I did a Google news search on Granite just now. I wanted to know how many people are talking about the role of the Granite companies that I have been highlighting as the lynch pin of the abuse inherent in the Northern Rock balance sheet.
Do you know the best I could come up with? It [...]
I have spent some time talking to people about the ’shadow’ structure that Northern Rock created and which I wrote about earlier this week. My question was simple, and I needed to be sure of the answer. I’m confident that I am now.
That simple question was this:
Why did Northern Rock create such a complicated structure [...]
IFRS accounts continue to astound me. The prospect of anyone securing a true and fair view of the operations of a company by using them appears to me remote in the extreme.
Let’s ignore the absurdity of fair value right now. Let’s concentrate instead of the possibility is provides of accounting for ‘operations classified as held [...]
It’s been reported that:
L’Oreal is facing renewed accusations in the French Court of Appeal in Paris that it illegally sold luxury cosmetics in Russia and then diverting the profits through screen companies and tax havens.
It’s former trading partner in Russia, Ukraine and Belarus between 1974 and 1999, estimates that the allegedly illegal sales to amount [...]
Prem Sikka has been one of the most consistent, and most consistently right commentators on accounting, tax and financial responsibility issues over the last fifteen years or so.
Prem’s now written on the Northern Rock fiasco, and the point he makes is, as ever, highly pertinent. He says:
As the financial turmoil continues, there should be a [...]
Each year the Berne Declaration presents the “Public Eye” awards during the Davos economic summit.
One award made each year is for Corporate Irresponsibility. The usual criteria for selection is choosing to do the wrong thing when knowing what the right thing was.
The Tax Justice Network and the Association for Accountancy & Business Affairs have nominated [...]
Simon Jenkins wrote this in the Guardian today. His logic is sound. I’ve added paragraph breaks:
For half a century home ownership in Britain - termed a “right” by Brown - has been indulged beyond economic reason.
It has sucked savings out of the productive sector.
It has tied up pension money that should be helping the economy [...]
I’ve been musing some more on the consequences of the government guaranteeing deposits with Northern Rock. By implication they have guaranteed deposits with all banks: no other option is now available to them.
In effect they have said that depositing money with a bank is now as safe as depositing it with the government. Gilt yields [...]
Barack Obama said yesterday that:
It’s time to shed some sunlight not only on companies that abuse the tax code, but also on the secretive offshore tax havens that shelter them
Too true.
And good timing to coincide with the World Bank’s support for doing so.
Obama is, of course, a supporter of the Stop Tax Haven Abuse Act [...]
It amazes me that most people think that money is printed. It isn’t. Only 3% of all money in the UK is created by the government. The rest is created by banks.
How does a bank create money? The honest answer is out of thin air. It happens whenever they create a loan.
Most people think when [...]
