Links May 23
May 22 - Richard Murphy remarks on how the shadow banking system is "a giant Ponzi scheme which is not only not zero sum but is actually destructive." See also Nick Shaxson's comments - Shadow banking as Ponzi finance: new research.
An unhealthy business: major healthcare companies use tax havens to avoid millions in UK tax Corporate Watch
March 17 - "While in public they have been presenting themselves as the future of the National Health Service (NHS), a Corporate Watch investigation into the accounts and finances of five of the major private healthcare companies has found widespread use of tax havens, including the British Virgin Islands, Luxembourg, Jersey, Guernsey and the Cayman Islands, and tax avoidance schemes Barclays or Vodafone accountants would be proud of."
Spain Shelves Tax Case Against Banking Magnate Latin American Herald Tribune
May 23 - "Emilio Botin, Spain’s leading banker, will not face charges for tax evasion, the National Court decided after an 11-month-long investigation. The chairman of Banco Santander, his brother, Jaime, and 10 of their offspring were under scrutiny in connection with income from accounts at HSBC Holdings’ private bank in Switzerland."
Tackling 'disturbing' tax evasion and avoidance Public Service Europe
May 23 - "Above all, systems must be flexible enough to allow prevention and detection strategies and business rules to change regularly, so that agencies are not outmanoeuvred by the constantly evolving tactics of tax evaders."
Too posh for your pocket: Famed Ferraris draw tax fire in Italy RT
May 23 - "Owners of Ferraris and Lamborghinis are facing a county-wide crackdown in Italy ... A Ferrari owner interviewed by ABC News said the car’s value plunged at least 20 percent recently"