There’s a simple rule in finance. It says don’t mix your money with the customers. So I was surprised to read the HBOS 2006 result which on page 6 says this of one of its divisions
Let’s put this in plain English. Treasury manages HBOS’s money. Asset management manages client money. But you’ll note they’re one [...]
Monitoring what is happening in Europe’s finance centres is a near full time occupation. I’ve found a blog that helps. It’s by a Frenchman called Jérôme Turquey who describes himself as a Consultant in Business Ethics.
As he said in a mail to me:
I have created a Blog about financial havens in Europe where I analyse [...]
Mark Vyner is a man who has followed his convictions. He was a partner in Grant Thornton until he got pretty uncomfortable with that required of him (as he explains here). Now he works for Christian Aid.
I liked his recent blog on a charity cycle ride he did form London to Paris. As he notes:
One [...]
I continue to be bemused by some arguments put forward by those who argue against Inheritance Tax. In particular I am completely baffled by the argument that an average home should be free of Inheritance Tax when almost no one who inherits a house moves into it. Let’s be clear: houses in the estates of [...]
The International Accounting Standards Board IFRS project seems to be falling apart at the seems. Like so much of the current financial architecture, International Financial Reporting Standards have been tested only in an upside to date.
Now I’m far from saying we have a down side right now, but we have had it in the financial [...]
Another thing Alistair Darling said to the Labour Party conference was:
Our priority is always to look forward and to see what more can be done. Here at home, we have lifted 600,000 children out of poverty. 10 million children and six million families gaining from tax credits. But it’s not enough. We must do more. [...]
I’ve read Alistair Darling’s speech to the Labour party conference yesterday. He said:
We need to be able to separate out ordinary savers money. Paying it out quickly. We need effective regulation in international markets too. Far greater openness and to prevent risky investments being hidden off the balance sheet. Effective supervision for banks, here and [...]
This is Gordon Brown’s big week - he’s finally a Labour prime minister addressing a Labour party conference.
I’ll leave aside for a minute the fact that he’s destroying the last vestige of democracy inside the Labour Party this week and instead highlight two comments form the Observer today which show the mountain he has to [...]
Prem Sikka is using his Guardian blog to great effect. His latests is called ‘Their hands in our pockets’ and shows just how often big business abuses the market system for its own benefit.
As Dennis Howlett said in his review of this blog:
Prem Sikka’s indictment of Tesco, Asda, Morrisons, Safeway and Sainsbury’s as a cartel [...]
Kenya is one of the most troubled countries in Africa right now. So it’s good to read this reprot on allAfrica.com of work done there by the Tax Justice Network Africa and our good friends Christian Aid:
Christian Aid has a shocking slogan for an institution whose members preach the resurrection and heaven: “We Believe in [...]
