Tag Archives: banking

The Robin Hood Tax – Latest

Courtesy of The Robin Hood Tax CampaignRobin Hood Tax

OSBORNE — DROP THE LEGAL CHALLENGE

RHT logoJust a few months ago we were delighted to share the good news with you: eleven countries in Europe pledged to introduce Robin Hood Taxes — netting a combined whopping £30 billion. It’s hard to believe, but those taxes are now under threat from our government.

These taxes were the result of European leaders listening to the millions of ordinary people demanding the banks pay their fair share. George Osborne tried to block progress at every turn but European leaders fought on and we got the right result. But after losing the moral and practical arguments George Osborne is resorting to a desperate legal challenge to try and block these countries from introducing their own taxes.

We need to act fast to stop this dastardly Sheriff of Nottingham move and ensure these countries can introduce Robin Hood Taxes. Osborne tried to sneak this one unnoticed late on a Friday afternoon. But by speaking up and standing together we can send a clear message – we know what’s happening and we won’t let them get away with it.

Can you sign the petition to stop this uncalled for legal challenge?

Make no mistake this is not about defending British interests in Europe — it’s about defending the interests of this Government’s friends in the City of London. This legal challenge should be seen for what it is: a desperate last-ditch effort to protect the obscene profitability of our bloated financial sector.

In the UK, and across Europe we all paid to bail out the banks. And millions of us are still feeling the pain. These proposed financial transaction taxes are small but significant steps in ensuring the banks begin to pay their fair share. And that £30 billion would provide vital funds that can pay for doctors and nurses, help people in the poorest countries or fight climate change.

Not only is this wrong but it’s breathtakingly hypocritical. The City of London could be hit by the tax if, for example, a British firm trades with branches of French or German banks based in London. This is the exact same mechanism as the UK’s very own stamp duty on shares which nets the UK £3 billion a year.

Support for this tax is overwhelming: world leaders, faith leaders, economists, Nobel prize winners all cheered the lead taken by European countries. Don’t let George Osborne wreck this progress.

Yours,

Robin Hood

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Daily Headline – 08/04/13

Is China lined up for economic collapse?

Chinese finance flagAs the developed world is still suffering from the 2007 global economic crisis with austerity the weapon of choice by the ruling elite around the world is China, who though has not been immune to the global effects as demand for Chinese manufacturing declined slightly as belts were tightened, lining itself up for the same?

Chinese banks have long been ‘cooking the books’ and it’s getting worse, credit for loans is available to those with bad credit on an unprecedented scale in China. Just the same as was in the US that kicked off the global recession.

The problem is not just how much risk there is in the Chinese banking sector but ‘risky loans’ being shifted to the lightly regulated ‘shadow banking’ institutions – mainly trust companies, brokerages and insurance companies.

According to Reuters:
Trust assets increased 55 percent in 2012 to 7.5 trillion yuan ($1.21 trillion), according to the China Trustee Association, while funds entrusted to brokerages by banks soared more than fivefold to 1.61 trillion yuan.

Capitalism doesn’t work, western capitalism or Chinese capitalism, it doesn’t matter. Banking, finance and ‘the markets’ are always a catastrophe waiting to happen.

Daily Headline – 05/04/13

HBOS bank execs ran company to collapse

HBOS logoA report entitled ‘An Accident Waiting to Happen’ HBOS (Halifax & Bank of Scotland) bosses have been found to be incompetent and guilty of colossal mismanagement that led to the near collapse of the company that was rescued by Lloyds in 2008/2009.

The report went on to say that even had there not been a global economic crisis the company would have still collapsed such was the ineptitude of the three executives running the company.

HBOS is/was the largest lender of UK mortgages.

The government expects the working class to be responsible but what about the ruling elite?! Where is their punishment and condemnation? Jeopardising people’s savings and homes with absolutely no regard to them at all. Disgraceful.

For more details click here.

