Friday, February 25, 2011

Links Feb 25

RBS was nicely bailed out - now it's time to bail in The Guardian
Feb 21 - Across the UK this Saturday, UK Uncut will be "Bailing-In" to RBS and Natwest branches across the country, reoccupying bank branches and transforming them into one of the services under threat.

Lloyds Banking Group returns to profit as high street division booms The Guardian
Feb 25 - "Despite the return to profit, the bank did not pay corporation tax this year as past losses are still reducing its future tax bill." While, the departing CEO Eric Daniels is to receive a £1.45m bonus. See also video on Tax Research UK, with RBS being taken to task on tax and bonuses.

Wisconsin 2.0: Stop the Corporate Tax Dodgers
Feb 22 - By Chuck Collins of Wealth for the Common Good "The Tax Justice Network and Business and Investors Against Tax Havens have been pressing over the last year to keep these issues in the public spotlight." And how US UNCUT is now teaming up with other coalitions focused on corporate tax dodging.

Black Money: Investments from Tax Havens may be Blocked
The Economic Times
Feb 24 - Indian Finance Minister Pranab Mukherjee states: "Curbing tax evasion requires close coordination on a multilateral basis. There is a need to develop an effective multilateral platform for automatic, spontaneous and requested exchange of information." See TJN On Exchange of Information for Tax Purposes.

The tax haven in the heart of Britain
New Statesman
Feb 24 - Nicholas Shaxson on the "institution with a murky history and remarkable powers that acts like a political and financial island within our island nation state" - the Square Mile and the City of London Corporation. See also Nick's blog Treasure Islands.

UK's Chartered Institute of Taxation questions whether taxman has resources to monitor tax evaders
Accountancy Age
Feb 22 - Concerns are expressed that continued monitoring of tax evaders could require greater resources in HM Revenue & Customs. A challenge that exists in many jurisdictions, that needs to be addressed - sufficient numbers of personnel are required, fully trained in detecting and analysing layers of secrecy.

The U.S. Federal Income Tax treatment of Hedge Funds, Their Investors and Their Managers
Social Science Research Network
Feb 9 - We haven't yet reviewed this paper, but it may be of interest to those trying to understand the taxation of hedge funds. See also article by Marty Sullivan and Lee Sheppard of Tax Analysts Offshore Explorations: Caribbean Hedge Funds Part 1 and Part 2 here at Tax Analysts : "Previously we reported that tax evasion by individual investors in offshore hedge funds was a relatively easy undertaking."

Eva Joly - "There are no longer any places where it is safe to hide illicitly acquired assets" (In French)
Feb 12 - An interview with our friend Eva Joly, on how tax evasion in Africa exceed the amount of development aid, and how those in power make decisions based on their own enrichment rather than the welfare of their populations. See also here.

Four Credit Suisse Bankers Have Been Indicted In A Tax Evasion Conspiracy That Dates Back TO 1953
Business Insider
Feb 23 - More on commentary on a case we've been linking to in past days. Note: "In the fall of 2008, Credit Suisse began exiting the U.S. cross-border banking business, and the bankers advised clients to transfer their accounts to other Swiss banks that did not operate internationally and were therefore not subject to anything but Swiss law." Rock on Jello - action on combatting abuse of tax havenry is needed at the global as well as at national level.


Anonymous Anonymous said...

The UBS Whistleblower, Bradley Birkenfeld, is the person who also started the investigation into Credit Suisse. He's a one-man wrecking crew.

Birkenfeld used to work for Credit Suisse and gave the initial information regarding CS to the Department of Justice in 2007. This information included naming Marco Parenti Adami as the main man in charge of this operation.

One huge question is why did it take the DOJ over 3 and a half years to get around to acting on Birkenfeld's inside information?

3:29 am  

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