Re: Bl***y Banks Again

**Panda** Wed 18 Jul - 19:38

The U.S. have been scathing of HSBC and their Chairman, Bagley, resigned publicly on T.V. It now emerges that the problem was known as far back as 2005
and a memo from the Bagley to Lord Stephen Green advised him of the problem. Green apparently ignored the info and is dodging a call to attend the
U.S. Inquiry.

Isn't it time these Lords were stripped of their Titles if they bring the U.K. into disrepute.????

**Panda** Thu 19 Jul - 8:01

The Co-op has bought 632 Lloyds and TSB Banks for roughly half the bailout Gordon Brown provided. The CEO says because the Co-op is owned by
it's customers it ensures transparency and existing customers of Lloyds etc can move their accounts if they do not want to be part of the Co-op.

**AnnaEsse** Thu 19 Jul - 8:33

Panda wrote:

The Co-op has bought 632 Lloyds and TSB Banks for roughly half the bailout Gordon Brown provided. The CEO says because the Co-op is owned by
it's customers it ensures transparency and existing customers of Lloyds etc can move their accounts if they do not want to be part of the Co-op.

Lloyds Agrees Bank Branch Sale To The Co-op

Lloyds Banking Group has agreed to sell more than 600 of its bank branches to the Co-op Group.

The sale of 632 branches will also include the TSB and Cheltenham & Gloucester brands.

When the deal is completed by November 2013 the Co-op will have 7% of the UK retail banking current account market.

The deal concludes a protracted sale process aimed at streamlining the business at the behest of regulators and boosting competition in high street banking.

Lloyds, which is 40% owned by the British taxpayer, said the Co-op would pay an initial £350m for the branches, along with £400m in additional payments.

The deal is still awaiting final approval from the Financial Services Authority and the Treasury. In early Thursday trading the share price of Lloyds was 0.8% down, at 29.7p.

The portfolio of branches was earlier expected to fetch up to £1.5bn for Lloyds but the bank said that its loss on disposal would be broadly offset by lower capital requirements.

The deal will bring 4.8 million new customers to Co-op's burgeoning banking brand, including 3.1 million current account holders.

Combined with its existing branch network the Co-op will end up with around 1,000 branches across the UK.

Lloyds CEO Antonio Horta-Osorio said: "Today’s agreement is an important step in meeting our obligations under the mandated sale of our branches.

"We believe the Co-operative will be a good owner for our business, customers and colleagues, and the combined banking business will be a significant competitor on the high street with nearly 10% of today’s UK branch network."

It will give the Co-op a balance sheet of around £24bn with fully 'matched' assets and liabilities, and is seen as the biggest new entry shake-up of high street banking for decades.

"In agreeing to move ahead with the Co-operative we provide greater certainty for our customers and for our shareholders," Mr Horta-Osorio said.

"In addition to an upfront consideration, we will also get to share in the future financial performance of the combined banking business which will be an effective challenger with a strong customer focus."

http://news.sky.com/story/962181/lloyds-agrees-bank-branch-sale-to-the-co-op

**Panda** Thu 19 Jul - 8:42

This deal is because of EU directives regarding monopoly. Apparently, if you want to stay with your existing Bank/Building Society , once the changeover
has been implemented you can move back to your Bank, albeit at a different Branch. One analyst says while the Co-op willl provide ethical banking it
will not make the kind of profit that the big Banks make.

**AnnaEsse** Thu 19 Jul - 11:02

Panda wrote:

This deal is because of EU directives regarding monopoly. Apparently, if you want to stay with your existing Bank/Building Society , once the changeover
has been implemented you can move back to your Bank, albeit at a different Branch. One analyst says while the Co-op willl provide ethical banking it
will not make the kind of profit that the big Banks make.

Also less likely to go bust when the big crash comes. I'm with the Co-op bank. Have been for a number of years.

**Panda** Thu 19 Jul - 11:20

I think the Banks will have to curb their excesses now, even Bernanke was given a grilling yesterday and by the time these Banks pay off all the claims,many unable to be corroborated this saga will go on for Years. Barings Bank went bust because of Nick Leeson , pity RBS and Lloyds weren.t
allowed to, the cost to the Taxpayer has been billions. Maybe some of these crazy trades, debt swaps, hedge funds etc will be banned when Retail
Banking is seperated.

