Should'a Let RBS Collapse Part 96 - £5bn in Taxes Lost in Tax Haven

'Maria' wrote this:

RBS offshore behaviour might look dodgy now that it's majority owned by taxpayers, but one cannot fairly say (as the Mail article does) that the UK Treasury was being deprived of £500 million in taxes each year. Taxes were not due on the sums involved.

Tax avoidance is the worst moral offence they've committed but that's not criminal.

I agree - but they are happy to take tax money to shore them up. Talk about having your cake and eating it, buttered both sides!

Sorry...I'm just really hopping mad at the moment...I'll go away and do something constructive :)

they need enough to bribe (sorry, donate) to the 'new' labour party

regards

'Maria' wrote this:

Indeed, they committed a moral offence ...but they're bankers ;-)

'Maria' wrote this:

No no no. I like to see you get all angry with things ;-)

The naming of what they call tax havens is just this weeks ploy to divert attention from their own incompetence. Next week it will be some some other poor sod or institution that gets the blame. A few weeks ago it was the show trial of the bankers before the Commons Select Committee. Then it was Freds pension - he was pilloried as the cause of all the nations ills. Now it's tax havens. The UK's major offshore banking centres have been subject to EU law for some time and are regulated by the EU - it's their legislation that they operate by and it includes disclosure of amounts in accounts and withholding taxes. What's the point of complaining about the results of what is largely UK legislation - you have filled in your tax return and it's completely correct sir - but we are going to shoot you anyway. At least this time we did not have our supreme leader actually telling us who we should be angry about. The selection of the weeks scapegoat is not even done with much finesse - give em a couple of weeks and it will be another poor sod thrown to baying mob. The question is who will get the blame next.

It should be remembered that the debt bubble was created by gov't initially in late 1990s to restart a post-1980s bubble economy. The rationale was not that the then 1980s bubble was bad, that the bubble had burst was bad.

The bankers & gov't worked hand in hand, it was spun as "an end to boom and bust" when it was another typo of "an end to boom, and bust".

What remains to be seen is how they reinflate it - because they are

Gov't want lending back to 2007 levels, no doubt instead of "no lending requirements" it will become "100yr mortgages". The illusion of "permanently high house prices" by constrained land, immigration, amnesty for illegal immigrants (under the guise of maintaining downwards wage pressure). Structually the UK is in one ghastly mess and has been due to rape-n-pillage bad business management from the

All that remains is if the currency croaks - US$ is backed by both military & oil. That not withstanding China is rightly concerned, and China is not likely to buy UK Treasuries when it would rather buy USA and German. Buying German would trash the German engineering industry, so there is no real solution - just a transfer of a bubble into currency. Then, well, it comes down to competitive devaluation with China holding the final card in that respect. Could be a very volatile

Non sequitur.