HSBC scandal.

Danthus

Danthus

Danthus

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So it has come to light that HSBC were actively engaged in helping customers evade tax.

http://www.theguardian.com/news/2015/feb/09/hsbc-files-bank-swiss-arm-tax-international-response

Is anyone really that shocked?

This happened while Labour were in charge, regulation clearly failed. HMRC appear to have done almost nothing about it even though they were aware as early as 2010.

Stpehen Green, chairman of HSBC at the time was made a peer even though HSBC were found guilty in a seperate case of money laundering.

At least we didn't bail them out though. :o :D
 
What has come to light in all this is how you really aren't in control of your own money.... Now that is the real scandal.

"Sorry sir, the government say we cannot give you that cash in your bank account, it has to be transferred to a recognised account..."
 
OldCoals said:
Is anyone really that shocked?
Click to expand...

Not in the slightest, amoral behaviour from the banks is nothing new.

Napoleon Bonaparte said:
When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain
Click to expand...
 
I'm not clued up on the laws etc... However if its legal then it is not a problem and HSBC should be allowed to go about their business. The question I would then immediately ask is, why is it legal? We then have to delve deeper and look at changing the laws etc... so such things do not happen.

If it is not legal, then they should be prosecuted accordingly.
 
I work in the City...

People have and always will try and find a way of evading tax.. HSBC were just stupid enough to not keep a lid on it..
 
Why is no-one enraged that KPMG, who the government paid (with our money) to update the 17,000 pages of UK Tax Law, immediately started consulting with large corporations to exploit loopholes in said law?
 
I don't know, why is no-one enraged that an accounting company operated within the rules of law for the benefit of their clients? I'm flummoxed.
 
As a potential customer, I'm now attracted to HSBC. After all, who wouldn't want to pay less tax? :p


OldCoals said:
At least we didn't bail them out though. :o :D
Click to expand...
Interesting point... I guess the recent news pretty much sums up how HSBC were the only ones to not take a bailout.

  • RBS took the bailout because they were broke.
  • Lloyds themselves were fine, but they needed the bailout to deal with all the HBOS bad debt that they 'bought' (in the deal brokered by Gordon Brown :rolleyes:).
  • Barclays didn't take the government bailout because they were bailed out by Arab money instead (Qatar and Abu Dhabi).
  • HSBC were the only ones not to take any bailout. But it has since transpired their money laundering was the 'Worst Behaviour That Any Bank Can Possibly Be Guilty Of' and they were involved in Tax Evasion.
 
OldCoals said:
So it has come to light that HSBC were actively engaged in helping customers evade tax.

http://www.theguardian.com/news/2015/feb/09/hsbc-files-bank-swiss-arm-tax-international-response

Is anyone really that shocked?

This happened while Labour were in charge, regulation clearly failed. HMRC appear to have done almost nothing about it even though they were aware as early as 2010.

Stpehen Green, chairman of HSBC at the time was made a peer even though HSBC were found guilty in a seperate case of money laundering.

At least we didn't bail them out though. :o :D
Click to expand...

bankers are in a unique position in that we allow them to 'create' money. I have always regarded bankers as hardened crack cocaine addicts. They will say anything or do anything to get more of the drug of their choice - money. Everything they do is then explainable and predictable.

I watched the scramble of bankers trying to get into the PFI deals years ago and by using the above knew the taxpayer was getting shafted, as subsequent events have shown.

It is up to Govt. to make sure there is the proper regulatory authority to make sure they do not hurt themselves(their bank) or us as individuals or as a country. In this both parties have spectacularly failed and we as individuals are paying the price now and for the next ten or more years.

Politicians will never blame themselves though.
 
I have been thinking about setting up a limited liability company "anything i don't mind limited" registering it in a tax haven country. Then speaking to my employer and getting them to just change the bank account to my business account and let them know that i will now deal with my own tax and national insurance. Then just pay myself a salary. Run every month as a loss.
 
Yesterday I read this, checked the forum, saw there was no thread about it, and was pleased.

The headline should be "accountants save you money"
 
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