**AnnaEsse** Thu 19 Jul - 11:23

Panda wrote:

I think the Banks will have to curb their excesses now, even Bernanke was given a grilling yesterday and by the time these Banks pay off all the claims,many unable to be corroborated this saga will go on for Years. Barings Bank went bust because of Nick Leeson , pity RBS and Lloyds weren.t
allowed to, the cost to the Taxpayer has been billions. Maybe some of these crazy trades, debt swaps, hedge funds etc will be banned when Retail
Banking is seperated.

Bernanke should eb given a grilling and the Fed should be audited. Ron Paul is doing his best to get this done. As for the rest of the banks, whatever they do now, imo, is not going to prevent the economic collapse that's coming.

ETA: At the moment they're rearranging the deck chairs on the Titanic!

**Panda** Thu 19 Jul - 11:37

AnnaEsse wrote:
Panda wrote:

I think the Banks will have to curb their excesses now, even Bernanke was given a grilling yesterday and by the time these Banks pay off all the claims,many unable to be corroborated this saga will go on for Years. Barings Bank went bust because of Nick Leeson , pity RBS and Lloyds weren.t
allowed to, the cost to the Taxpayer has been billions. Maybe some of these crazy trades, debt swaps, hedge funds etc will be banned when Retail
Banking is seperated.

Bernanke should be given a grilling and the Fed should be audited. Ron Paul is doing his best to get this done. As for the rest of the banks, whatever they do now, imo, is not going to prevent the economic collapse that's coming.

I agree, the World is in recession and all the EU can do is fiddle while Rome burns. Just reported HSBC is one of 4 European Banks, including Deutchebank are to be "probed."

**AnnaEsse** Thu 19 Jul - 11:41

Panda wrote:
AnnaEsse wrote:
Panda wrote:

I think the Banks will have to curb their excesses now, even Bernanke was given a grilling yesterday and by the time these Banks pay off all the claims,many unable to be corroborated this saga will go on for Years. Barings Bank went bust because of Nick Leeson , pity RBS and Lloyds weren.t
allowed to, the cost to the Taxpayer has been billions. Maybe some of these crazy trades, debt swaps, hedge funds etc will be banned when Retail
Banking is seperated.

Bernanke should be given a grilling and the Fed should be audited. Ron Paul is doing his best to get this done. As for the rest of the banks, whatever they do now, imo, is not going to prevent the economic collapse that's coming.

I agree, the World is in recession and all the EU can do is fiddle while Rome burns. Just reported HSBC is one of 4 European Banks, including Deutchebank are to be "probed."

I think the world is sinking deeper and deeper into depression and several reputable forecasters have been saying for a while that we're headed for global economic collapse.

**malena stool** Thu 19 Jul - 11:54

AnnaEsse wrote:
Panda wrote:
AnnaEsse wrote:
Panda wrote:

I think the Banks will have to curb their excesses now, even Bernanke was given a grilling yesterday and by the time these Banks pay off all the claims,many unable to be corroborated this saga will go on for Years. Barings Bank went bust because of Nick Leeson , pity RBS and Lloyds weren.t
allowed to, the cost to the Taxpayer has been billions. Maybe some of these crazy trades, debt swaps, hedge funds etc will be banned when Retail
Banking is seperated.

Bernanke should be given a grilling and the Fed should be audited. Ron Paul is doing his best to get this done. As for the rest of the banks, whatever they do now, imo, is not going to prevent the economic collapse that's coming.

I agree, the World is in recession and all the EU can do is fiddle while Rome burns. Just reported HSBC is one of 4 European Banks, including Deutchebank are to be "probed."

I think the world is sinking deeper and deeper into depression and several reputable forecasters have been saying for a while that we're headed for global economic collapse.

Whatever the findings of investigations into what is plainly blatant fraudulent practice by bankers, aided and abetted almost certainly by political figures world wide, nothing will be done to punish or penalise the faceless individuals who knew of, sanctioned and profited by it.

**Panda** Thu 19 Jul - 12:10

AnnaEsse wrote:
Panda wrote:
AnnaEsse wrote:
Panda wrote:

I think the Banks will have to curb their excesses now, even Bernanke was given a grilling yesterday and by the time these Banks pay off all the claims,many unable to be corroborated this saga will go on for Years. Barings Bank went bust because of Nick Leeson , pity RBS and Lloyds weren.t
allowed to, the cost to the Taxpayer has been billions. Maybe some of these crazy trades, debt swaps, hedge funds etc will be banned when Retail
Banking is seperated.

