers. I think you could easily cut 100 pages of superfluous details or just needless opining from the author down. That would make this a much sharper and more powerful book.
February 23, 2022
*I received this book through a Goodreads Giveaway.*
Well researched and well written. Clear case studies were used to help the reader understand what happened and how. I did find the timeline got a little confusing here and there but, for the most part, was easy to follow. I definitely enjoyed the hopeful end to the book which I was not expecting after all the darkness.
Well researched and well written. Clear case studies were used to help the reader understand what happened and how. I did find the timeline got a little confusing here and there but, for the most part, was easy to follow. I definitely enjoyed the hopeful end to the book which I was not expecting after all the darkness.
December 8, 2021
This was a great explanation and summary of this topic while also being easy to read and entertaining for newbies like myself. I think if you're curious about this topic, then Casey does a great job breaking it down. Bonus: I really enjoyed listening to the audiobook for the excellent reading by Joe Dwyer.
March 31, 2025
Це було дуже цікаво! Відкрила для себе тему money laundering, про яку мої знання обмежувались виключно серіалом breaking bad
Спочатку дуже здивувалась тому, що стільки українських діячів та подій згадується в книзі, а потім… ну, прочитайте)
П.с. про трампа тут погано, про путіна погано, про Зеленського добре — можна читати🫡
Спочатку дуже здивувалась тому, що стільки українських діячів та подій згадується в книзі, а потім… ну, прочитайте)
П.с. про трампа тут погано, про путіна погано, про Зеленського добре — можна читати🫡
August 18, 2024
Erg goed boek over de witwaswanpraktijken in de VS. Actuele link met Trump’s vastgoed imperium. Echt een aanrader!
July 17, 2022
American Kleptocracy is a sweeping indictment of the prominent role played by the United States in global money laundering. Starting with the stories of two corrupt oligarchs, one from Equatorial Guinea and the other from the Ukraine, Michel then shows how poorly regulated industries in the US facilitate the safekeeping of ill-gotten monies in this country. Depending on your politics, you will either be shocked or not in the least surprised, that one person who has abetted this corruption for his own personal gain is none other than our former, twice-impeached, President.
June 22, 2022
Forget about Panama. America is the biggest money laundering nation.
1. States such as Nevada and Delaware compete for business with allowing for shell companies without questions asked. This allow dirty money to hide their origins.
2. Oligarchs and dictators transfer funds into the accounts of these shell companies to buy real estate and struggling factories. Isn’t that a good thing? No, because they tend to neglect the management of the real estate, pushing our tenants. No, because they don’t care much about safety, rather using the factories to further launder money.
3: While financial institutions must report suspicions funds x lawyers claim client-lawyer confidentiality privilege, using escrow accounts ( that are exempt from reporting) to launder money.
4. Trusts that last until eternity are also used to hide the origin of the funds. Otherwise why would you need a trust with yourself both as the executor and beneficiary?
5. Funds are also donated to think tanks and universities to white wash their reputation.
6. Funds had been used to employ lobbyists and donated to political parties to influence American politics
7. Trump tried to squash anti money laundering efforts
Counterstrike:
1. The Patriot Act allows the US government to seize assets directly
2. Financial Transparency Act forces financial institutes to make data transparent
3. FINCEN (Financial crimes enforcement network) with its anti money laundering laws
4. Working with the world-wide anti money laundering organisations such as FATF (financial action task force) to share information of funds.
What more can be done?
1. Ban shell companies
2. Plug loopholes of lawyer confidentiality privileges, and escrow accounts
3. More resources at the IRS
1. States such as Nevada and Delaware compete for business with allowing for shell companies without questions asked. This allow dirty money to hide their origins.
2. Oligarchs and dictators transfer funds into the accounts of these shell companies to buy real estate and struggling factories. Isn’t that a good thing? No, because they tend to neglect the management of the real estate, pushing our tenants. No, because they don’t care much about safety, rather using the factories to further launder money.
3: While financial institutions must report suspicions funds x lawyers claim client-lawyer confidentiality privilege, using escrow accounts ( that are exempt from reporting) to launder money.
4. Trusts that last until eternity are also used to hide the origin of the funds. Otherwise why would you need a trust with yourself both as the executor and beneficiary?
5. Funds are also donated to think tanks and universities to white wash their reputation.
6. Funds had been used to employ lobbyists and donated to political parties to influence American politics
7. Trump tried to squash anti money laundering efforts
Counterstrike:
1. The Patriot Act allows the US government to seize assets directly
2. Financial Transparency Act forces financial institutes to make data transparent
3. FINCEN (Financial crimes enforcement network) with its anti money laundering laws
4. Working with the world-wide anti money laundering organisations such as FATF (financial action task force) to share information of funds.
What more can be done?
1. Ban shell companies
2. Plug loopholes of lawyer confidentiality privileges, and escrow accounts
3. More resources at the IRS
August 8, 2022
Total idiot
January 9, 2023
We Americans can be funny when it comes to thinking about our role in global finance. Thanks to movies, TV and other pop culture, everybody more or less knows that there is vast criminal activity going on - just think of how many movies or TV shows rely on the infamous "briefcase filled with $100 bills" trope. And it's not like writers are afraid of the 'money laundering' plot line, either - just imagine how many lawyers and bankers the drug cartels keep in business.
And yet, that awareness of financial criminality never seems to result in any stigma that we as Americans are actively engaged in it. Rather, it's something that 'other people do.' But, as Casey Michel extensively documents in "American Kleptocracy," America is actually now a tax haven in the very literal sense of the word.
