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Tax havens

The Rules of Sewage

This is a metaphorical essay on personal ethics, worthy of a serious read and contemplation. When I saw the title I was intrigued but suspected it had something to do with Andy Grove’s adage, “sewage flows downhill,” which means “if anything bad happens it will eventually flow down to you.” This is about ethics. The points made here are particularly apt in light of the huge number and sheer scale of recent business frauds: the Volkswagen fraud, LIBOR, Lehman Brothers, Bernie Madoff’s pyramid scheme, Conrad Black in Canada, Olympus in Japan, Bernie Ebbers and Worldcom, Tyco International, stretching back all the way to Enron, Michael Milken’s junk bonds, and the 1980’s savings & loan debacle.

Tax havens

KPMG Canadian Tax Scheme Suspiciously Similar to UBS Tax Evasion Fraud

Canada is routinely cited as a boring backwater in financial services that has none of the scandals plaguing the rest of the industry. But in an extraordinary investigative report on The National, CBC’s Ian Hanomansing revealed an ongoing Canada Revenue Agency investigation, and a looming criminal investigation into KPMG Canada’s Isle of Man tax “haven” scheme reserved for its wealthiest clients. The report names names. Current Canadian government ministers are also implicated in apparent conflicts of interest.

Global

LIBOR 2: 15 Biggest Global Banks Face New Foreign Exchange Fraud Probe

It appears that international banking fraud and market manipulation continues unabated. The newest scandal brewing involves Swiss, British and American banks manipulating foreign currency exchange rates. The LIBOR fraud scandal has apparently done nothing to improve the ethics of the global financial services industry.
Less than two weeks ago I posted on this blog the revelation that banking authorities in Switzerland had opened an investigation into foreign exchange (arbitrage) fraud by Swiss banks. My report went on to say that the investigation was uncovering implications of broader involvement of banking institutions outside of Switzerland. Today, the Financial Times in London published an explosive article naming 15 global banks now implicated in the expanding investigation of global foreign exchange fraud and manipulation.

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