The Guardian / BBC story of alleged tax evasion at HSBC between 2005 and 2007 covers old ground for some of us who have been around the tax haven scene for some time. But, five years after i first covered the story there are still questions to ask.
First, why has HSBC survived all the scandals surrounding it with a banking licence?
Second, why has no one been prosecuted in HSBC in the UK as yet?
Third, why was Stephen Green allowed to be made a peer and a minister and why was he not made to resign as they HSBC scandals (for there have been many) unfolded?
Fourth, why is the Church of England now letting The Rev Lord Stephen Green (for the former chair of HSBC and HSBC private bank in Switzerland is a Church of England vicar on the side and, it seems, a mate of Justin Welby) shape the future direction of training for its ministers, based on the model of banking (unbelievably)?
Fifth, why has HMRC prosecuted just one case?
Sixth, why has so little money been recovered?
Seventh, why the collective blind eye turning from the upper echelons of society?
I would really like answers, even if some are probably predictable.
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Are we able to remove Banker Green’s peerage, and then remove him from the upper house?
The defence is he committed no crime
One wonders if there is an element of hypocrisy with the Guardian gleefully running this story after their tax dodging antics in Luxembourg – with the expert assistance of PWC.
Bet this will be conveniently ignored by those on the left and also those on the Guardian’s payroll.
The story is not a Guardian exclusive
And many, like me, are well aware of the Guardian’s tax errors and highlight them
The only hypocrites in town are all on the right
How have the right been hypocrites? Generally, it seems to me, some on the right have no moral qualms about tax avoidance, and at the same time engage in it. That does not strike me as hypocrisy.
Hypocrisy, rather, is characterised by saying one thing but doing another. For example, criticising tax avoidance but then arranging one’s own affairs so as to minimise tax (as the Guardian did).
You don’t have to like their morals or beliefs, but one thing you can’t accuse the right of on this matter is hypocrisy.
So those without morals can never by hypocrites
I get it…..
Hypocrite has a fairly well established meaning, and that meaning is not ‘doing something that I disapprove of’.
Someone who both practices and criticises tax avoidance is a hypocrite. Someone who practices, but does not criticise, tax avoidance is not.
Someone with ‘no morals’ is a hypocrite if he demands morality in others.. his stance in tax avoidance is irrelevant.
So the OP is right on that point. What’s wrong is the notion that ‘the right’ openly approves of tax dodging. Many (including all the politicians who’ve gone on the record about it) claim it is wrong. Therefore if they practice it themselves then, obviously, they are hypocrites.
But the idea that tax-dodging hypocrites are *only* found on the right is nonsense, and you can’t seriously believe that is the case.
I can seriously believe that the lack of apparent morality amongst some on the libertarian right makes it much easier for them to throw the accusation
I thnk they seriously misuse it
How anyone can talk about hypocrisy in such an amoral context as tax avoidance is beyond me.
It’s a morality free zone as far as I can see.
Richard, to a greater or lesser degree (mostly greater as far as Qs 1-3 and 5-7 go), two words provide the answer: The City.
You and regular readers of this blog will know this, but others may not. But we all need to keep it in the forefront of our minds – particularly as we get closer and closer to an election that the Tories and their puppet masters will do anything to win. The City is effectively a state within a state and one that is almost entirely free from effective oversight and regulation. It is also, of course, the fulcrum of the world’s tax avoidance and evasion industry.
Until this cancer that sits at the heart of the UK economy and society is tackled nothing fundamental will ever change in this country, and the form of parasitic, exploitative and immoral capitalism it nurtures and promotes will continue to blight the lives of millions worldwide.
Agreed
Strong words, Ivan, but the facts seem to point to no other conclusion.
You’ve nailed it right there, Ivan.
From my experience Ivan, you’re spot on!
I recently applied for a mortgage from an offshore branch of HSBC, and was surprised to be told I had to show the last 3 years of my tax return before the application could be processed. So maybe they are learning their lesson?
No, they just want to know you can pay them
They can easily figure that out from my bank statements and pay slips.
I questioned them why they requsted the tax info (i’ve never been requested to supply tax returns and proof of tax payment before), and they said it was policy now following “problems in the past”.
Interesting
You’re really on form today, Richard.
I think we should vote Stephen Green out of the House of Lords at the next election. Oh, hang on a minute…
Am I right in thinking that Balls made a speech to a City audience, not that long after he became Shadow Chancellor, promising a return of “Light Touch Regulation”? A major problem if that is still his view.
I am not aware or any such speech
Guess who is the new auditor of HSBC: Luxleaks tax ruling star team from PWC
A big family enterprise!