The fact is that the world is rife with criminal activity, often at a grand scale. Families of corrupt dictators are one such colorful example, as Michel documents, but there are also drug cartels and other organized crime syndicates with their own illicit fortunes. These uber-rich criminals need to be able to use their ill-gotten gains, so how do they make the money appear to be clean? They launder it, through means both Byzantine and deceptively simple.
This book is an excellent if occasionally dry primer in how certain American legal realities have created tax havens inside the U.S. perfectly tailored for money laundering. Whether it's Delaware corporate law, or Wyoming's creation of the limited liability company, or South Dakota's forgiving trust regime, there are lots of legal structures and systems within the U.S. that create opportunities for criminals to engage in vast financial crimes.
These systems have legitimate uses, as Michel points out over and over - but that must not obscure the fact that they are also being abused on a grand scale. Opportunities for skullduggery generally revolve around anonymity - corporations, LLCs, and trusts organized in certain states do not require public disclosure of their owners or the sources of their funds/capital. This can be nice for anyone. For example, if you are starting a family restaurant and you don't want to disclose that your rich parents are your 'silent partners,' state law does not require that information be made public. But that also extends to if instead of your rich parents your silent partner is engaged in criminal activity, such as a drug cartel or corrupt dictator.
The book builds to the Trump Administration (certainly not a 'dry' portion of the book) where Michel documents in considerable detail how our former President and his administration undermined what little efforts the U.S. government had taken to combat the rampant money-laundering in the U.S. (former U.S. Senator Carl Levin emerges as a force for good here). But Trump had learned the key role that U.S. real estate investment plays for certain money-launderers - those with the resources to play a longer game. If you have $50 million in ill-gotten gains, you can park $40 million or so in U.S. real estate - one of the more stable investment classes out there - with few questions asked. You can keep $10 million as 'play money' and reap the benefits. Trump's connections with dirty money are there for all to see, which explains several of his decisions to cause the U.S. to backslide on its anti-corruption efforts.
This is a fun read and an entertaining one. It lacks the personal angle of some of the best writing about financial skullduggery, such as Bill Browder's "Freezing Order," so it's not quite a five-star read. But it's close - highly recommended.
And yet, that awareness of financial criminality never seems to result in any stigma that we as Americans are actively engaged in it. Rather, it's something that 'other people do.' But, as Casey Michel extensively documents in "American Kleptocracy," America is actually now a tax haven in the very literal sense of the word.
The fact is that the world is rife with criminal activity, often at a grand scale. Families of corrupt dictators are one such colorful example, as Michel documents, but there are also drug cartels and other organized crime syndicates with their own illicit fortunes. These uber-rich criminals need to be able to use their ill-gotten gains, so how do they make the money appear to be clean? They launder it, through means both Byzantine and deceptively simple.
This book is an excellent if occasionally dry primer in how certain American legal realities have created tax havens inside the U.S. perfectly tailored for money laundering. Whether it's Delaware corporate law, or Wyoming's creation of the limited liability company, or South Dakota's forgiving trust regime, there are lots of legal structures and systems within the U.S. that create opportunities for criminals to engage in vast financial crimes.
These systems have legitimate uses, as Michel points out over and over - but that must not obscure the fact that they are also being abused on a grand scale. Opportunities for skullduggery generally revolve around anonymity - corporations, LLCs, and trusts organized in certain states do not require public disclosure of their owners or the sources of their funds/capital. This can be nice for anyone. For example, if you are starting a family restaurant and you don't want to disclose that your rich parents are your 'silent partners,' state law does not require that information be made public. But that also extends to if instead of your rich parents your silent partner is engaged in criminal activity, such as a drug cartel or corrupt dictator.
The book builds to the Trump Administration (certainly not a 'dry' portion of the book) where Michel documents in considerable detail how our former President and his administration undermined what little efforts the U.S. government had taken to combat the rampant money-laundering in the U.S. (former U.S. Senator Carl Levin emerges as a force for good here). But Trump had learned the key role that U.S. real estate investment plays for certain money-launderers - those with the resources to play a longer game. If you have $50 million in ill-gotten gains, you can park $40 million or so in U.S. real estate - one of the more stable investment classes out there - with few questions asked. You can keep $10 million as 'play money' and reap the benefits. Trump's connections with dirty money are there for all to see, which explains several of his decisions to cause the U.S. to backslide on its anti-corruption efforts.
This is a fun read and an entertaining one. It lacks the personal angle of some of the best writing about financial skullduggery, such as Bill Browder's "Freezing Order," so it's not quite a five-star read. But it's close - highly recommended.
November 29, 2021
The alarming nature of kleptocracy is that it is the biggest danger to democracy. As Oliver Bullough has written, where the 20th century had communism and fascism, the 21st has kleptocracy.
Therefore, Casey Michel's excellent book is not just an alarm call against those exploiting their own countries to the tune of 100s of $billions (as if that was not bad enough) but, through the easy way such kleptos have found to launder their money in countries such as the USA, they undermine nations in receipt of their money.
This book has been excellently researched and a good read, if the sense of nausea that the examples of the many kleptocrats produce can be allayed, which is not easy. Example after example, from nations in Africa pillaged by the monsters that come to 'lead' them (Teodorin, Sassou-Neguesso and many others) to those in Eastern Europe that cruised in on the back of the break-up of the USSR and ransacked nations such as Russia and Ukraine, building billionaires whose funds were illicitly produced and found homes in the west.
