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 we now find that the HSBC chief executive, Stuart Gulliver, was himself engaging in exactly this tax dodging for his own personal benefit from his own bank, holding £5m in a Swiss account and having his huge bonuses paid through an anonymous company registered in Panama. What adds insult to injury is that instead of being forced to stand down for deliberately profiting from the financial malpractice he was supposed to be regulating and closing down, he is now getting a total remuneration package of some £7.5m as HSBC announces £13bn profits for 2014. Continue reading →