OK, while I'm quoting Francine McKenna, let me add another point of agreement. She wrote in Accountancy Age last week:
I've been writing about accountants and their obscure alchemy on my blog for the last two years. I've watched as the US Congress, regulators, business leaders, academics, lawyers, standards setters, and the Big Four audit firms wrangle over issues such as mark-to-market accounting, regulation of private equity and hedge funds, limits on executive compensation, and better corporate governance.
Unfortunately, this debate is taking place because of the inability of accountants to defend their accounting. Absent other scapegoats, accounting standards may take the blame for the worst crisis to threaten capitalism since the 1930s.
I agree. Which makes Accountancy Age's own comments on the issue even more incongruous.
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You do not seem to get many responses Mr Murphy ? Do you have a lot of support for your ideas ? You will see I have a Guernsey email but do not assume that I am a money launderer. I read about you in The Guardian, Googled your name, and came across this website which I have been reading for some weeks now. If I may say so I sense some bitterness in one or two of your comments. If you do believe that Guernsey and the like will be shut down do you feel that any provision ought to be made for the common man and his family who will lose funding for schooling and healthcare ? We may be small but we surely matter, not all of us asked for low tax rates you know. Finally, are you poacher turned gamekeeper ? Thanking you, Sarnia Henry.
Henry
What a strange comment you make
I could of course spend my time generating comments on this site – but I’d really rather influence the real agenda. So I’d rather spend my time talking to people who can create change. It’s much more productive.
But in that context, when addressing tax officials, the OECD and others in Scandinavia this week I did indeed make the point that aid must be provided for this true locals in tax havens who will suffer from the process of change. I have nothing against the places or their people – just the corruption of the financial services industry.
And yes, more than 20 years ago I did offshore – and realised how extraordinarily harmful it was. I changed my mind, and have never regretted it. What is wrong with that?
Richard