"Illicitly" may not mean illegal in the country in which they were pillaged. Of course not! The laws in those countries were changed to suit the pillagers, much like Danegeld in Europe enabled the pillaging Danes to tax the countries they took over. However, countries such as the USA and UK enable these horrendously acquired assets to be laundered because they were not illegally obtained in the recipient countries. London's most expensive housing becomes bought up by Russians who acquired the money in ways that, if they were acquired in the same in London, would be illegal.
As Casey describes, the USA under Joe Biden is now turning away from the corrupt Trump era / error towards anti-corruption initiatives. These are well-described, but as is stated, depend on resourcing the initiatives and ensuring that the laws are sound. This is one, big step ahead of my country, the UK, where government, led by Johnson, is shown to be corrupting and where only by continuously being caught out is progress made towards fighting the huge inequities that are resulting. The UK has the best 'enablers' (lawyers, accountants, real estaters), many used by the kleptocrats. We also have many politicians only too willing to bow to the £'s offered that will, if allowed to prosper, progressively kill our democracy. Parliament has already become seriously tainted by corruption and London is its centre - which, along with the UK's Crown Dependencies and overseas territories, enable 39% of the world's money laundering each year accoring to the Tac Justice Network. This runs into $100bns per year!
So, this book should be read by anyone wanting to understand the horrors that democracy faces. It should be read by anyone (from anywhere) who gives a damn about how countries can be taken over by those who are already plundering their own nations and care only for money and power. This power is individualist and cares nothing for the vast majority of people who are outside it, who make up 99.99%, who are dependent on democracy and the proper use of power to benefit all people. It is that serious and this book highlights the problem at a critical time.
Therefore, Casey Michel's excellent book is not just an alarm call against those exploiting their own countries to the tune of 100s of $billions (as if that was not bad enough) but, through the easy way such kleptos have found to launder their money in countries such as the USA, they undermine nations in receipt of their money.
This book has been excellently researched and a good read, if the sense of nausea that the examples of the many kleptocrats produce can be allayed, which is not easy. Example after example, from nations in Africa pillaged by the monsters that come to 'lead' them (Teodorin, Sassou-Neguesso and many others) to those in Eastern Europe that cruised in on the back of the break-up of the USSR and ransacked nations such as Russia and Ukraine, building billionaires whose funds were illicitly produced and found homes in the west.
"Illicitly" may not mean illegal in the country in which they were pillaged. Of course not! The laws in those countries were changed to suit the pillagers, much like Danegeld in Europe enabled the pillaging Danes to tax the countries they took over. However, countries such as the USA and UK enable these horrendously acquired assets to be laundered because they were not illegally obtained in the recipient countries. London's most expensive housing becomes bought up by Russians who acquired the money in ways that, if they were acquired in the same in London, would be illegal.
As Casey describes, the USA under Joe Biden is now turning away from the corrupt Trump era / error towards anti-corruption initiatives. These are well-described, but as is stated, depend on resourcing the initiatives and ensuring that the laws are sound. This is one, big step ahead of my country, the UK, where government, led by Johnson, is shown to be corrupting and where only by continuously being caught out is progress made towards fighting the huge inequities that are resulting. The UK has the best 'enablers' (lawyers, accountants, real estaters), many used by the kleptocrats. We also have many politicians only too willing to bow to the £'s offered that will, if allowed to prosper, progressively kill our democracy. Parliament has already become seriously tainted by corruption and London is its centre - which, along with the UK's Crown Dependencies and overseas territories, enable 39% of the world's money laundering each year accoring to the Tac Justice Network. This runs into $100bns per year!
So, this book should be read by anyone wanting to understand the horrors that democracy faces. It should be read by anyone (from anywhere) who gives a damn about how countries can be taken over by those who are already plundering their own nations and care only for money and power. This power is individualist and cares nothing for the vast majority of people who are outside it, who make up 99.99%, who are dependent on democracy and the proper use of power to benefit all people. It is that serious and this book highlights the problem at a critical time.
August 1, 2022
Everyone should read this book. Yes, I know, a lot of people say things like that – and I sometimes say it myself. But this book put many things together for me, part of my ever-evolving understanding of the workings of today’s world.
This book is about how the United States has become the premier money-laundering capital of the world. When you think of money laundering (and these examples are those of the author), you usually think of the TV shows “Ozarks” and “Breaking Bad”. These involved setting up fake sales to justify the influx of cash into a business. But on an international scale, it’s a little different and perhaps simpler. The money comes from overseas, dirty money – dirty either because it was obtained illegally, or it was legally but immorally taken from a country’s populace. The “laundering” occurs when it is deposited or spent in the US via use of an anonymous shell company. Until very recently, US states such as Delaware and Nevada permitted complete anonymity for these entities. Coupled with lax reporting requirements and enforcement for banks and other entities receiving the cash, the origin of the buyer is obscured. The fact that the money was dirty is lost.
The author uses two distinct, live examples to show how this works. One involves the profligate spending of the son of the dictator of Equatorial New Guinea in central Africa. His people starve while he is (to use a chapter title) “Scooping Caviar with a Shovel”, in the United States. The book relates what he did, how he did it, and what regulators were finally able to do about it (and what they weren’t.)
But the most revealing account, for me, was that of the Ukrainian oligarch Kolomoisky, who laundered his money by buying “bargain” properties in the US rust belt. The primary example discussed here was the purchase of prime real estate in downtown Cleveland, Ohio. I worked there when all this was going on, knew the properties, but was unaware of the shady mechanics. Read the book to hear the extreme damage done by these transactions – more complicated than the purchase of luxuries with looted funds by the African “prince”, but perhaps even far more insidious.
