Posts Tagged ‘HSBC’

Big four banks (with 1,629 subsidiaries in tax havens) are rotten heart of UK economy

by Michael Meacher.

The more that comes to light about the nefarious activities of the Big four banks, the more extraordinary it is that these banks (a) demand a return to business as usual (which of course caused the financial crash in the first place), (b) continue to fight back against any reforms of a dysfunctional finance sector, feeble […]

HSBC chairman admits bank too big to manage, so shrink it till it can be managed

by Michael Meacher.

Douglas Flint, the chairman of HSBC, put his finger on it when under scrutiny by the Treasury Select Committee last week: “I don’t feel that proximate to what was happening in the private bank (at Geneva)”. He felt ‘very ashamed’, but not enough to forfeit past bonus payments in response. He was finance director when […]

This election should be about ridding Britain of the stench of corruption

by Michael Meacher.

It is incredible how the reports of corruption in Britain are now going from bad to worse almost every single day. HSBC’s original lame excuse for the massive tax evasion engineered by its Swiss bank in Geneva was that it was previously run on a ‘federated’ basis so that central controls were much looser. Yet […]

Peter Oborne and the Tory crisis – unfit to run a newspaper, let alone a country

by Phil Burton-Cartledge.

Good on Peter Oborne. Good on him for telling the Barclay Brothers to stick their job. Regular paid writing gigs are hard to come by for journos, so to spurn what is one of the cushiest jobs on Fleet Street for a matter of principle shows him to be a writer with value and integrity, […]

Why isn’t HSBC being prosecuted?

by Michael Meacher.

The differential treatment between those low-paid workers who fraudulently claim benefits and those top bank executives who launder hundreds of millions of pounds for drug cartels or pariah states tells you all you need to know about the class basis of justice in the UK. A person claiming benefits while working can get up to […]

HSBC is out of control and should be broken up

by Michael Meacher.

The lesson of the HSBC debacle is not merely that tax evaders must be hunted down much more relentlessly, but that in its present form it’s ungovernable. It’s no good saying HSBC was run in a ‘federated way’, but now management has been tightened up (is anybody really taken in by that anyway?). We were […]

HSBC: Ministers who lie or refuse to tell the truth should be made to strand down

by Michael Meacher.

The lies, mis-statements and blatant evasions over the HSBC Swiss bank are beginning to build up. We were initially told that no Minister had any knowledge of wrongdoing at HSBC Suisse until this last week. This has now been contradicted by several different sources. Lin Homer, the besieged and rather ineffective head of HMRC, told […]

Why are US, France & Belgium starting prosecution against HSBC but not the UK?

by Michael Meacher.

The evidence of wrongdoing published this week against HSBC Suisse is so overwhelming that formal investigation prior to prosecution might seem a foregone conclusion. It is indeed already happening in the US, France, Belgium, Spain, even Argentina. But not in the UK, even though HSBC is a British bank. So why the reluctance of the […]

Downing Street, bankers and tax dodgers close ranks over HSBC Swiss bank leaks

by Michael Meacher.

The revelations of greed and cynical immorality, with the ex-clergyman Lord Green topping the bill, keep pouring out of this HSBC Swiss bank scandal, one of the biggest of the last few decades since this is probably only the tip of the iceberg on bank wrongdoing in this no-holds-barred era of crooked capitalism. The facts […]

How we should get tougher on the tax cheats

by Michael Meacher.

The revelations in the Guardian, BBC Panorama and elsewhere are truly staggering. It shows how a HSBC-owned private bank in Switzerland actively colluded with hyper-rich clients to enable them to avoid EU taxes, to conceal undeclared ‘black’ accounts from their domestic tax authorities, to help them withdraw bricks of cash in foreign currencies so as to launder […]

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