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HSBC Banking Leak Shows Tax Avoidance, Dealings With Criminals
An anonymous reader writes: Data in a massive cache of leaked secret bank account files lift the lid on questionable practices at a subsidiary of one of the world's biggest financial institutions. HSBC's Swiss banking arm did the following: Routinely allowed clients to withdraw bricks of cash, often in foreign currencies of little use in Switzerland; Aggressively marketed schemes likely to enable wealthy clients to avoid European taxes; Colluded with some clients to conceal undeclared "black" accounts from their domestic tax authorities; and provided accounts to international criminals, corrupt businessmen and other high-risk individuals. For its part, HSBC admits that it is liable for past transgressions but claims its practices have changed.
In the US decade or so ago. They are a blatant and repeat offender. Their main profits come from servicing organized crime and criminals, and should have been shut down years ago.
I just wish we'd find out who some of these clients are. Yes, the bank should be in hot water for this, but so should the politicians, err.. I mean, random businesses who also use these services.
Waiting for an amusing sig.
The bit where it classifies them as "undeclared" "black" accounts means _evasion_. But I wont ruin the idealistic dream that a difference even really exists. HSBC is too big to fail remember. So lets see the account holders pass the buck because the bank advised it. And they can't really penalize the bank because as seen on numerious occasions they are above the law.
People should always be trying to avoid taxes. Blindly paying whatever taxes are assessed is foolish and will always lead to the levying of more and more taxes because due to greed and human nature. Governments are incapable of ever lowering taxes in any real or meaningful way. The only way to avoid runaway taxation is perpetual tax avoidance. Many people go so far as to consider taxation theft, and avoidance patriotic.
Phil Collins held money in a swiss bank account. What a crook! Where does Phil Collins live? Oh right. Launsanne SWITZERLAND.And OMG, David Bowie had a bank account in Switzerland.... where he lives. So did anyone actually stop to think that this guy stole bank details and sold them? And we're not enforcing our treaties with Switzerland, letting this man get off free, for a bit of extra tax?
Now consider the situation with SWIFT, US stole the data, EU found out, Barosso (possible US operative) promises a tough response and instead signs away the SWIFT data on condition its only used within strict supervision on a supervised air-gapped computer. US of course ignores that, NSA gets a copy of all data and do the air-gapped computer thing for the EU supervisor to see as a floor show.
Snowden blows the lid off that, tells the world the NSA had operators inside the treasury to give itself free access to that data, and EU Parliament demands the program be ended. EU national government politicians all dance around, like the US has them by the balls and don't act. All of their bank details are in the CIAs bag of tricks now.
http://www.theguardian.com/world/2013/oct/23/us-eu-pact-terrorism-funds-nsa
So EU violated its treaty with Switzerland and refuses to prosecute this man, and US violates its treaty with EU and its the same thing.
They reap what they sow.
A BBC new site article yesterday had this passage...
The bank now faces criminal investigations in the US, France, Belgium and Argentina. HSBC said it is "co-operating with relevant authorities". But in the UK, where the bank is based, no such action has been taken.
Whether anything happens as a result of those investigations remains to be seen. And in case you're wondering why there is no such action taken in the UK, the reason can be inferred from the next paragraph...
The man in charge of HSBC at the time, Stephen Green, was made a Conservative peer and appointed to the government.
No, people realize they really do have first claim on what they earn and they rightfully want to keep what they earn.
Any of you wealthy or upper middle class Americans who want to tax everyone to death, feel free to lead by example rather than government gunpoint. There is a form for you to rid yourself of all that nasty, nasty money here http://www.fms.treas.gov/faq/moretopics_gifts.html This is called the 'Gifts to the United States Government' account and I am sure it will alleviate all that liberal white guilt from which you suffer so magnificently.
Also, in terms of being a twat, tax avoidance is perfectly legal and legitimate. No one is obligated to pay any tax from which they can escape. It is EVASION that is a crime and no, they are not synonyms under the law.
Synonym = two words that mean the same for you American Progressive public school victims.