The book filled in the background for me of the Ukrainian oligarchs and the changes in the government of that country through the 2014 revolution to today. With the election of Donald Trump, the US came under control of one of the big money launderers in the world, via his real estate empire. This walks through the tangled web of events surrounding Trump’s attempt to influence Ukraine to smear Joe Biden.
By the end of all this, I am convinced that the world is now being run by criminals. But the author discusses some positive developments in US regulation of these activities.
Best of all, the book is less than 300 pages long and is extremely readable.
This book is about how the United States has become the premier money-laundering capital of the world. When you think of money laundering (and these examples are those of the author), you usually think of the TV shows “Ozarks” and “Breaking Bad”. These involved setting up fake sales to justify the influx of cash into a business. But on an international scale, it’s a little different and perhaps simpler. The money comes from overseas, dirty money – dirty either because it was obtained illegally, or it was legally but immorally taken from a country’s populace. The “laundering” occurs when it is deposited or spent in the US via use of an anonymous shell company. Until very recently, US states such as Delaware and Nevada permitted complete anonymity for these entities. Coupled with lax reporting requirements and enforcement for banks and other entities receiving the cash, the origin of the buyer is obscured. The fact that the money was dirty is lost.
The author uses two distinct, live examples to show how this works. One involves the profligate spending of the son of the dictator of Equatorial New Guinea in central Africa. His people starve while he is (to use a chapter title) “Scooping Caviar with a Shovel”, in the United States. The book relates what he did, how he did it, and what regulators were finally able to do about it (and what they weren’t.)
But the most revealing account, for me, was that of the Ukrainian oligarch Kolomoisky, who laundered his money by buying “bargain” properties in the US rust belt. The primary example discussed here was the purchase of prime real estate in downtown Cleveland, Ohio. I worked there when all this was going on, knew the properties, but was unaware of the shady mechanics. Read the book to hear the extreme damage done by these transactions – more complicated than the purchase of luxuries with looted funds by the African “prince”, but perhaps even far more insidious.
The book filled in the background for me of the Ukrainian oligarchs and the changes in the government of that country through the 2014 revolution to today. With the election of Donald Trump, the US came under control of one of the big money launderers in the world, via his real estate empire. This walks through the tangled web of events surrounding Trump’s attempt to influence Ukraine to smear Joe Biden.
By the end of all this, I am convinced that the world is now being run by criminals. But the author discusses some positive developments in US regulation of these activities.
Best of all, the book is less than 300 pages long and is extremely readable.
March 10, 2022
This book outlines how the USA has emerged in this century as the world's foremost money laundering venue for kleptocratic rulers from the Third World and kleptocratic oligarchs from Ukraine and Russia. Onshoring has supplanted offshoring, leveraging shell companies in states like Delaware, Nevada, Wyoming and South Dakota; and an across-the-boards lack of transparency in transactions for real estate, collectors items and even political influence. A logical culmination of this was the 2016 election of President Donald Trump, whose real estate business was driven in large part by "clients matching money laundering profiles." He and his entourage also were famously revealed susceptible to a variety of ploys by oligarchs, most notably Ukrainian ones.
But all is not lost. Just as the US managed in the early 20th century to reign in excesses of the Gilded Age, so too is there hope for this century. The National Defense Authorization Act (NDAA), made law 01Jan2021 after overcoming a presidential veto, included a clause banning the formation of anonymous shell companies in the US. Geographic Targeting Orders (GTO), piloted in 2016, would force title insurers to identify the real owners of properties in question. Thanks to Trump's two impeachments and his campaign manager Paul Manafort, who received tens of millions as a political consultant in Ukraine, there now is greater interest in enforcing the Foreign Agent Registration Act (FARA), originally enacted in 1938 to unveil Nazi lobbyists. While more modest than a reordering of the US political order Michel hopes for, they do offer some promise.
"The playbook Firtash created was simple. If you're a kleptocrat who ends up in trouble for money laundering-related crimes, you should hire pro-administration figures and claim to have knowledge of 'dirt' on a political opponent, regardless of the accuracy of the information. You should then pledge to trade information and set up meetings in return for the White House lifting American investigations and American charges. And if you succeed, you can promptly return to the world of transnational money laundering these oligarchs know well." p257
But all is not lost. Just as the US managed in the early 20th century to reign in excesses of the Gilded Age, so too is there hope for this century. The National Defense Authorization Act (NDAA), made law 01Jan2021 after overcoming a presidential veto, included a clause banning the formation of anonymous shell companies in the US. Geographic Targeting Orders (GTO), piloted in 2016, would force title insurers to identify the real owners of properties in question. Thanks to Trump's two impeachments and his campaign manager Paul Manafort, who received tens of millions as a political consultant in Ukraine, there now is greater interest in enforcing the Foreign Agent Registration Act (FARA), originally enacted in 1938 to unveil Nazi lobbyists. While more modest than a reordering of the US political order Michel hopes for, they do offer some promise.
"The playbook Firtash created was simple. If you're a kleptocrat who ends up in trouble for money laundering-related crimes, you should hire pro-administration figures and claim to have knowledge of 'dirt' on a political opponent, regardless of the accuracy of the information. You should then pledge to trade information and set up meetings in return for the White House lifting American investigations and American charges. And if you succeed, you can promptly return to the world of transnational money laundering these oligarchs know well." p257
November 28, 2022
Well-written and engrossing combination of reportage and storytelling, with a clear understanding and explanation of the partially successful efforts to rectify the fact that the US has become the biggest haven for corrupt money in the world.
