Links Jul 2
Jun 30 - "Officials in the Cayman Islands, a favorite Caribbean haunt of secretive hedge funds, say Delaware is today playing faster and looser than the offshore jurisdictions that raise hackles in Washington. And international bodies, most recently the World Bank, are increasingly pointing fingers at the state." Great report, added to our A-Z story archive.
In Caymans, It’s Simple to Fill a Hedge Fund Board DealBook
Jul 1 - "An analysis of thousands of United States securities filings by The New York Times shows that dozens of directors sit on the boards of 24 or more funds in the Caymans, which individually are supposed to be overseeing tens of billions of dollars in assets."
UK: Banks are serially corrupt. But Vince Cable's shareholder plan won't work Guardian
Jul 2 - Prem Sikka writes: "Change the whole system of banks' corporate governance. For starters, make directors personally liable for criminal costs."
UK: Scapegoats aren't enough: a Leveson for the Banks? CRESC
Jul 1 - "CRESC research shows that the problems won’t be solved by firing a few top bankers, prosecuting a few white collar criminals, or even by conducting an inquiry into the workings of Libor ... We need a root and branch reform of the system so that banks become properly functioning public utilities governed by social purposes." See comment on Treasure Islands.
The Golden Age of Financial Journalism, British Edition Bloomberg
Jul 2 - Interesting view across financial reporting in the wake of "the seemingly never-ending litany of banking misdemeanors."
News over ownership of Congolese oil blocks raises further corruption concerns Global Witness
Jun 30 - Global Witness is calling for full disclosure of the beneficiaries of British Virgin Island companies to address concerns over possible corruption.
UK: ICAEW chief denounces promoters of abusive tax avoidance schemes Tax Journal
Jul 2 - "There is ‘no place’ in the accountancy profession for the creation or maintenance of tax avoidance schemes such as those detailed in the recent ‘Secrets of the tax avoiders’ series published in The Times, the CEO of the Institute of Chartered Accountants in England and Wales has declared." Hat tip: Offshore Watch.
UK laws are to blame for Vodafone tax controversy, says chief Vittorio Colao Telegraph
Jun 30 - "Vodafone's chief executive, Vittorio Colao, has attempted to draw a line under the tax controversy that has dogged the company by revealing that Vodafone would pay more corporation tax in Britain if the Government handed back some of the £5.96bn the mobile giant was required to pay up front for access to mobile spectrum.
Jul 2 - "Chesapeake Energy Corp. made $5.5 billion in pretax profits since its founding more than two decades ago. So far, the second-largest U.S. natural-gas producer has paid income taxes on almost none of it."
U.S.: Citizens for Tax Justice working for fair and sustainable tax system The Oklahoman
Jun 30 - "CTJ has always opposed the Bush tax cuts and has criticized President Obama's plan to extend them. The tax cuts were unaffordable when they were enacted, which is why they were temporary, and they're unaffordable now."
Wealthy French consider Swiss tax exile swissinfo
Jul 2 - "Hollande promised during his campaign election to review the dual taxation agreements between France, Belgium, Luxembourg and Switzerland, and would like to target tax exiles’ income and assets."