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#1 stocks

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Posted 21 November 2017 - 05:41 PM

The Corporation exists outside many of the laws and democratic controls which govern the rest of the United Kingdom. The City of London is the only part of Britain over which parliament has no authority. 

 

The City has exploited this remarkable position to establish itself as a kind of offshore state, a secrecy jurisdiction which controls the network of tax havens housed in the UK's crown dependencies and overseas territories. This autonomous state within our borders is in a position to launder the ill-gotten cash of oligarchs, kleptocrats, gangsters and drug barons. 

 

It has also made the effective regulation of global finance almost impossible. Shaxson shows how the absence of proper regulation in London allowed American banks to evade the rules set by their own government. AIG's wild trading might have taken place in the US, but the unit responsible was regulated in the City. Lehman Brothers couldn't get legal approval for its off-balance sheet transactions in Wall Street, so it used a London law firm instead. 

 

If you've ever dithered over the question of whether the UK needs a written constitution, dither no longer. Imagine the clauses required to preserve the status of the Corporation. "The City of London will remain outside the authority of parliament. Domestic and foreign banks will be permitted to vote as if they were human beings, and their votes will outnumber those cast by real people. Its elected officials will be chosen from people deemed acceptable by a group of medieval guilds …". 

 

 https://www.theguard...n-city-medieval

 


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So much corruption and so much goes unreported. And most people don’t care since they are hooked on Pop Culture and other nonsense.


#2 stocks

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Posted 22 November 2017 - 10:42 AM


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So much corruption and so much goes unreported. And most people don’t care since they are hooked on Pop Culture and other nonsense.


#3 stocks

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Posted 26 November 2017 - 11:19 AM

The UK is the most important player in tax havens
    The UK is the most important global player in the financial secrecy world. It supports and partly controls a web of secrecy jurisdictions around the world, from the Cayman Islands and Bermuda to Jersey and Gibraltar.  

 

In November, the Tax Justice Network (TJN) published the biggest ever survey of global financial secrecy. An estimated $21 to $32 trillion of private financial wealth is located, untaxed or lightly taxed, in ‘secrecy jurisdictions’ (or tax havens) around the world.

 

Since the 1970s African countries alone are estimated to have lost over $1 trillion in capital flight, dwarfing their current external debts of ‘just’ $190 billion and making Africa a major net creditor to the world. But those assets are in the hands of a few wealthy people, protected by offshore secrecy, while the debts are shouldered by African populations. Compare that $1 trillion in capital flight with the $130 billion or so in global foreign aid.

 

So for every dollar of aid provided by OECD countries to developing nations, ten dollars or so flow back, under the table, towards OECD nations and their offshore satellites. Yet rich countries suffer too: in the recent global financial crisis, European countries like Greece, Italy and Portugal have been brought to their knees by decades of secrecy and tax evasion.    

 

 http://www.ethicalco...dtaxhavens.aspx

 


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So much corruption and so much goes unreported. And most people don’t care since they are hooked on Pop Culture and other nonsense.