Some of the most infamous and egregious examples include the son of Equatorial Guinea dictator Obiang's. Teodoro siphoned hundreds of millions of dollars of the country's oil-generated wealth transferring the money (with the help of American bankers and attorneys) to the US, where he purchased a huge mansion in Malibu, dozens of high-end luxury vehicles, and Michael Jackson's glove.
Because of Trump, by now most of us know that loopholes in money laundering laws and disclosure rules have allowed kleptocrats to bring money into the U.S. through the purchasing of commercial and residential real estate and other properties. One of the most egregious examples is Ukrainian kleptocrat Ihor Kolomoisky who, with help from a couple of young Americans, purchased nearly half of the country's steel mills and a half dozen of the most valuable commercial real estate properties in downtown Cleveland. The damage done to the company towns and Cleveland's real estate market illustrate that secrecy and corruption are not the only harms that result. In Harvard Illinois, Kolomoisky purchased a large manufacturing center built and abandoned by Motorola, then let it mold and degrade, finally abandoning it. The mayor of Harvard tells Michel that at some point the city will have to pay to condemn and demolish the building - at a cost three times the size of its annual budget.
The real estate loophole (and others) could be closed. The gradual progress made to establish disclosure laws has been gradual, and much more needs to be done, especially to hold bankers, lawyers and accountants who facilitate corruption accountable.
A combination of persistent activism, investigative reporting and Congressional leadership savvy enough to move new policies in response to each new crisis or scandal is how we've done it in the past (one of the first events to make that a reality was 9/11 and the realization that bank secrecy laws allowed terrrorists to move money around the world and into the U.S.) and will probably be the way we do it going forward.
To keep up with the latest, see the FACT Coalition's website. https://thefactcoalition.org/
Some of the most infamous and egregious examples include the son of Equatorial Guinea dictator Obiang's. Teodoro siphoned hundreds of millions of dollars of the country's oil-generated wealth transferring the money (with the help of American bankers and attorneys) to the US, where he purchased a huge mansion in Malibu, dozens of high-end luxury vehicles, and Michael Jackson's glove.
Because of Trump, by now most of us know that loopholes in money laundering laws and disclosure rules have allowed kleptocrats to bring money into the U.S. through the purchasing of commercial and residential real estate and other properties. One of the most egregious examples is Ukrainian kleptocrat Ihor Kolomoisky who, with help from a couple of young Americans, purchased nearly half of the country's steel mills and a half dozen of the most valuable commercial real estate properties in downtown Cleveland. The damage done to the company towns and Cleveland's real estate market illustrate that secrecy and corruption are not the only harms that result. In Harvard Illinois, Kolomoisky purchased a large manufacturing center built and abandoned by Motorola, then let it mold and degrade, finally abandoning it. The mayor of Harvard tells Michel that at some point the city will have to pay to condemn and demolish the building - at a cost three times the size of its annual budget.
The real estate loophole (and others) could be closed. The gradual progress made to establish disclosure laws has been gradual, and much more needs to be done, especially to hold bankers, lawyers and accountants who facilitate corruption accountable.
A combination of persistent activism, investigative reporting and Congressional leadership savvy enough to move new policies in response to each new crisis or scandal is how we've done it in the past (one of the first events to make that a reality was 9/11 and the realization that bank secrecy laws allowed terrrorists to move money around the world and into the U.S.) and will probably be the way we do it going forward.
To keep up with the latest, see the FACT Coalition's website. https://thefactcoalition.org/
December 19, 2022
A great explanation of how kleptocracy has not only pierced the American economy but even goes as far as threatening democracy itself and the risk of turning the West into fascist, authoritative hells like ruzzia and China. Brilliantly written, with relevant examples and evidence of years of deep research. Especially after this year, this book is particularly symbolic because this is what separates us from places such as ruzzia and China - because we are able to talk about deep criticism of our systems openly and thus attempt to do something about it to make sure that democracy surives. It really gave me a deep sense of appreciation for those who tend to work tirelessly, often without the jazzy headlines that those like Alexandria Ocasio-Cortez, Elizabeth Warren or Bernie Sanders tend to get, in order to make sure that kleptocracy is noted, punished and so that democracy is able to continue existing. I’m incredibly grateful that I know in greater detail now who Senator Carl Levin was and who Paul Massaro is now.
One star taken off for 2 reasons - I would’ve assumed that some of the biggest examples of threats to democracy (ruzzians, Chinese CCP party officals, sanctioned Iranian Revolution ‘leaders’) would’ve been the majority of the case studies here. Instead it’s mostly examples of Ukrainian oligarchs and a deep focus on one dictator family member from the Equatorial Guinea who make up the majority of case studies in the book with only a handful of light mentions of ruzzian oligarchs and barely anyone from China personally. Even though the author constantly mentions ruzzian oligarchs & Chinese billionaires as being the threats to American democracy through their kleptocratic behaviour (and to be honest, it’s just common sense at this point) there isn’t a single deep case study of any of them personally? Furthermore after mentioning a bunch of Ukrainian case studies in money laundering throughout the book, in the acknowledgement section, the author notes 2 of the people he relied on for information: Christopher Miller and Ben Judah. To say that Ukrainians are not a fan of them and that they are dubious sources at best, would be an understatement, which really makes me question the authenticity of the information in this book.
