I am not the world’s most enthusiastic air traveller. In fact, that overstates my love of airports many thousandfold. But the time came last week when my sons needed to go abroad for the first time – to Ireland, from where both my wife’s family and my own come (her parents being Gaelic speakers by origin).

Ryanair is not a great introduction to air travel, and they did not seem to enjoy the experience. As a result a trip back by boat and train suited them well, and has now been completed – twenty four hours later than scheduled and all very smoothly except for the exceptionally unhelpful Virgin staff at Crewe (to be contrasted with all other train staff who have been brilliant).

It’s staggering to note how something like a volcano erupting can have such an impact on  life. And in microcosm it shows how much a part of nature we humans are, and how mush we must respect that fact.

I confidently predict a serious decline in air travel after this incident, and a significant rise in teleconferencing. I would welcome that. Of course meeting face to face is useful sometimes. But maybe not as often as we think.

I also note something else related to the environment. All of which leads me to also note that the right wing have not been grovelling in their apologies when after months of controversy, the University of East Anglia climate unit was exonerated last week over the leaked emails affair. The Royal Society found the work undertaken at the unit was robust. The climate change deniers – almost to a person the same people it seems who promote tax abuse – have been silent in response. Facts don’t appeal to them.

Of course a volcanic eruption has, almost certainly, nothing to do with climate change. But it does emphatically demonstrate our dependence upon nature and the risk we take if altering the environment in a way that might make irrevocable change threatening our life much more seriously than simply being denied the opportunity to travel by air.

 

BBC – Peston’s Picks: Goldman may owe British taxpayers $841m.

The Royal Bank of Scotland was the major counter party of the alleged fraud by Goldman Sachs, its losses amounting to a suggested $841 million.

If so then Goldman is going to have a big bill settle, with many penalties attached, I hope.

Apr 162010
 

FT.com / Columnists / GillianTett – Now is the time to inject some genuine transparency.

As Gillian Tett says in the FT:

The SEC thinks that Goldman did is rig a CDO deal in a way that allowed it (and its hedge fund clients) to make fat profits. This is the banking equivalent, if you like, of a used car salesman flogging a vehicle that the salesman knows to be very dodgy, to a customer that has little chance of getting independent information.

Of course they plead not guilty.

But as Gillian Tett says:

[I]in reality, it has long been an open secret that “free market” principles did not really apply to many parts of the CDO world during the credit boom. On the contrary, back in the last decade, when banks were pumping out CDOs, the sector was so murky that it was easy for banks and hedge funds to engage in shady practices that enabled them to make a fast buck.

And:

the most important lesson from Friday’s suit is that it shows exactly why the regulatory debate that is under way in Washington and Brussels matters so much. One reason why so much malfeasance flourished in the CDO world during the last decade was that it was not just lightly regulated, but also very opaque.

But so far this drive towards greater transparency has proceeded at an achingly, shamefully, slow pace. That is partly because of political infighting, but also because many of the banks continue to fight real change.

However, the good news about Friday’s suit is that it could now strengthen the pressure to inject real transparency into the financial world.

Some of us, of course, have been arguing for this for a long time.

 

FT.com / Companies / Banks – Goldman accused of subprime fraud

US authorities accused Goldman Sachs of fraud on Friday over a subprime mortgage security that caused $1bn-plus in losses to investors, in the toughest regulatory response so far to the excesses of the credit-bubble era.

Need I say more?

 

This report was written in 2008.

Nothing of any consequence has changed.

 

Lib Dem manifesto: can you trust the numbers? | Politics | guardian.co.uk .

The Guardian reports:

Tax accountants, who make their living helping clients avoid tax legally, said the Lib Dems’ plans were unrealistic.

“If it was possible, it would have been done by now,” said Mike Warburton, partner at Grant Thornton. “Politicians of all parties come up with these plans, which are incredibly popular with the electorate, but find it is a bit like picking up a bar of slippery soap – you think you’ve got it, then it slips away. Accountants and lawyers will find ways round whatever rules are in place to help our clients.”

Asking Warburton about tax avoidance is like asking a burglar for comment on crime statistics. He creates those stats on tax avoidance – why on earth listen to what he has to say about them?

But he’s wrong. The report I helped co-write for Compass shows that. The Green New Deal has also done so. As has the Missing Billions for the TUC.

Warburton is wrong. Completely wrong.

And it’s patently obvious to anyone that this must be the case. He brings shame on the profession by speaking as he does. – saying time and again he will abuse any law put in his path. It’s sickening that he does so.

 

Tesco resurrects online VAT dodge from Channel Islands | Business | The Guardian .

Tesco has quietly returned to a multimillion-pound Channel Islands tax dodge four years after the authorities in Jersey banished the supermarket group’s VAT-free CD and DVD website from the island, accusing Britain’s largest retailer of operating a “sham” selling structure that brought the Channel Islands into disrepute.

Guernsey and Tesco – tax avoiders that suit each other as both seek to undermine the tax base and the rule of law in the UK.

 

Election 2010: Liberal Democrats promise tax avoidance crackdown | Politics | guardian.co.uk .

I take quiet satisfaction in noting the Liberal Democrats say this.

I know Vince Cable’s copy of The Missing Billions is the best thumbed I’ve ever seen.

I’m not claiming to have written the Lib Dems strategy – far from it. But I think I and those I’ve worked with have had a massive impact on it.

And rightly so. This is the right policy at the right time.

 

Can You Achieve Anonymity & Confidentiality with an Offshore Bank Account Anymore?.

An absurd article in “Shelter Offshore”. It’s all about abuse. Nothing more, or less.

But the key thing is notice the sponsors. HSBC and BDO on my version.

Why are they promoting this abuse?

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