Links May 23

Is the shadow banking system the beginning of the end for capitalism? Tax Research UK
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"

Church of God pastor indicted for tax evasion, predicts coming of Christ Fox 19
May 23 - "A Union, KY minister is predicting Jesus Christ will return to Earth on May 27, 2012, more than a week before his federal trial on June 4 for tax evasion."

Miami teachers union calls for tax amnesty Ventura County Star
May 23 - President of the teachers union in Miami-Dade County said "Teachers hate cheaters ... If people pay their taxes we can pay our teachers."

How Financial Criminalization Crashed the Economy, and the Culprits Got Off Scot-Free Huffington Post
May 23 - By Charles Ferguson, Director of the Wall Street movie The Inside Job. "It is important to understand that this behavior really is seriously criminal. We are not talking about neglecting some bureaucratic formality."