{"id":6656,"date":"2010-04-26T10:19:05","date_gmt":"2010-04-26T08:19:05","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=6656"},"modified":"2010-04-26T10:19:05","modified_gmt":"2010-04-26T08:19:05","slug":"hsbc-wants-to-abuse-the-banking-levy-for-its-own-gain","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/04\/26\/hsbc-wants-to-abuse-the-banking-levy-for-its-own-gain\/","title":{"rendered":"HSBC wants to abuse the banking levy for its own gain"},"content":{"rendered":"<p><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/35e76c98-50a2-11df-bc86-00144feab49a.html\">FT.com \/ Companies \/ Banks - HSBC seeks bank levy plan backing<\/a>.<\/p>\n<blockquote><p><strong><span style=\"font-weight: normal;\">HSBC<\/span> <\/strong>is seeking support for a plan to direct any industry-wide bank levy into government-sponsored venture capital agencies, as part of a rearguard mission to change the terms of the ongoing bank regulation debate.<\/p><\/blockquote>\n<p>I have no problem with ventue capital bar four things.<\/p>\n<p>The first is I've run a venture capital backed company and I'll happily say that some supposedly very good VC funds I dealt with knew nothing at all about running businesses. They've got wonderful MBAs. and not a clue how business works. Read Obliquity by <a href=\"http:\/\/www.johnkay.com\/\" target=\"_blank\">John Kay<\/a> if you want to know why. Entrepreneurs are foxes. VCs are hedge hogs - and poor ones at that.<\/p>\n<p>Second VCs screw entrepreneurs into the ground. There are few people on earth betting at devising disincentives than VCs.<\/p>\n<p>Third, they charge the earth for this privelige, and so requitre rates of return that usually prevent any useful business getting funding.<\/p>\n<p>Fourth, the vast majority of returns end up with the VC managers.<\/p>\n<p>No doubt HSBC see a great profit opportunity in this.<\/p>\n<p>I, on the other hand, think a Green investment Bank run by competent people on sensible salaries would be a vastly better bet.<\/p>\n<p>And I also think much of the funding should go on infrastructure - they very thing banks, by seeking to deny tax to governments, deny to society.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FT.com \/ Companies \/ Banks &#8211; HSBC seeks bank levy plan backing. HSBC is seeking support for a plan to direct any industry-wide bank levy<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/04\/26\/hsbc-wants-to-abuse-the-banking-levy-for-its-own-gain\/\"><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],"tags":[],"class_list":["post-6656","post","type-post","status-publish","format-standard","hentry","category-banking"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/6656","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=6656"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/6656\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=6656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=6656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=6656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}