One star taken off for 2 reasons - I would’ve assumed that some of the biggest examples of threats to democracy (ruzzians, Chinese CCP party officals, sanctioned Iranian Revolution ‘leaders’) would’ve been the majority of the case studies here. Instead it’s mostly examples of Ukrainian oligarchs and a deep focus on one dictator family member from the Equatorial Guinea who make up the majority of case studies in the book with only a handful of light mentions of ruzzian oligarchs and barely anyone from China personally. Even though the author constantly mentions ruzzian oligarchs & Chinese billionaires as being the threats to American democracy through their kleptocratic behaviour (and to be honest, it’s just common sense at this point) there isn’t a single deep case study of any of them personally? Furthermore after mentioning a bunch of Ukrainian case studies in money laundering throughout the book, in the acknowledgement section, the author notes 2 of the people he relied on for information: Christopher Miller and Ben Judah. To say that Ukrainians are not a fan of them and that they are dubious sources at best, would be an understatement, which really makes me question the authenticity of the information in this book.
November 28, 2025
Because the thing that ties all the modern anti-American, antidemocratic regimes and movements together around the globe isn’t some illiterate, blinkered ideology like communism, or a moral grotesquery like fascism. It is, instead, greed.- Casey Michel (American Kleptocracy: How the U.S. Created the World's Greatest Money Laundering Scheme in History)
It’s a kleptocratic greed we’ve seen wherever a democracy has tilted into illiberal authoritarianism, or where dictatorships already rule.