Daily Headline – 19/03/13

Banks, the corporate world can’t be trusted

Hongkong and Shanghai Bullshit Corporation

Hongkong and Shanghai Bullshit Corporation

More evidence has come to light over HSBC’s money laundering and tax evasion facility.

As early as 2003 it has been known to authorities that, to put it politely, HSBC has been lax on anti-money laundering practices. Failure by the banking giant to do anything about it led to regulations being tightened in 2003 and then again in 2010.

Still HSBC continued ignoring the law and clearly having no ethics or morality.

In 2012 HSBC set up offshore accounts for drug-dealers and other criminals. Also in 2012 HSBC was fined $1.9 billion USD for ignoring US money laundering laws.

Now in 2013 HSBC comes under fresh accusations from Argentina stating that they are using fake receipts to facilitate money laundering and tax evasion to the sum of £50m

HSBC said that it would cooperate with the investigation, adding that the allegations were “of great concern”
Yeah, a great concern that you got caught again!

Switzerland joins banking bonus cap

By Leon J Williams

UK; EU budgetEarlier this week the UK’s Conservative party criticised the EU’s banking bonus cap, promising to fight the measure before it comes into play.

They went on to say that this was nothing more than a “boost for Zurich and Singapore and New York”.

Well tory scumbags, you can cross Zurich off that list because the Swiss public have voted overwhelmingly to cap bankers bonuses and executive pay with nearly 70% voting in favour of strict regulation.

Sure, a global approach would be the best option but with die-hard capitalist countries not willing to go there the would needs someone to take the lead and be the example, that is the EU, that is Switzerland, that is Europe!

Daily Headline – 28/02/13

Bankers bonuses

UK; EU budgetOnce again the UK is out of step with the EU’s progressive stances, this time with bankers bonuses.

The European Union has provisionally agreed to cap bankers bonuses as part of a new financial rules package.

The agreement means that bonuses will be capped at a year’s salary, and provided shareholders agree that can rise to two year’s pay.

This of course has majorly pissed off the UK’s ruling conservative party who have well-known links to banks and the finance sector (over a quarter of Conservative MP’s have had jobs in banking and/or finance).

The provisionally agreed cap is yet to be finalised and the UK will fight the agreement and continue to support bankers multi-million bonuses when European finance ministers meet next week.

David Cameron and the Conservatives will eternally squeeze incomes for the majority, the everyday workers and fight for the wealthy so they can get wealthier at our expense and when things go wrong, we the majority will pay for it.

Don’t give the Conservatives the option, vote them out!

Iceland; Socialism works!

By Leon J Williams

Since the economic crisis Iceland has been on the verge of bankruptcy, it’s banking sector collapsed followed by huge international anger at the government allowing their banks to fail, rather than as with the US and UK which bailed out those banks with taxpayers money.

So since these times how have the three countries fared?

I have taken a little look at unemployment, national debt and tax rates for Iceland, the US and the UK from 2010-2012.

Unemployment
……….Iceland   USA      UK
Peak     9.4%      9.4%     8.1%
Now      5.4%      7.75%   7.8%

Debt (as % of GDP)
……….Iceland   USA       UK
2010     123.8     94.2      82.2
2011      99.1      102.9     82.4
2012      97.3      106.5     88.4

Tax Rates (up to)
…………… Iceland    USA      UK
Income tax      46.24%     15.3%    50%
Corporate tax   20%        39%      24%
VAT             25.5%      0%       17.5%

Movement
……….Tax   Debt   Unemployment
Iceland   ↗       ↘          ↘
USA       ↘       ↗          ↘
UK        ↘       ↗          ↘

Iceland’s unemployment rate has fallen by 4% the most during this period and is the only country of the three whose overall tax has increased and is the only country whose national debt has fallen.

Some will say this is clear that the policy of socialism of increasing taxes for everyone (not just the poor) works and in a sustainable way.

Often the specific type of socialism is referred to as ‘Nordic Socialism’.

Whether or not this is a form of socialism or not it should help put to bed the myth that the right-wing churn out that you must lower taxes so that businesses will employ people which will in turn reduce government debt as less people depend on the state.