Author Topic: Time for the Corporations and superwealthy to pay up.  (Read 10538 times)

Offline boatyboy

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Re: Time for the Corporations and superwealthy to pay up.
« Reply #45 on: August 17, 2016, 04:22:23 PM »

It appears that the UK Government are slowly getting their act together ?

City firms could face 100pc fines for helping with tax avoidance

Telegraph

City firms that help businesses run tax avoidance schemes could face huge financial penalties under fresh Government proposals.

http://www.telegraph.co.uk/business/2016/08/16/city-firms-to-face-100pc-fines-for-tax-avoidance-advice/

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Offline shortport

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Re: Time for the Corporations and superwealthy to pay up.
« Reply #46 on: August 18, 2016, 05:59:02 AM »
About time

Offline boatyboy

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Re: Time for the Corporations and superwealthy to pay up.
« Reply #47 on: August 27, 2016, 04:05:35 PM »

Jersey hits the headlines in the Mail today.

" While Sir Philip runs Arcadia, the group that controls Topshop, Dorothy Perkins and used to own BHS, it is actually owned by Taveta Investments.

Taveta and the £3.2 billion family fortune is owned by Lady Green through a Jersey company that holds all the family’s shares.
The Pensions Regulator is holding talks with Sir Philip about what payments he will make into the pension scheme, but it has also begun an anti-avoidance investigation.

http://www.dailymail.co.uk/news/article-3760836/Now-make-Lady-Shifty-pay-BHS-stores-close-forever-pensions-watchdog-force-Green-s-wife-plug-571million-black-hole.html

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Offline shortport

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Re: Time for the Corporations and superwealthy to pay up.
« Reply #48 on: August 27, 2016, 05:40:33 PM »
The sooner our finance industry is shut down the better for everyone.

Offline boatyboy

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Re: Time for the Corporations and superwealthy to pay up.
« Reply #49 on: August 29, 2016, 04:59:59 PM »
Don't agree with that sweeping statement short port that is like saying that all women are bad car drivers which obviously they are not. The problem as I see it is that companies are selling and making their profits out of a society / country and then using weak disjoined tax laws, not paying their fair share of tax to the country where the money is made. This of course applies to people like Philip Green who obviously runs a company that for tax purposes is in his wifes name in Monaco where no tax on earnings is paid. Banks as a business have the worst record of most businesses at the moment for lying and cheating people out of their money as confirmed by the heavy international fines placed on them by different countries Governments.

While maybe not illigal but it all stinks. Because Amazon, Google and other companies and the wealthy " ARE ALLOWED " this tax saving game, working people have in reality, to makeup the hole in tax that they should have paid.

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« Last Edit: August 29, 2016, 05:10:33 PM by boatyboy »

Offline shortport

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Re: Time for the Corporations and superwealthy to pay up.
« Reply #50 on: August 30, 2016, 01:18:48 AM »
You're right Boaty boy maybe too much of a generalisation,but I get really fed up with the morality of this industry and the high wages it pays which corrupts its workers into becoming shallow and materialistic.Just look at the inappropiate cars on our narrow roads.Again maybe too much of a generalisation but i'm sure there are more down to earth people in communities without an industry based on greed.Then there are the millions if not billions of fines given to banks over recent years for everything from mis selling to banking for criminals.Maybe if bank workers were given prison sentences for wrongdoing it might focus their mind on what they are actually doing.Then we have our own civil servants ripping off the taxpayer on flights to Africa,to do what?Rip off poor Africans,by getting their mining companies to put their money in Jersey.This is something as a jerseyman I am not proud of.Then there is the Philip Green story and i'm sure plenty of others.
What is going on in our island and what it is being used for is nothing to be proud of.

Offline boatyboy

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Re: Time for the Corporations and superwealthy to pay up.
« Reply #51 on: October 18, 2016, 06:32:05 AM »

The European Central Bank and the International Monetary Fund are both broke as is Italy, Greece etc etc.

When you print money as a Government ( QE ),  you are not dealing with the problem of debt,  you are pushing the problem along the line and eroding value of what is left and of value. It may be that by buying banking junk bonds to keep them from going under means you just have to print more and more money how can that be healthy sensible economics.