Bernanke should be given a grilling and the Fed should be audited. Ron Paul is doing his best to get this done. As for the rest of the banks, whatever they do now, imo, is not going to prevent the economic collapse that's coming.

I agree, the World is in recession and all the EU can do is fiddle while Rome burns. Just reported HSBC is one of 4 European Banks, including Deutchebank are to be "probed."

I think the world is sinking deeper and deeper into depression and several reputable forecasters have been saying for a while that we're headed for global economic collapse.

Everyone was thinking the emerging markets would continue, but even they are affected. Add to this the weather ruining half of the U.S. wheat crop,
Japan experiencing some of the worst floods , Thailand losing so much of it's rice production through floods etc the Middle East in turmoil and it really
is beginning to look like a depression is on the way. I'm just glad I am not growing up today, what kind of World are the young inheriting because this
generation lives on credit and the "gotta have" mentality. Off the Soap Box now. Bl***y Banks Again - Page 5 294124

**Badboy** Thu 19 Jul - 13:10

AnnaEsse wrote:
Panda wrote:
AnnaEsse wrote:
Panda wrote:

I think the Banks will have to curb their excesses now, even Bernanke was given a grilling yesterday and by the time these Banks pay off all the claims,many unable to be corroborated this saga will go on for Years. Barings Bank went bust because of Nick Leeson , pity RBS and Lloyds weren.t
allowed to, the cost to the Taxpayer has been billions. Maybe some of these crazy trades, debt swaps, hedge funds etc will be banned when Retail
Banking is seperated.

Bernanke should be given a grilling and the Fed should be audited. Ron Paul is doing his best to get this done. As for the rest of the banks, whatever they do now, imo, is not going to prevent the economic collapse that's coming.

I agree, the World is in recession and all the EU can do is fiddle while Rome burns. Just reported HSBC is one of 4 European Banks, including Deutchebank are to be "probed."
I SAW A NEWSPAPER HEADLINE SAYING CAMERON HAS SAID THE RECESSION WILL LAST UNTIL 2020.

SEPARATELY THE TRANSFER/SALEE OF RBS BRANCHES TO SANTANDER IS TAKING LONGER THAN EXPECTED
I think the world is sinking deeper and deeper into depression and several reputable forecasters have been saying for a while that we're headed for global economic collapse.

**Panda** Fri 20 Jul - 17:00

Mervyn King is arranging a meeting of U.K. Bank officials in September to discuss the LIBOR crisis.

Simon Johnson . former IMF Executive says there is proof of criminality and some Bank employees will be charged.

The investigation puts the BOE in the line of fire and it is no good King saying it wasn't his responsibility .

There is talk of nationalising Banks to ensure nothing like this ever happens again.......I can't see that happening.

**Badboy** Fri 20 Jul - 21:42

CO-OP BANK HAS HAD A 60% IN ENQUIRIES

**Panda** Sun 22 Jul - 11:01

It is estimated that $13 TRILLION and £'s has been placed in Countries considered a Tax Haven so that no Tax has ever been paid. Why will the Government do nothing ? They claim if they try, the Clients will move all of their business elsewhere. If all the Countries agreed something could be done about this, but they won't , too many vested interests. I remember reading a while ago that Barclays only paid Tax on 1% of their income, that really is scandalous , but Barclays have now proved how dishonest they and all the others implicated have been . If Governments in the U.S. and Britain
do not clean up the Banks no person should pay income tax earning less than £100,000....why should the rich get richer and the poor get poorer just
because the rich use tax avoidance.?

**Badboy** Sun 22 Jul - 13:05

there a programme ON MONDAY ANOUT CAN BANKS BE TRUSTED?

**Panda** Sun 22 Jul - 15:30

22 July 2012 Last updated at 12:53 Share this pageEmail Print Share this page

4.3KShareFacebookTwitter.Tax havens: Super-rich 'hiding' at least $21tnComments (369) James Henry says his $21tn figure is a conservative estimate
A global super-rich elite had at least $21 trillion (£13tn) hidden in secret tax havens by the end of 2010, according to a major study.

