Cross-posted with the Tax Justice Blog and the EU Observer blog. This nicely complements what I’ve written about in Treasure Islands, particularly in the chapter entitled “The Deep Drains of Development.”
Christian Aid and the IF campaign have a very important and topical new report available, entitled Invested interests: the UK’s Overseas Territories’ hidden role in…Read more
I’ve been reading a book called The Bankers’ New Clothes by Anat Admati and Martin Hellwig, which is essential reading for anyone wanting to understand banks. Jargon-free and easy to read, it was described by the FT’s Chief Economics Correspondent Martin Wolf as “the most important [book] to emerge from the crisis.” He may be right. Here’s a…Read more
From the New York Times:
“Investigators found that life insurers in New York were seeking out states with looser regulations and setting up shell companies there for the deals. They then used those states’ tight secrecy laws to avoid scrutiny by the New York State regulators.”
That is offshore business, and the race to the bottom – yet again.…Read more
That’s the title of a new article on the New York Times’ Economix blog, which is an case study in what happens when an economy, such as the United States’, sees financial services grow above its optimal size. It tallies extremely closely with our Finance Curse analysis. It contains references to research I wish I’d inserted into the…Read more
I’ve chosen this headline because I wanted to follow on from an earlier blog I wrote entitled Is the BBC afraid of tax havens? That was a very good question then, and it remains a very good question now. Amid all the global noise now about tax havens, the BBC remains a timid follower of the story, at best,…Read more
Cross-posted from the Tax Justice blog: something I just wrote.
From Paul Collier, a development expert, writing in Prospect Magazine:
“For companies to claim that they are morally in the right by having devised loopholes is ridiculous, even if their behaviour has been legal. Any society rests not just on laws but on conventions that
This morning I have published a short new book entitled The Finance Curse: how oversized financial centres attack democracy and corrupt economies. Co-authored with John Christensen, the former economic adviser to the UK tax haven of Jersey and director of the Tax Justice Network (TJN), The Finance Curse combines elements of my two previous books, Treasure Islands and Poisoned…Read more
This is cross-posted from the TJN blog: I wrote it and can be quoted on any of it.
Today Britain’s Prime Minister David Cameron wrote to the UK’s Crown Dependencies and Overseas Territories, reading them the riot act – sort of.
Headline summary from us: this contains much that is positive. But the devil…Read more
The FT has a story this morning entitled Investors attack ‘lax’ Luxembourg fund rules. But Luxembourg is a scuzzy little tax haven: what else where these investors expecting?Read more