Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Courtesy Telegraph..................
Tax evasion targeted by OECD G8 report
Tax evasion is expected to be high on the agenda of the G8 summit in Northern Ireland
Governments worldwide should clamp down on illegal tax evasion by automatically sharing tax
data, an international body has told the G8 summit.
The call from the Organisation for Economic Co-operation and Development (OECD) came in a
report commissioned for this week's summit in Lough Erne.
The report backed new laws and the global standardisation of national tax authorities'
reporting and IT systems.
"Vast amounts of money are kept offshore and go untaxed" it warned.
"As the world becomes increasingly globalised it is becoming easier for all taxpayers to make,
hold and manage investments through foreign financial institutions, something that not long ago
was accessible only to a select few."
The OECD said that the recommended steps needed to introduce an international system of
automated information sharing could be finalised over the course of this year and next.
It would build on an existing requests-based sharing system set up in 2009.
The OECD claimed a move towards automated information exchange had "unprecedented political support".
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,888
Looks like there will be a lot of worried johnnies
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Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Is this just another Flashman Headline grab ?............
..Courtesy Independent......
G8 summit: David Cameron hails landmark deal to rewrite global rules to stamp out tax evasion
Aid agencies warn that the measures did not go far enough as new registers revealing who owns and controls
companies would not be made public
David Cameron has hailed a landmark deal to rewrite global rules to stamp out tax evasion and stop companies shifting
profits between countries to limit their tax payments.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Bankers and finance johnnies caused the world`s financial problem................
Many Bankers etc should be in prison.............
Courtesy Independent...
Bosses of collapsed banks should be sent to jail, banking standards commission tells
George Osborne
Tougher punishments proposed to prevent another banking crisis
Britain's banking bosses should face jail if their decisions force fresh bailouts, the
Parliamentary Commission on Banking Standards says today.
The commission's hotly anticipated report urges the Chancellor, George Osborne, to
oversee the creation of a new offence of "reckless misconduct in the management of a bank".
Were such an offence in place in the aftermath of the financial crisis, several banking leaders
could have faced prosecution.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Still peddling that old Labour lie then Reg. If it comforts you so be it.
No-one though really believes that the bankers built government spending deficits during the growth phase, no-one except you and your mate really believes that he 'banned boom and bust', It was, of course, the Brown reforms of 1997 that removed prudential controls from the banks. And, of course, it was governments not banks that introduced the disastrous Euro.
But if you prefer your fantasy world then so be it.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,888
Today on the BBC and ITV banking reform is being called for because of there greed
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Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Courtesy Guardian.............
Jail threat for reckless bankers among proposals to clean up banking system
Commission led by Andrew Tyrie recommends jailing bankers for 'reckless misconduct' and
enforcing a wait for bonuses
The proposals come ahead of George Osborne's crucial Mansion House speech to the City
on Wednesday.
George Osborne is facing pressure to radically overhaul Britain's banks by introducing a new law
to jail bankers for "reckless misconduct" and force bankers to wait up to 10 years to receive their bonuses.
The proposals, among the key measures recommended in a major report by the parliamentary
commission on banking standards, also include a call on him to consider breaking up the
Royal Bank of Scotland. They come ahead of the chancellor's crucial set-piece Mansion House
speech to the City on Wednesday night.
The chancellor is urged to restore confidence in the financial system by making top bankers more
accountable for their actions in the wake of the 2008 bank bailouts, the Libor rigging scandal, and the
shoddy treatment of customers mis-sold payment protection insurance.
The senior Conservative MP Andrew Tyrie, who led the commission, said the 80 or so
recommendations were intended to "change banking for good". They also include giving regulators
new powers to halt bonus payouts and pensions for bosses of any banks that have to be bailed out by
the taxpayer in the future.
# 2845....so be it..........Brown caused the worlds financial crisis ?
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Courtesy Telegraph................
Banking Commission: Bankers should face threat of jail and loss of bonuses
Senior bankers should face jail and the loss of millions of pounds in bonuses if they are
involved in a future banking collapse, according to a report by a cross-party group of MPs and peers.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,888
It's clear from these recommendations and the chair of the group was on TV today and was saying that there is a need to end the collective responsibility where all bankers were using the its not my fault guv.
To move towards a,, individual senior executive blame.
