{"id":16547,"date":"2012-07-24T08:56:58","date_gmt":"2012-07-24T07:56:58","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=16547"},"modified":"2012-07-20T13:04:24","modified_gmt":"2012-07-20T12:04:24","slug":"banks-inequality-and-offshore","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/24\/banks-inequality-and-offshore\/","title":{"rendered":"Banks, inequality and offshore"},"content":{"rendered":"<p>Jim Henry's work for the<a href=\"http:\/\/taxjustice.blogspot.co.uk\/\" target=\"_blank\">\u00a0Tax Justice Network <\/a>on <em>The Price of Offshore Revisited<\/em> includes some extraordinary data. This table is one such example. It shows the assets under management in the 20 leading private\u00a0banks that manage the assets of the world's wealthiest people and\u00a0data on the assets managed by the top 50 such banks:<\/p>\n<p><a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/07\/banks.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-16548\" title=\"banks\" src=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/07\/banks.png\" alt=\"\" width=\"865\" height=\"579\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/07\/banks.png 865w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/07\/banks-300x200.png 300w\" sizes=\"auto, (max-width: 865px) 100vw, 865px\" \/><\/a><\/p>\n<p>Note the problem of Switzerland, and its pernicious influence.<\/p>\n<p>But note something else too. Many of these banks were bailed out by the state, or at the very least relied heavily on its indirect\u00a0support\u00a0and\u00a0implicit\u00a0guarantees over the last four years. How are they saying thank you? Why, by hiding the assets of the wealthy out of the sight of those states that\u00a0bailed\u00a0them out so that tax cannot be paid.<\/p>\n<p>That might be called a double whammy. They cost a fortune to bail out and now they're costing a fortune again.<\/p>\n<p>Do you wonder why I argue for massively enhanced\u00a0regulation\u00a0of these organisations and the places where they choose to hide?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jim Henry&#8217;s work for the\u00a0Tax Justice Network on The Price of Offshore Revisited includes some extraordinary data. This table is one such example. It shows<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/24\/banks-inequality-and-offshore\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,35,63,97],"tags":[],"class_list":["post-16547","post","type-post","status-publish","format-standard","hentry","category-banking","category-economics","category-switzerland","category-tax-justice"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=16547"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16547\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=16547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=16547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=16547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}