The figure is equivalent to the size of the US and Japanese economies combined.

The Price of Offshore Revisited was written by James Henry, a former chief economist at the consultancy McKinsey, and commissioned by the Tax Justice Network.

He said $21tn is a conservative figure and the true scale could be $32tn.

A trillion is 1,000 billion.

Mr Henry used data from the Bank of International Settlements, International Monetary Fund, World Bank, and national governments.

His study deals only with financial wealth deposited in bank and investment accounts, and not other assets such as property and yachts.

The report comes amid growing public and political concern about tax avoidance and evasion. Some authorities, including in Germany, have even paid for information on alleged tax evaders stolen from banks.

The group that commissioned the report, Tax Justice Network, campaigns against tax havens.

Mr Henry said that the super-rich move money around the globe through an "industrious bevy of professional enablers in private banking, legal, accounting and investment industries.

"The lost tax revenues implied by our estimates is huge. It is large enough to make a significant difference to the finances of many countries.

"From another angle, this study is really good news. The world has just located a huge pile of financial wealth that might be called upon to contribute to the solution of our most pressing global problems," he said.

'Huge black hole'

The report highlights the impact on the balance sheets of 139 developing countries of money held in tax havens that is put beyond the reach of local tax authorities.

Mr Henry estimates that since the 1970s, the richest citizens of these 139 countries had amassed $7.3tn to $9.3tn of "unrecorded offshore wealth" by 2010.

Private wealth held offshore represents "a huge black hole in the world economy," Mr Henry said.

Other findings in the report include:

At the end of 2010, the 50 leading private banks alone collectively managed more than $12.1tn in cross-border invested assets for private clients
The three private banks handling the most assets offshore are UBS, Credit Suisse and Goldman Sachs
Less than 100,000 people worldwide own about $9.8tn of the wealth held offshore.

**Panda** Mon 23 Jul - 14:33

The rich and famous who use tax avoidance schemes to protect their earnings will be named and shamed under new Government plans.

Cowbow tax advisers will be forced to disclose their client lists and will also be named themselves, under the latest crackdown.

Treasury Minister David Gauke claimed the moves could help recoup £5bn for the public purse, which accounts for 14% of uncollected revenue.

He told the Policy Exchange think tank in a speech that it was "galling" for the hard-working majority to see others shirk their civic duty by exploiting loopholes in the tax system.

Mr Gauke said: "We are building on the work we have already done to make life difficult for those who artificially and aggressively reduce their tax bill.

"These schemes damage our ability to fund public services and provide support to those who need it. They harm businesses by distorting competition. They damage public confidence.

"And they undermine the actions of the vast majority of taxpayers, who pay more in tax as a consequence of others enjoying a free ride."

The address came as the Government launched a consultation paper on the planned reforms, which follow a wave of disclosures about practices used by the wealthy to side-step large tax bills.

Officials often hit a dead end when investigating schemes that are based offshore but under the proposals UK promoters will be made to hand over customer databases to inspectors.

That information will be used to formally warn clients directly about the deals they have signed up to and to work out how much tax they owe if the scheme fails.

Under the reforms, which will go out to consultation, a promoter who has been penalised for not complying with the rules will also have to provide extra information to HMRC on all of their schemes, not just the one they were reprimanded for.

Last month comedian Jimmy Carr admitted to making a "terrible error of judgement" after it emerged he used a complex scheme to reduce his tax bill.

The K2 tax-avoidance scheme Carr is said to have used enables members to pay income tax rates as low as 1%.

Tax avoidance represents nearly 14% of the UK tax gap, according to the Treasury.

TUC general secretary Brendan Barber and campaigners said the Government would be better off closing the loopholes in current laws.

"Ministers must cut this multi-billion pound problem off at source by closing the many loopholes that the super-rich exploit," Mr Barber said.

Matthew Sinclair, director of the TaxPayers' Alliance pressure group, added: "New powers to uncover specific abuses are a poor substitute for serious reform of the tax system so that there are fewer loopholes.

"Ministers need to be more realistic about HMRC's ability to clamp down when its resources are so stretched simply administering our hideously complicated taxes, let alone chasing those finding creative and legally dubious ways around them."

The latest Government move comes as the BBC denied allegations it is asking staff to "go off the books" to slash its tax bill.

