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Daily Archives: November 20th, 2007

Isle of Man - what use is a captive press?

20-Nov-07

I have already commented upon the state of the press in Jersey this morning. Let me add further example of the state of the press in the Crown Dependencies, this time in the Isle of Man.
My blog on why Jersey and the Isle of Man would fail the EU Code of Conduct was mailed by [...]

Filed in Uncategorized | | Comments (1) »

The Walker Code on Private Equity

20-Nov-07

The Walker Code on private equity will be published today.
I have little to add to the despair I expressed yesterday when learning that Sir Mike Rake was to head the review process.
And in any event Brendan Barber of the TUC seems to have said it all when saying:

While disclosure is vital, the wider implications of [...]

Filed in Private equity | | Comments (0) »

Northern Rock - what to do with junk equity?

20-Nov-07

There’s much talk in the City of junk bonds, many of them issued by offshore SPVs, SIVs and CDOs. There’s little talk of “junk equity”. But that’s what Northern Rock has now got.
Let me explain. The balance sheet of Northern Rock shows that just 4% of its money has been provided by its shareholders. 70% [...]

Filed in Bonds, Economics | | Comments (2) »

Jersey: Senator Le Sueur is getting rattled

20-Nov-07

The Jersey Evening Post has a four page supplement tonight explaining how the States will deal with the ‘black hole’ arising from the 0 / 10 tax policy the Island has adopted. I have not read it all - in fact, it’s only been read to me in part because none of it is on [...]

Filed in Economics, Europe, Jersey, Tax Havens | | Comments (0) »

The Isle of Man - $200 billion of tax evaded funds

20-Nov-07

Marty Sullivan has been continuing his work on the UK’s offshore tax havens, this time looking at the Isle of Man. He concludes:

At the end of 2006, there were $150.5 billion of assets in the Isle of Man financial sector beneficially owned by non-Isle of Man individuals who were likely to be illegally avoiding tax [...]

Filed in Corruption, Isle of Man, Tax Havens | | Comments (5) »

The SEC wants country-by-country reporting

20-Nov-07

The FT reported on Saturday that:

Companies doing business in “terrorist-sponsoring states” could once again have their names under scrutiny under a controversial plan being revived by the Securities and Exchange Commission.

What the SEC has suggested is the development of a mechanism to facilitate greater access to companies’ disclosures concerning their business activities in or with [...]

Filed in Accounting, IFRS 8 | | Comments (1) »