We're going to quote from an article in 2012 by Matt Taibbi, in Rolling Stone magazine, which was examining the latest HSBC mega-scandal of the time. He was outraged, as we all should be, at the lightness of the sentencing in a case that had involved shifting money for the massacre-happy Mexican … [Read more...]
Finance Sector
Links Feb 18
Map: Who’s hiding the most money in secret Swiss bank accounts? Washington Post Wonkblog Tanzania: Trio to face Public Accounts Comittee on Swiss billions Tanzania Daily News / allAfrica Swiss Leaks: Billions of dollars lost annually in Africa, says ICIJ Caperi Brazil probes link between … [Read more...]
New official warning: too much finance is bad for your economy
This is devastating. The Economist has just picked up on an issue that is at the core of TJN's Finance Curse analysis, with a new article entitled Warning: too much finance is bad for the economy. It notes: "One of the biggest political issues in recent years has been that Wall Street has done … [Read more...]
HSBC scandal latest: how the bank captured a British newspaper
The article by Oborne, for those interested in Britain or keen to understand one of the tools that financial institutions use in 'capturing' the minds of the general public, it is well worth reading in its own right. It's devastating. The Telegraph, we should add, is owned by two very peculiar … [Read more...]
Links Feb 17
Response from Eurodad to the Financing for Development Elements Paper Recent posts by The BEPS Monitoring Group (BMG): BMG: The Use of Profit Splits in the Context of Global Value Chains BMG: Transfer Pricing: Risk, Recharacterisation, and Special Measures BMG: Limitation of Interest … [Read more...]
We’d go to prison for this! Petition for tax justice
Please, everyone, sign this Avaaz petition: HSBC bank has just been caught red-handed helping some of the world's mega-rich dodge taxes! We'd go to prison for this, but governments are treating these powerful people like they're too big to jail. Let's show them they're not. … [Read more...]
Links Feb 13
Tax havens for despots, criminals and the Fortune 500 The Washington Post Cites Nicholas Shaxson's Treasure Islands: Tax Havens And The Men Who Stole The WorldSwiss Leaks frequently asked questions answered ICIJ Politicians, regulators face questions over HSBC cases ICIJ HSBC could face … [Read more...]
Tweet of the day – London as the front office for global tax avoidance
HSBC, tax evasion and the link to lax financial regulation
Two quotes of the day, both from an article by Prof. Bill Black, a former U.S. bank regulator: "Taxes were once termed the price we paid for civilization, but they now represent the price the wealthy brag to each other about refusing to pay as they pillage civilization." Quite so. And then, … [Read more...]
Links Feb 12
Tackling tax evasion: Follow the money The Economist "As countries share more information, opportunities to squirrel away cash abroad will continue to narrow". Cites TJN on the Common Reporting Standard (CRS). Private banks must be more than laundries Financial Times (paywall) See also: … [Read more...]
Quote of the day – Swiss whitewash
From John Gapper in the Financial Times: “In the past, the Swiss private banking industry operated very differently to the way it does today,” HSBC said this week in its mea culpa. Perhaps so, but I recall Swiss banks claiming in the mid-1990s — a decade before this happened — that tax evasion was … [Read more...]
Links Feb 11
Era of bank secrecy still far from over for developing countries: Christian Aid Wall Street Pays Bankers to Work in Government and It Doesn't Want Anyone to Know New Republic Links on the #SwissLeaks revelations blogged earlier: Explore the Swiss Leaks Data ICIJ Includes links to related … [Read more...]
Drug cartels, terrorist financing risk and sanctioned regimes also on HSBC’s books under Lord Green
Press release from Global Witness Systemic failure to stop money laundering or comply with US laws shows need for sanctions for senior executives at big banks The HSBC tax scandal shows that UK law needs to be changed so that senior bankers are held criminally responsible when they oversee … [Read more...]
Tax transparency after #SwissLeaks
Cross-posted from Uncounted: Alex Cobham Yesterday I suggested some specific transparency measures to rebuild trust in light of #SwissLeaks. Today my colleagues at TJN pointed out that they are way ahead of me: here’s how. … [Read more...]
#SwissLeaks – Tax transparency for accountability
Cross-posted from Uncounted: Alex Cobham Much of the #SwissLeaks data has been in the hands of tax authorities for 5 years. Many of the questions raised relate to individuals and to particular regulators and governments – but there’s also a broader question that goes to the type of solutions … [Read more...]
