Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/843/20084

From The Socialist newspaper, 11 February 2015

HSBC tax evasion scandal

Take the wealth off the super-rich!

We are the 99% - Take the wealth off the 1%, photo Paul Mattsson

We are the 99% - Take the wealth off the 1%, photo Paul Mattsson   (Click to enlarge)

Matt Gordon

The super-rich live on a different planet to the rest of us. They go on several foreign holidays every quarter. While away, they visit the bank manager. They don't change any money in advance but draw it out while there - in the form of huge bundles of cash in a currency denomination of no use in the country they're in. And all the while using 'Captain Haddock' as an alias... Surely something fishy is going on?

Recent media revelations show that the private banking service offered to HSBC's Swiss account holders is more akin to advisor to a mafia don than to a traditional financial advisor. The leak shows that HSBC's Swiss bank helped clients conceal black accounts and dodge taxes all over the world.

At its peak, the Swiss bank held accounts worth $120 billion for 106,000 clients in 203 countries - including royals, celebrities, diamond smugglers and business leaders - and helped them conceal illegality with fake account names and untraceable foreign bank notes. Some of these clients have subsequently been convicted of tax-dodging offences and claimed that it was HSBC who told them to do it in the first place!

Although these revelations are being made public now, the information was leaked in 2007 and made available to governments in 2010. Of the 7,000 UK citizens on the list, only one has been prosecuted in five years.

Criminal investigations

The US, France, Belgium and Argentina started criminal investigations against HSBC last year - but the UK government shows no sign of action against the London-based bank. That may be due to the role played in the Tory Party by HSBC boss at the time - Stephen Green. Green was made a Conservative peer and minister of trade and investment eight months after the allegations were known by the government.

He is quoted by the BBC as saying: "As a matter of principle I will not comment on the business of HSBC past or present." He has a strange notion of principle, as this 'business' includes the 2011 admission that HSBC laundered money for Mexican drug cartels and the 2014 prosecution for Euribor fixing (inter-bank lending rates).

Labour has called for a public inquiry. But with Tristram Hunt, the shadow education minister, declaring that Labour is "furiously, passionately, aggressively pro-business", there is little chance that it would do anything to curb these excesses.

The billions held by HSBC in Switzerland, and all of the money held in other tax-havens around the globe, should be invested productively to provide jobs, services and a better quality of life for ordinary people.

Karl Marx explained that capitalists are rational misers, they invest money to make more, but misers are capitalists gone mad, they pile up cash out of greed alone.

These revelations show that the whole system has gone mad and needs to replaced. The Socialist Party is 'furiously, passionately, aggressively' in favour of the 99% - not the 1%.

Join us!

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 11 February 2015:


Socialist Party news and analysis

Take the wealth off the super-rich!

Is Labour anti-big business?

Welfare cuts kill!

Azure Card: isolation and stigmatisation of asylum

Them & Us


International socialist news and analysis

Conflict between Syriza and EU escalates

Is Podemos the Spanish Syriza?

Political vendetta against water charges activists


2015 elections

"I've taken off the shackles" of the Labour Party

'TUSC has my values and principles'

A working class party needed

Appeal: Back the real opposition to brutal austerity


Socialist Party workplace news

London buses: Same job - We want the same pay

National Gallery strikers march down Whitehall

ICO staff take strike action over pay

Lewisham: support anti-academy dispute

Wales FE workers accept 1% offer

Unite: elect fighting socialist reps

Workplace news in brief


Socialist Party reports and campaigns

Campaign saves Bury Sure Start centres

Rotherham: Farage humiliated by protesters

Give tax avoidance the Boots!

Gateshead: Pensioner 'bundled off' by bureaucrats

Campaigns news in brief


Socialist history

1918: When German workers entered history


 

Home   |   The Socialist 11 February 2015   |   Join the Socialist Party

Subscribe   |   Donate   |   PDF  |   ebook






Related links:

HSBC:

triangleFinancial hardship facing millions of cancer sufferers

triangleAppeal: Don't let the banks wreck our finances!

triangleHSBC jailbreak

triangleQuiz of the year

triangleThem & Us

Wealth:

triangleBillionaires avoid paying and even talking about tax! Take the wealth off the 1%

triangle'Fat Cat Friday' shows where all the money's gone

triangleWest London Socialist Party: Seattle council's struggle against big business on wealth tax

triangleSuper-rich flee to Monaco to evade Corbyn

Super-rich:

triangleThem & Us

triangleTories out - we need socialism!

triangleThem & Us

Rich:

triangleWalthamstow Socialist Party: France in revolt!

triangleBosses' pay up a fifth while workers' pay falls ...

US:

triangle40 years since the Iranian revolution: Learning the lessons for today's new working-class struggles

News and socialist analysis

News and socialist analysis

13/2/19

Lindsey Oil Refinery

Ten years since Lindsey strike: when militant action stopped the 'race to the bottom'

13/2/19

Environment

To end climate change we need to fight for socialist change!

13/2/19

Them & Us

Them & us

13/2/19

Marx

Marx memorial attack shows socialist ideas are on the rise

13/2/19

Tories

Universal Credit out - Tories out!

13/2/19

Labour

Corbyn must launch struggle to kick out Blairites and fight for socialist policies

6/2/19

General election

Corbyn must prepare for a general election

6/2/19

NHS

Cash-starved health service ripped off by big pharma - fund our NHS now!

6/2/19

Them & Us

Them & Us

6/2/19

Universities

Struggling unis account for bulk of unconditional offers - end education marketisation!

6/2/19

Brexit

Tory Brexit farce, Corbyn and unions: Call mass action now

6/2/19

Tax

Billionaires avoid paying and even talking about tax! Take the wealth off the 1%

30/1/19

Tories

Austerity out, Tories out

30/1/19

Liverpool

Liverpool Travelodge digger wrecking

30/1/19

Energy

Fresh inquest into killer air pollution: nationalise energy and public transport!

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0784 114 4890

North West 07769 611 320

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551

ABOUT US

ARCHIVE

Alphabetical listing


February 2019

January 2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999