It surprised me that it took quite a long time for me to read through this book. The topics and schemes of the kleptocracts are quite vulgar and gross: killing people left and right; not caring for anyone, but themselves; never having enough money, and always looking for ways to get more; circling back to the start where they will do anything (and I really do mean anything) to get more money into their pockets.
December 12, 2025
𝘔𝘺 𝘸𝘪𝘧𝘦 𝘨𝘰𝘵 𝘴𝘤𝘢𝘮𝘮𝘦𝘥 𝘮𝘦𝘳𝘤𝘪𝘭𝘦𝘴𝘴𝘭𝘺! 𝘌𝘢𝘳𝘭𝘺 𝘵𝘩𝘪𝘴 𝘺𝘦𝘢𝘳 𝘮𝘺 𝘸𝘪𝘧𝘦 𝘸𝘢𝘴 𝘱𝘦𝘳𝘴𝘶𝘢𝘥𝘦𝘥 𝘵𝘰 𝘐𝘯𝘷𝘦𝘴𝘵 𝘪𝘯 𝘢 𝘤𝘳𝘺𝘱𝘵𝘰𝘤𝘶𝘳𝘳𝘦𝘯𝘤𝘺 𝘴𝘤𝘩𝘦𝘮𝘦 𝘴𝘩𝘦 𝘴𝘢𝘸 𝘰𝘯 𝘍𝘢𝘤𝘦𝘣𝘰𝘰𝘬 𝘵𝘩𝘢𝘵 𝘱𝘳𝘰𝘮𝘪𝘴𝘦𝘥 𝘶𝘯𝘶𝘴𝘶𝘢𝘭𝘭𝘺 𝘩𝘪𝘨𝘩 𝘱𝘳𝘰𝘧𝘪𝘵𝘴. 𝘚𝘩𝘦 𝘐𝘯𝘷𝘦𝘴𝘵𝘦𝘥 𝘢 𝘭𝘢𝘳𝘨𝘦 𝘢𝘮𝘰𝘶𝘯𝘵[$2𝘮] 𝘢𝘯𝘥 𝘢𝘧𝘵𝘦𝘳 𝘮𝘰𝘳𝘦 𝘵𝘩𝘢𝘯 𝘢 𝘮𝘰𝘯𝘵𝘩 𝘸𝘪𝘵𝘩 𝘯𝘰 𝘶𝘱𝘥𝘢𝘵𝘦𝘴, 𝘸𝘦 𝘳𝘦𝘢𝘭𝘪𝘻𝘦𝘥 𝘪𝘵 𝘸𝘢𝘴 𝘮𝘰𝘴𝘵 𝘭𝘪𝘬𝘦𝘭𝘺 𝘢 𝘴𝘤𝘢𝘮. 𝘐𝘵 𝘸𝘢𝘴 𝘢 𝘥𝘦𝘱𝘳𝘦𝘴𝘴𝘪𝘯𝘨 𝘢𝘯𝘥 𝘴𝘵𝘳𝘦𝘴𝘴𝘧𝘶𝘭 𝘦𝘹𝘱𝘦𝘳𝘪𝘦𝘯𝘤𝘦 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘦𝘷𝘦𝘳𝘺𝘵𝘩𝘪𝘯𝘨 𝘰𝘯𝘭𝘪𝘯𝘦 𝘴𝘢𝘪𝘥 𝘵𝘩𝘢𝘵 𝘰𝘯𝘤𝘦 𝘤𝘳𝘺𝘱𝘵𝘰 𝘪𝘴 𝘴𝘦𝘯𝘵, 𝘪𝘵'𝘴 𝘶𝘴𝘶𝘢𝘭𝘭𝘺 𝘨𝘰𝘯𝘦. 𝘐𝘮𝘮𝘦𝘥𝘪𝘢𝘵𝘦𝘭𝘺 𝘐 𝘧𝘪𝘭𝘦 𝘢 𝘳𝘦𝘱𝘰𝘳𝘵 𝘵𝘰 𝘵𝘩𝘦 𝘜𝘚 𝘤𝘺𝘣𝘦𝘳 𝘤𝘳𝘪𝘮𝘦 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘪𝘦𝘴: 𝘻𝘪𝘲𝘤.𝘪𝘯𝘧𝘰@𝘨𝘮𝘢𝘪𝘭.𝘤𝘰𝘮” 𝘸𝘪𝘵𝘩 𝘢𝘭𝘭 𝘵𝘩𝘦 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯𝘴 𝘥𝘦𝘵𝘢𝘪𝘭𝘴 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘸𝘪𝘵𝘩 𝘱𝘳𝘰𝘰𝘧 𝘮𝘢𝘬𝘪𝘯𝘨 𝘴𝘶𝘳𝘦 𝘴𝘰𝘮𝘦𝘵𝘩𝘪𝘯𝘨 𝘤𝘢𝘯 𝘣𝘦 𝘥𝘰𝘯𝘦, 𝘪𝘵 𝘩𝘢𝘱𝘱𝘦𝘯𝘴 𝘭𝘪𝘬𝘦 𝘢 𝘮𝘢𝘨𝘪𝘤 𝘩𝘰𝘸 𝘧𝘢𝘴𝘵 𝘵𝘰 𝘸𝘰𝘳𝘬 𝘵𝘰 𝘳𝘦𝘤𝘰𝘷𝘦𝘳 𝘣𝘢𝘤𝘬 𝘩𝘶𝘨𝘦 𝘢𝘮𝘰𝘶𝘯𝘵 𝘰𝘧 𝘮𝘰𝘯𝘦𝘺 𝘢𝘯𝘥 𝘨𝘦𝘵 𝘵𝘩𝘦 𝘴𝘤𝘢𝘮𝘮𝘦𝘳 𝘢𝘳𝘳𝘦𝘴𝘵𝘦𝘥’ 𝘪𝘵 𝘸𝘢𝘴 𝘴𝘰𝘮𝘦𝘵𝘩𝘪𝘯𝘨 𝘪 𝘵𝘩𝘰𝘶𝘨𝘩𝘵 𝘪𝘵 𝘸𝘢𝘴 𝘪𝘮𝘱𝘰𝘴𝘴𝘪𝘣𝘭𝘦 𝘣𝘶𝘵 𝘵𝘩𝘦 𝘤𝘺𝘣𝘦𝘳 𝘤𝘳𝘪𝘮𝘦 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘪𝘦𝘴 𝘮𝘢𝘥𝘦 𝘪𝘵 𝘱𝘰𝘴𝘴𝘪𝘣𝘭𝘦 , 𝘮𝘺 𝘸𝘪𝘧𝘦 𝘸𝘢𝘴 𝘰𝘷𝘦𝘳𝘸𝘩𝘦𝘭𝘮𝘦𝘥 𝘢𝘯𝘥 𝘭𝘦𝘢𝘳𝘯𝘦𝘥 𝘩𝘦𝘳 𝘭𝘦𝘴𝘴𝘰𝘯 𝘪𝘯 𝘢 𝘩𝘢𝘳𝘥 𝘸𝘢𝘺 𝘵𝘰 𝘣𝘦𝘸𝘢𝘳𝘦 𝘧𝘳𝘰𝘮 𝘰𝘯𝘭𝘪𝘯𝘦 𝘴𝘤𝘢𝘮𝘮𝘦𝘳𝘴!
𝘌𝘷𝘦𝘳𝘺𝘵𝘩𝘪𝘯𝘨 𝘸𝘢𝘴 𝘥𝘰𝘯𝘦 𝘱𝘳𝘰𝘱𝘦𝘳𝘭𝘺 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘭𝘦𝘨𝘢𝘭 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘪𝘦𝘴 𝘸𝘪𝘵𝘩𝘰𝘶𝘵 𝘳𝘦𝘨𝘳𝘦𝘵𝘴. 𝘐'𝘮 𝘴𝘩𝘢𝘳𝘪𝘯𝘨 𝘵𝘩𝘪𝘴 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘢 𝘭𝘰𝘵 𝘰𝘧 𝘱𝘦𝘰𝘱𝘭𝘦 𝘧𝘢𝘭𝘭 𝘧𝘰𝘳 " 𝘴𝘤𝘢𝘮" 𝘴𝘦𝘳𝘷𝘪𝘤𝘦𝘴 𝘢𝘯𝘥 𝘦𝘯𝘥 𝘶𝘱 𝘣𝘦𝘪𝘯𝘨 𝘥𝘦𝘤𝘦𝘪𝘷𝘦𝘥 𝘢𝘯𝘥 𝘴𝘤𝘢𝘮. 𝘛𝘩𝘦 𝘴𝘢𝘧𝘦𝘴𝘵 𝘱𝘢𝘵𝘩 𝘪𝘴 𝘢𝘭𝘸𝘢𝘺𝘴 𝘵𝘰 𝘳𝘦𝘱𝘰𝘳𝘵 𝘵𝘩𝘦 𝘪𝘯𝘤𝘪𝘥𝘦𝘯𝘵 𝘵𝘰 𝘵𝘩𝘦 𝘤𝘺𝘣𝘦𝘳 𝘤𝘳𝘪𝘮𝘦 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘪𝘦𝘴, 𝘵𝘩𝘦𝘺 𝘩𝘢𝘷𝘦 𝘵𝘩𝘦 𝘱𝘰𝘸𝘦𝘳 𝘢𝘯𝘥 𝘵𝘦𝘤𝘩𝘯𝘪𝘲𝘶𝘦𝘴 𝘵𝘰 𝘢𝘵 𝘴𝘮𝘢𝘳𝘵𝘴 𝘴𝘤𝘢𝘮𝘮𝘦𝘳𝘴 𝘢𝘯𝘥 𝘨𝘦𝘵 𝘵𝘩𝘦𝘮 𝘢𝘳𝘳𝘦𝘴𝘵𝘦𝘥 𝘣𝘺 𝘳𝘦𝘤𝘰𝘷𝘦𝘳𝘪𝘯𝘨.
