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HSBC scandal

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David Libra

I dare you to try


Joined: 27 Jul 2003
Location: Andromeda

PostPosted: Mon Feb 09, 2015 10:29 pm
Post subject: HSBC scandalReply with quote

This is a pretty huge story. If you've ever wondered how many wealthy individuals and companies manage to avoid paying their fair share of tax, these new leaks might provide some insight:

http://www.theguardian.com/news/2015/feb/09/hsbc-swiss-files-leading-australian-figures-held-offshore-bank-accounts

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HAL 

Please don't shout at me - I can't help it.


Joined: 17 Mar 2003


PostPosted: Mon Feb 09, 2015 10:30 pm
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About one million.
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think positive Libra

Side By Side


Joined: 30 Jun 2005
Location: somewhere

PostPosted: Mon Feb 09, 2015 11:25 pm
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Ah, so protect the weird blonde guy, but these leaks are a ok! Uh huh!
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pietillidie 



Joined: 07 Jan 2005


PostPosted: Tue Feb 10, 2015 3:33 am
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think positive wrote:
Ah, so protect the weird blonde guy, but these leaks are a ok! Uh huh!

It's a massive story - just the tip of the iceberg of what is going on via corrupt tax havens. Amazingly, the Obama Admin is leading this issue globally as the problem has long been identified as a black hole by anyone who can do basic economics. The leaks just confirm why countries have no money to pay for anything and citizens are increasingly left to fight each other over crumbs (although they also show why whistle-blowing via leaks is fully justified as a means of transparency and economic stability). This deceit has enabled unethical politicians to blame the poor, minorities, asylum seekers, and "leaners" for the shortfall, and turn the debate very bitter.

The Guardian currently has a heap of articles on it - but articles on this topic have been building over the last couple of months all over the place. Even mainstream economists have been pushing for reform on this, as you will discover if you brave this talk:

Yours truly in an obscure thread too boring to read wrote:
Follow this super talk through to the end of a very good Q&A to put the budget revenue shortfalls we are forced to fight over like seagulls at a picnic table into perspective.

If you only have the patience to labour through one presentation on this topic, this talk should be it. It is well worthwhile bearing with the guy's accent and the fact you can't see the slides (I actually listened to the audio, so I couldn't see them anyway).

If you're not familiar with this topic, feel free to ask questions in the thread below. There are a few technical terms and references to recent debates in the field which might be hard to follow, and the author's accent makes it hard to catch some of the jargon.

Currently, cowardly politicians bully the elderly, stress low-income families, scapegoat powerless minorities, and steal hope from young people and the middle class through all manner of nonsense which avoids confronting the real issue: Global tax scams and the parasitic havens which make them possible.

Yes, there are other aspects of the overall problem to consider, and some countries do seem more wasteful than others, but this has fast become the central cause of revenue shortfall, and the main sponsor of vicious social division and blame.

Forget the public relations campaigns about "leaners" and "the undeserving", or the falsehoods about "living beyond our means"; let's put something like the suggested system in place and take back the hope which has been smuggled offshore.

http://www.lse.ac.uk/newsAndMedia/videoAndAudio/channels/publicLecturesAndEvents/player.aspx?id=2828

https://www.youtube.com/watch?v=8_tk-ZoW_YQ

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Mugwump 



Joined: 28 Jul 2007
Location: Between London and Melbourne

PostPosted: Tue Feb 10, 2015 7:20 am
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It will be interesting to see what it throws up. If they're outside the law, I assume they'll spend time in the wrong kind of stocks, amd damn right too.

I never know how to reconcile this stuff with the counter-claims that the top 3000 earners in the UK pay more tax than the bottom nine-million, or whatever. One thing's for sure, earning good money on a PAYE basis is a mug's game. The buggers at the ludicrously rich end of the scale seem to vanish into thin mountain air, and there are lots of people who think you're the village cow, regardless of the choices you or they have made in life.

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David Libra

I dare you to try


Joined: 27 Jul 2003
Location: Andromeda

PostPosted: Mon Feb 23, 2015 9:13 am
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One of the other important things that's been exposed in this scandal is the unwillingness of a major British paper to publicise this news lest they upset their sponsors:

http://www.theguardian.com/commentisfree/2015/feb/22/murdoch-dacre-conservative-minister-press-freedom-free-speech

Quote:
On the face of it these absences should be a surprise, because the public posturing of the big newspaper bosses and their friends in the Tory leadership is all about press freedom.

Rupert Murdoch, Paul Dacre and Lord Guy Black (executive director of the Telegraph Group) were only too eager to raise the false flag of press freedom when the Leveson inquiry was probing their industry’s law-breaking and its shamefully low ethical standards. And David Cameron grabbed a corner of the same flag when he called for the Leveson recommendations to be watered down.

They talk the talk, but when it comes to upholding the freedom of journalists to conduct investigations in the public interest, they do not walk the walk.

...

Their behaviour is no surprise to those of us who have followed events since the Leveson report in 2012. First the big companies rejected a British equivalent of the US first amendment, designed to uphold press freedom. (The Guardian could have done with that when the spooks came calling for the Snowden files.) Next they rejected unprecedented protection against the scourge that is “chilling” – the gagging of journalists by threats of expensive legal action. And then they turned up their noses at the idea that their own journalists should have whistleblowers’ rights.

Now the Telegraph’s former chief political commentator, Peter Oborne, informs us (in the teeth of the most unconvincing denials) that his paper’s bosses refused to publish articles that might offend a big advertiser. That’s not a free press; it’s journalism for a price.

Again it’s no surprise that the Telegraph executive named and blamed by Oborne is Murdoch MacLennan, one of the puppeteers of Ipso, the Independent Press Standards Organisation: the sham self-regulator set up by the big press companies. Such people are not pillars of press freedom. They are its enemies, just as they are the enemies of the ordinary people that their papers abuse and exploit in pursuit of “news”, by which both they and I mean sales and sensation.

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Mugwump 



Joined: 28 Jul 2007
Location: Between London and Melbourne

PostPosted: Mon Feb 23, 2015 10:06 pm
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^ Yes, this is a scandal. Peter Oborne, the journalist whistleblower in this case, is a superb journalist - balanced, forthright, free-thinking, beholden neither to the Left nor the Right, and entirely credible... unlike the Daily Telegraph, where news is slanted to suit the proprietorial interest in a way would make Murdoch blush !
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pietillidie 



Joined: 07 Jan 2005


PostPosted: Wed Mar 04, 2015 9:49 pm
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Take the technology and know-how; utilise the educated workforce; apply the protections of the legal system; raise capital and list on the public market within the legal and financial system; hide the profits elsewhere as national revenues decline and the poor are told to suffer:

Bloomberg Businessweek wrote:
U.S. Companies Are Stashing $2.1 Trillion Overseas to Avoid Taxes


http://www.bloomberg.com/news/articles/2015-03-04/u-s-companies-are-stashing-2-1-trillion-overseas-to-avoid-taxes

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Dave The Man Scorpio



Joined: 01 Apr 2005
Location: Someville, Victoria, Australia

PostPosted: Wed Mar 04, 2015 10:01 pm
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Don’t All Rich People and Companies do that?

The Government will do nothing as they Support the Rich and not the Middle Class and below

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Tannin Capricorn

Can't remember


Joined: 06 Aug 2006
Location: Huon Valley Tasmania

PostPosted: Wed Mar 04, 2015 10:38 pm
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Why not just sack lots of ATO officers and outsource tax fraud enforcement to the experts, such as Deloitte, PricewaterhouseCoopers, Ernst & Young, or KPMG? Obviously no conflict of interest there.

Oh wait, we already did.

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