Whistleblowers claim stars are regularly ordered to set up personal service companies, which reduce the corporation's spend on tax and national insurance, according to the Daily Mail.

But the BBC said in a statement: "The BBC is not asking any of its staff to 'go off the books'. Moreover the BBC fulfils all its tax obligations to HMRC and expects all its contributors to do likewise, as is made clear in their contracts.

"HMRC is sent a full breakdown of all payments made to presenters annually. It would be offensive to suggest that talent are not paying the appropriate amount of tax when there is no evidence to back up such a claim."

Related Stories:

**Panda** Mon 23 Jul - 14:39

The K2 Tax Scheme Explained
Updated: 10:45am UK, Thursday 21 June 2012

The K2 scheme allows investors to reduce their tax burden.

It works by transferring salaries into a trust based in Jersey.

This will then lend investors back the money.

The loan, which can technically be recalled, is not subject to income tax.

The scheme is legal but HMRC have confirmed it is under investigation. This is the way Footballers and other highly paid Wages/Salaries avoid Tax.

In a statement it said it would "challenge it in every way available to them".
As usual, the Government is behind the curve.....let's just see how committed they are .

**Panda** Mon 23 Jul - 14:48

The K2 Tax Scheme Explained
Updated: 10:45am UK, Thursday 21 June 2012

The K2 scheme allows investors to reduce their tax burden.

It works by transferring salaries into a trust based in Jersey.

This will then lend investors back the money.

The loan, which can technically be recalled, is not subject to income tax.

The scheme is legal but HMRC have confirmed it is under investigation.

In a statement it said it would "challenge it in every way available to them".

This is how highly paid Footballers and the like avoid paying Tax. Arsenal has an account in Jersey called something like "Benevolent Fund."

Man United are to sell shares because of their debt so maybe the tide is turning on these ridiculous Salaries to Players.

**Badboy** Mon 23 Jul - 20:44

I SAW CAN YOU TRUST THE BANKS? AT 7.30 PM PRESENTED BY JON SNOW ON CH4
75% OF A YOUGOV POLL SAID THEY DIDN'T TRUST THEIR BANK.
ONE FINANCIAL FIRM GUY DID SUSPECT LIBOR WAS BEING FIDDLED BECAUSE THEY WERE GIVING HIGH ESTIMATES WHEN THE BANKS WERE NOT LENDING TO EACH OTHER.
THE BANKS WERE WORKING ON A COMMISSION BASIS MISSELLING FINANCIAL PRODUCTS.

**Panda** Tue 24 Jul - 6:26

Badboy wrote:I SAW CAN YOU TRUST THE BANKS? AT 7.30 PM PRESENTED BY JON SNOW ON CH4
75% OF A YOUGOV POLL SAID THEY DIDN'T TRUST THEIR BANK.
ONE FINANCIAL FIRM GUY DID SUSPECT LIBOR WAS BEING FIDDLED BECAUSE THEY WERE GIVING HIGH ESTIMATES WHEN THE BANKS WERE NOT LENDING TO EACH OTHER.
THE BANKS WERE WORKING ON A COMMISSION BASIS MISSELLING FINANCIAL PRODUCTS.

I watched that programme Badboy, is the Government NOW going to clamp down on the Banks!!!!! If they don't I suggest the Public withdraw their
current and deposit accounts and put their money in Building Societies ......that would force changes. Bl***y Banks Again - Page 5 25346

**Badboy** Tue 24 Jul - 13:03

ONE PERSON INVESTED HIS MONEY WITH BARCLAYS,I THINK IT WAS ONLY TO LOSE A LOT OF HIS MONEY,PERHAPS HE SHOULD EITHER KEEP ONTO THE MONEY,BROUGHT LOTTERY TICKETS OR DID PAID SURVEYS ETC INSTEAD,WOULD HAVE HAD A BETTER RETURN ON THE MONEY.

**Badboy** Wed 25 Jul - 22:40

MY BANK'S(RBS) CONVERSION TO SANTANDER WON'T HAPPEN UNTIL SEPTEMBER 2013.

**AnnaEsse** Thu 26 Jul - 11:06

Ron Paul's audit the Fed bill has gone through the House with a large majority. Now waiting to go to the Senate.

Talked about at the beginning of this video.

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