Enron was lambasted for using offshore tax havens and complicated corporate structures to avoid paying taxes.
But the big banks are worse.
As the Financial Times notes:
In recent separate surveys by the US Government Accountability Office and the Tax Justice Network, the largest user of tax havens in every country surveyed was a bank. Tax authorities have enormous problems puzzling out these structures. If they can, it is often hard to characterise them as shams.
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ReplyDeleteSabbay
AdventistWheat
The bottom line is that Banks are the largest criminal organizations on earth. They control the issue and price of all the major currencies, they promote and incite violence, war and trade problems, they control the media and politicians.
ReplyDeleteThe worst part is that banks are entirely unecessary institutions. We don't need to have a bank issue money on behalf of the government, the government should issue its own money. We don't need the never ending stream of debt the banking industry creates, we need to manage resources, not artificial accounting systems. We don't need all the pain, poverty, suffering and death caused by the banks.
If yhou really want to get upset look into what the Federal Reserve did with 10 Trillion dollars it created (mostly off balance sheet) and gave to the Banks over the last 6 - 12 months. These guys aren't accountable to you, the Government - they refused to discloise what they did with this money to a congressional committee .....
So, offshore tax havens are the least of my worries ....