𝘌𝘷𝘦𝘳𝘺𝘵𝘩𝘪𝘯𝘨 𝘸𝘢𝘴 𝘥𝘰𝘯𝘦 𝘱𝘳𝘰𝘱𝘦𝘳𝘭𝘺 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘭𝘦𝘨𝘢𝘭 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘪𝘦𝘴 𝘸𝘪𝘵𝘩𝘰𝘶𝘵 𝘳𝘦𝘨𝘳𝘦𝘵𝘴. 𝘐'𝘮 𝘴𝘩𝘢𝘳𝘪𝘯𝘨 𝘵𝘩𝘪𝘴 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘢 𝘭𝘰𝘵 𝘰𝘧 𝘱𝘦𝘰𝘱𝘭𝘦 𝘧𝘢𝘭𝘭 𝘧𝘰𝘳 " 𝘴𝘤𝘢𝘮" 𝘴𝘦𝘳𝘷𝘪𝘤𝘦𝘴 𝘢𝘯𝘥 𝘦𝘯𝘥 𝘶𝘱 𝘣𝘦𝘪𝘯𝘨 𝘥𝘦𝘤𝘦𝘪𝘷𝘦𝘥 𝘢𝘯𝘥 𝘴𝘤𝘢𝘮. 𝘛𝘩𝘦 𝘴𝘢𝘧𝘦𝘴𝘵 𝘱𝘢𝘵𝘩 𝘪𝘴 𝘢𝘭𝘸𝘢𝘺𝘴 𝘵𝘰 𝘳𝘦𝘱𝘰𝘳𝘵 𝘵𝘩𝘦 𝘪𝘯𝘤𝘪𝘥𝘦𝘯𝘵 𝘵𝘰 𝘵𝘩𝘦 𝘤𝘺𝘣𝘦𝘳 𝘤𝘳𝘪𝘮𝘦 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘪𝘦𝘴, 𝘵𝘩𝘦𝘺 𝘩𝘢𝘷𝘦 𝘵𝘩𝘦 𝘱𝘰𝘸𝘦𝘳 𝘢𝘯𝘥 𝘵𝘦𝘤𝘩𝘯𝘪𝘲𝘶𝘦𝘴 𝘵𝘰 𝘢𝘵 𝘴𝘮𝘢𝘳𝘵𝘴 𝘴𝘤𝘢𝘮𝘮𝘦𝘳𝘴 𝘢𝘯𝘥 𝘨𝘦𝘵 𝘵𝘩𝘦𝘮 𝘢𝘳𝘳𝘦𝘴𝘵𝘦𝘥 𝘣𝘺 𝘳𝘦𝘤𝘰𝘷𝘦𝘳𝘪𝘯𝘨.
November 22, 2022
An imperative read for educators, politicians and activists alike. If more people were aware of how much their own system not only enabled the atrocities of the world, but actively promoted them, most of the tax paying public would be duly appalled. It's by ignorance alone that we allow our crooked systems to persist. It's especially disconcerting considering the amount of effort we place on enforcing laws for minor offences while simultaneously populating prisons to an extent no other nation has ever seen before (to the best of my knowledge). We have a prison state for minor offences aggrevated by a system that extracts wealth from the working poor, which leads them to commit petty and violent crimes out of perceived desperation yet when an entire country is being bilked out of billions and cities are being bought by foreign oligarchs and tyrants we act as if that has little to no impact on the social well-being of our own populations. It's very near-sighted to target "tough on crime" political discourse while also completely ignoring the the entire curve except for the tails.
September 30, 2025
This is a tough one for me to rate because it’s objectively a good book & a thorough exposé on the systematic corruption tied to shell companies & dirty foreign money in US real estate, but it’s a topic I find a bit dry at times. The end was more interesting because it tied back to politics (a topic I find much more interesting) and how truly shocking the amount of dirty money flowing into Trump properties was during his first term. I would be interested to see another book written after this current term as he’s become much less shy about being corrupt out in the open.
Overall, this was extremely informative & Michel’s snarky tone was a huge bonus - the man really hated Delaware, holy fuck 😂
Overall, this was extremely informative & Michel’s snarky tone was a huge bonus - the man really hated Delaware, holy fuck 😂
March 23, 2022
A deep insight that I think barely scratches the larger surface of United States laws that allow rich plutocrats, corrupt foreign dictators and politicians and others to bring their illicitly earned or black money from abroad and to make it legal or white money in this country. The municipalities, states and federal government have largely benefited from decades of this cash infusion and only recently have started to take action and curtail some of the illegal cash transfers and acquisitions. This book goes over some of the recent changes made and the various obstacles civic-minded lawmakers have to circumvent if they hope to change existing law.
July 27, 2025
Meh. This is a decent, if slightly overstuffed, peek into the U.S.’s shady financial underbelly. It’s like a true-crime podcast that’s trying a bit too hard to sound like a TED Talk. Michel lays out how America became a money-laundering paradise with enough detail to make you nod along, but the book feels like it’s shouting, “Corruption, wow!” while you’re thinking, “Yeah, no kidding.” The humor’s there, sort of. Think dry accountant jokes that land with a polite chuckle. It’s informative, sure, but drags like a tax form you forgot to fill out. Good for a plane read if you’re into nerdy exposes, but don’t expect to be riveted.
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