HSBC bank 'helped clients dodge millions in tax'

[Guest MattP]

Of all the things that could cause human extinction I think tax avoidance and Darwin economics is pretty low down the list currently.

[leicsmac]

As long as the threat is recognised and seen as real by everyone in time and none are totally sure that they can survive it without the help of others (and being wrong).

 

But with my idealist hat on I'd hope what you describe is what would happen, Moose.

[leicsmac]

Of all the things that could cause human extinction I think tax avoidance and Darwin economics is pretty low down the list currently.

 

As I said above, it's not those acts themselves but the thinking behind them. It's kept us advancing for thousands of years, but it may fail us one day. I sincerely hope not though.

[sphericalfox]

An interesting insight from a reporter from the Telegraph regarding coverage of this story.

[Webbo]

Good for Peter Oborne, I hope he gets another job soon. always worth reading.

[Buce]

Wow, a journalist with integrity. Astonishing.

[Guest MattP]

Always thought Peter Oborne was impressive when he appeared on Question Time.

[ozleicester]

The latest newspaper readership figures in Australia showed a decline of readership in all major publications of at least 9%, some of them a decline of 16%.

 

This is on top of simialr sized declines for the last 5 years, sadly, and worryingly, newspapers are in their death throws, in the early 2000s it was asumed that papers would survive until 2030 and beyond, at the current rate of decline, the major newspapers in OZ will be dead by 2020.

 

Sad days and the newspapers decisions to become little more than misleading adverttising and PR tools has only hastened this collapse.

[Steven]

Downing Street rejects inquiry into handling of HSBC files

 

 

http://www.theguardian.com/politics/2015/feb/16/hsbc-files-downing-street-cameron-review-inquiry-vince-cable

 

 

Too many Tory donors affected, methinks. The stinking hypocrisy of going after "benefit cheats" for smaller amounts of money than the people actively engaged in tax avoidance/evasion. Bash the little person because it makes me feel (and others) better and because I can.

[Alf Bentley]

Wow, a journalist with integrity. Astonishing.

 

Always thought Peter Oborne was impressive when he appeared on Question Time.

 

Likewise, Matt. I don't read the Telegraph, so can't comment on that, but when I've seen Oborne on politics programmes on TV he has generally had something thoughtful to say - and I always got the impression that he was saying what he thought, not just toeing a line for a political party or employer. I didn't always agree with him, but often did.

 

Last night someone (Newsnight? News24?) described him as a "maverick", which I found interesting. Buce's "journalist with integrity" comes closer for me. Just when did showing independence of thought and integrity start getting people labelled "mavericks"? The same happens among politicians to some extent. Not a healthy development if those who toe the party line are winning....

[MooseBreath]

Sounds like he's a bit bitter over being sacked and that's his cover letter to the guardian to me but, I know nothing about the guy whatsoever.

[davieG]

HSBC bosses apologise for 'unacceptable' practices

 

 

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HSBC chief executive Stuart Gulliver: "I would like to put on the record an apology"

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The two top HSBC bosses have apologised for "unacceptable" practices at its Swiss private bank which helped clients to avoid tax.

Stuart Gulliver, group chief executive, said it had caused "damage to trust and confidence" in the company.

He and chairman Douglas Flint were answering questions from UK Members of Parliament.

Mr Flint said he felt shame and would "take his share of responsibility" for Swiss private bank failings.

When asked about the list of allegations and investigations into HSBC by international regulatory authorities Mr Flint said: "it's a terrible list."

Despite reforms, he said he could not exclude the possibility of further problems emerging,

He said the task of reforming HSBC will "always be ongoing".

Information about some 30,000 accounts at the Swiss operation were leaked to French tax authorities in 2007.

When asked by MPs who was most responsible for the problems in HSBC's Swiss private bank, Mr Flint said: "The individuals most accountable for the data theft and the behaviour that was unacceptable to our standards was the management in Switzerland.

"Most culpable were the relationship managers [in the Swiss private bank]."

Mr Flint estimated that some 30% of those relationship managers were still employed by HSBC.

No tax purpose

Mr Gulliver, who has worked for HSBC for 35 years and became chief executive in 2011, told the committee that his personal holding of a Swiss bank account through a Panamanian company had "no tax purpose".

He said the arrangement only reflected a desire for privacy from his colleagues at HSBC in Hong Kong.

Mr Gulliver told the committee he had "followed the letter of the law" of the UK non-domicile rules,

He said: "The important point is I've paid UK tax on my HSBC earnings during that entire period [since being based in the UK], so the amount of tax I have paid is the fair and appropriate amount."

[Vicki Vixen]

Guardian reported much of this back in 2011.  In fact, what they reported in 2011 was probably more incriminating than the more recent headlines.  http://www.theguardian.com/business/2011/feb/22/hsbc-stuart-gulliver-contract

[Rincewind]

they keep misplacing stuff though.Understandable with all the work they cannot keep track of everything.The odd bit of paperwork will bound to end up in the wrong file.

[Itsthejoeker]

I imagine they're not the only bank to be doing this.