Tuesday, November 27, 2012

Links Nov 27

The Real Story Of How A Hedge Fund Detained A Vessel In Ghana And Even Went For Argentina's 'Air Force One' Forbes
Oct 5 - More on a big story linked previously. "The country has vowed to fight those remaining bondholders. They accused NML of using the Cayman Islands to avoid legal and tax issues (“a [tax haven] that has been denounced by the G20 and the UN”)."

If we want to make poverty history we've got to tackle corruption first Guardian
Nov 26 - Op-ed by Global Witness. "Why do governments ignore offshoring? It's the biggest obstacle to alleviating poverty."

Where is Africa's share of the spoils? The Independent
Nov 26 - Dr Vince Cable, UK's Secretary of State for Business, Innovation and Skills, outlines the need for transparency in the extractives industries.

Pictet joins list of banks investigated by US swissinfo
Nov 26 - "Pictet & Cie has confirmed that it is under investigation by the United States justice department as part of a probe into Swiss banks allegedly aiding wealthy US clients avoid tax." Pictet is Switzerland’s largest unlisted private bank, with an international presence including offices in several secrecy jurisdictions.

Swiss banks terminate accounts of German clients WirtschaftsWoche (In German)
Nov 26 - Following the collapse of the Swiss/German tax treaty, Swiss banks are reported to be telling their German clients to come clean on their taxes or close their accounts.

Liechtenstein Eyes New Tax On Top Earners Tax-News
Nov 27 - Liechtenstein, amongst other tax havens, is now feeling the pinch and trying to pull in greater revenues from it's own taxpayers.

A Minimum Tax for the Wealthy NY Times
Nov 25 - Warren Buffet renews his call for the wealthy to pay their fair share of tax, and notes that "it’s sickening that a Cayman Islands mail drop can be central to tax maneuvering by wealthy individuals and corporations."

A Failed Experiment NY Times
Nov 21 - On a decline of public services accompanied by the rise of private workarounds for the wealthy.

A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts IPS 
Nov 27 - Report from The Institute for Policy Studies looks at the enormous executive retirement plan and underfunded worker retirement plans of the Fix the Debt companies who are calling for a territorial tax system funded by cuts to Social Security and Medicare. Hat tip: Scott Klinger. See also: 'Fix The Debt' CEOs Underfund Employee Retirement, Demand Cuts For Elderly Huffington Post and the last report from IPS on the 'Fix the Debt' Campaign The CEO Campaign to ‘Fix’ the Debt: A Trojan Horse for Massive Corporate Tax Breaks (linked previously).

Kabul Bank 'diverted £540 million to group of 12 in massive fraud' The Telegraph
Nov 27 - "Afghanistan's biggest private bank was a massive fraud scheme from its founding, with £540 million ($861 million) diverted to a clique of beneficiaries including the president's brother, a British-funded audit has found."


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