A Man that knows more than most says of the EU banking system,

The central bank already holds over €1 trillion of bonds bought at "artificially low" or negative yields, implying huge paper losses once interest rates rise again. "An exit from the QE policy is more and more difficult, as the consequences potentially could be disastrous," he said.

"The decline in the quality of eligible collateral is a grave problem. The ECB is now buying corporate bonds that are close to junk, and the haircuts can barely deal with a one-notch credit downgrade. The reputational risk of such actions by a central bank would have been unthinkable in the past," he said.

http://www.telegraph.co.uk/business/2016/10/16/euro-house-of-cards-to-collapse-warns-ecb-prophet/

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Offline boatyboy

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Re: Time for the Corporations and superwealthy to pay up.
« Reply #52 on: February 22, 2017, 04:23:55 AM »

The families of people murdered by Mexican drugs gangs are suing HSBC, arguing the bank can be linked to the killings because it failed to stop cartels laundering the proceeds of their crimes, amounting to billions of dollars.

At the time of a regulatory investigation HSBC apologised for the failings and paid almost $2bn to the US authorities in 2012 to settle allegations that it did not properly implement anti-money laundering rules.
Documents filed in a federal court in Texas accuse the bank of “providing material support to terrorists” by “knowingly providing financial services to the Mexican drug cartels and laundering billions of dollars of their illicit proceeds”.

The documents say those resources were used in crimes including the murder of a US citizen and the torture of another US citizen

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/12150598/Murder-victims-families-sue-HSBC-over-drug-gang-money-laundering.html

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Offline boatyboy

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Re: Time for the Corporations and superwealthy to pay up.
« Reply #53 on: February 23, 2017, 01:03:03 AM »

The HBOS sewer of a business ( owned by Lloyds another british banking stink, and the FCA does nothing )

Lloyds should act honourably to fix the HBOS scandal

Compensation will be complicated but Horta-Osório has chance to repair his, and his bank’s, reputation.

https://www.ft.com/content/201bcb62-ec67-11e6-ba01-119a44939bb6

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Offline boatyboy

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Re: Time for the Corporations and superwealthy to pay up.
« Reply #54 on: Yesterday at 09:22:52 PM »
Heard it on the radio a few months back. The man was saying that RBS would settle out of court although shareholders conned out of their savings wanted their day in court. The bank previously under Fred the Shred, would not allow the trial to proceed by paying off the angry and financially damaged crowd he said.

Why so angry:


“There are a lot of pensioners [among the claimants], many of whom are ex-RBS employees.

“When they went to presentations by Goodwin, they weren’t just encouraged to put their bonus in, but to put their savings in, even to go and borrow money "

Oh Dear they never planned on a moral stance from the great unwashed and unhappy, but after three days of the being close to a negotiated out of court settlement, whereby the bank is desperate not to have its dirty filthy washing aired in public there is a twist.

The banks offer is being repeatedly turned down as the share holders want the bank in the doc to show what a corrupt modern bank looks like ? Will it be will they eventually settle or will Fred Goodwin and his crony well paid executives have to suffer the public humiliation of showing how incompetent and greedy they were, which brought the bank down.

Is it not a weird world when the top management of a financial institution can buy their way out of trouble, then get paid massive sums to not make money but to offset previous mistakes by using the shareholders money rather than adding to profits. When will Governments stop this ridiculous carry on and put senior executives in prison for corporate wrongdoing ?

Guardian:

“That’s why some people are diehards. But there are also financial institutions that feel the same way, that this should go to trial.”

Mitchell said the public deserve to hear more about what led to the bank’s £45bn taxpayer-funded bailout after it nearly collapsed in 2008.

The case was brought by 9,000 claimants who allege that they were misled into investing in a £12bn rights issue as the bank was close to collapse.

Reports that thousands of claimants are refusing to settle cast doubt on comments by Jonathan Nash QC, acting for the claimants, who told Mr Justice Hildyard that “progress continues to be made” on a settlement.

RBS has reached settlements with 87% of the investors after announcing in December that it had an £800m pot to resolve claims.

https://www.theguardian.com/business/2017/may/25/rbs-royal-bank-scotland-shareholders-fred-goodwin-court-case-settlement

The outcome will be interesting,

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« Last Edit: Yesterday at 09:25:06 PM by boatyboy »