The senior bankers have had it to good for to long, hopefully these changes will make a difference
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Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
the blame for this wont go away,its all blame and counter blame.so in conclusion believe what you dam well want.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,888
There is an opening now that will make individual senior bankers think more, and stop the scandals of the past
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Guest 745- Registered: 27 Mar 2012
- Posts: 3,370
Politically protected
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Brian - there are two issues here - the misbehavior of the banks and the financial crisis. These are actually two separate issues though each impacts adversely on the other making the overall problem worse.
There is no doubt that the banks did wrong. But - it was the regulatory changes imposed in 1997 by Brown that allowed them the leeway to do what they did as far as the UK is concerned. The weakness in the banking system was exposed by the cyclical slowdown that started in 2007 which was when the system started to come apart culminating in the 2008 banking crash. Mrs T said that the banks were 'not ordinary businesses' something Brown forgot when he introduced the tri-partied regulatory system that got rid of clear lines of prudential responsibility and oversight.
The banking crash made the cyclical slowdown worse of course but what turned it into a crisis was the appalling position the UK and many other countries were in to cope with it. It is this for which governments can and should be held responsible. Their massive spending splurge during the growth phase of the economy created massive deficits and high debt at exactly the wrong point in the economic cycle. This was made even worse in the Eurozone by the Euro straitjacket preventing the weaker economies from using devaluation as part of their strategy. This awful situation is also compounded in the UK by what some economist journalists described as a Fantasy Island economy in which most of the growth from 2000 was built on an unsustainable bubble of private debt. This latter problem was again caused by the 1997 reforms in which debt was left out of the Bank of England inflation brief resulting in the interest rates being kept too low for too long and the discouragement of saving by the Brown government.
As you can see there are clear lines of responsibility here.
Reg prefers to ignore much of these when he refers to, I quote:
""Bankers and finance johnnies caused the world`s financial problem."" As you can see he simply turns a blind eye to what does not fit in with his hatred of the wealthy and those of us who do not think we should all kow-tow to all that is demanded by governments.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,888
Some interesting points there
And as you say, or partly say there was some fault of the banks and so at least that has been recognised, now having blamed the last administration we need to move on to the problem still being there, and still the need to bring the bankers into line.
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Brian Dixon- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
still it adds fuel to the fire,wheather its browns fault or not.it was mrs t [as you put it] started deregulating everything brown followed suit.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,888
That's an interesting point Brian
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Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Brian Dixon wrote:still it adds fuel to the fire,wheather its browns fault or not.it was mrs t [as you put it] started deregulating everything brown followed suit.
Brian you are factually incorrect.
Mrs T actually introduced retail financial services regulation for the first time with the 1987 Financial Services Act. She actually refused to de-regulate the prudential side of banking saying 'banks are not ordinary businesses'. She was proven right after Brown did what she rejected and it was the lack of that prudential regulation that was a direct cause of the banking problem.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,888
We cant go on blaming previous govts tory or labour
The mouse has been there for some time
And even he(as weak as he is) is calling for change
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Brian Dixon- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
barryw,she instigated the mechisam,there fore started it.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Courtesy 38 degrees..................
Tonight George Osborne may announce plans which would lose the UK public £7 billion.
He's thinking of flogging off our publicly-owned bank, RBS, on the cheap. We paid to bail it
out back in 2007. But instead of deciding how to make best use of this huge public asset,
Osborne is hoping to claw back some cash by selling at bargain basement prices. [1]
He's set to announce his plans for selling off RBS in a speech tonight - but this morning the
Commission on Banking (set up by Osborne himself) published a report saying that we shouldn't
rush into a sell-off. [2]
Currently he may just be planning to push ahead and ignore their advice. But with people power we
could force him to listen. He doesn't want to appear to be ignoring the opinion of experts he appointed.
If enough of us tell George Osborne and David Cameron now that they need to take the
Commission's advice then they'll realise that forcing a sell-off will damage their reputation.
We might only have today to do this. Could you sign an urgent petition now, asking George Osborne
and David Cameron to listen to the Commission on Banking's report and make sure all options
are considered instead of rushing straight into the sale? We'll send the petition to them before the
big speech tonight.
Just click here to sign:
https://secure.38degrees.org.uk/dont-flog-off-RBS