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Global Meltdown - Wealth  
 

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Corporate Scandals

Global Meltdown

Pensions

Whistleblowers 

   
   

Tax haven Canada

OTTAWA - Canada has quietly become a go-to destination for international tax cheats eager to exploit the country's twin benefits of a sterling reputation and rules that allow private companies to keep their ownership secret.   (CBC)   MORE:  Part 1   Part 2  Part 3   Part 4   Signatures nominees and 200 companies   How to fix Canada's tax-haven problem

 

Global tax evasion investigation

ZURICH - Credit Suisse is at the centre of an international tax evasion investigation into 55,000 suspect bank accounts, which has involved the seizure of assets as part of coordinated action by authorities in Britain, the Netherlands, Germany, France and Australia.  (Guardian UK)

  

Honest tax system

PARIS - Jerome Cahuzac, the minister who led Francois Hollande's drive for a more honest tax system, has been sentenced to 3 years in prison for tax fraud and secretly stashing his wealth in tax havens around the world.   (Guardian UK)   MORE:   Found guilty   Jerome Cahuzac affair 

  

Tax breaks cost billions

OTTAWA - The research paper released by the Canadian Centre for Policy Alternatives (CCPA) says breaks on personal income taxes in Canada cost almost as much as the government collects from those taxes, and they disproportionately benefit the rich.  (Huffington Post)  REPORT:   Out of the shadows

 

RESP for higher income families

An internal evaluation of the Canada Education Savings Program, which pours more than $800M in grants each year into the education-savings accounts of Canadian families, concludes that it is skewed toward the well-off.  (CBC) 

 

Global money laundering hub

SHANGHAI - China is emerging as a global hub for money laundering, not just for Chinese but for criminals around the world.   (AP)    MORE:   Scammed for $3M    

  

   US biggest foreign investor

CAYMAN ISLANDS - The biggest holder of US equities as the Cayman Islands which holds $628B worth of US equities despite having a GDP of less than $4B.  (Value Walk)   RELATED:   US trends in family wealth   .pdf

 

Banker accused

RIO DE JANEIRO - Brazilian billionaire Joseph Safra, the world's wealthiest banker, is suspected of paying $4.25M in bribes to tax authorities in exchange for their waiving some $415M in tax debt.  (EFE)   MORE:   Billionaire charged

 

Senator failed

WASHINGTON - Tennessee Senator Bob Corker has reportedly failed to disclose millions of dollars in income from various investments since taking office in 2007.  Corker is the third-ranking Republican serving on the US Senate Committee on Banking, Housing, and Urban Affairs. The committee oversees the real-estate and financial-services sectors.   (Fortune) 

  

New age of crony capitalism

'Rent-seeking' is what economists call a special type of money-making: the sort made possible by political connections. In the emerging world, the past quarter-century has been great for rent-seekers.  (Economist)   MORE:   Planet Plutocrat   Aristocracy of pull   Export-Import Bank of the US   Ex-Im subsidies 

     

Operation Choke Point is illegal

WASHINGTON - The Justice Department's 'Operation Choke Point' is so flagrantly illegal it cannot continue in any form under the law.   (Breitbart)   MORE:   Operation Choke Point   Pitchforks are coming   Your money for nothing   Is the Fed unconstitutional?  

Corporate tax havens

Last year, Canadian corporations held $71B in assets in Barbados. They had another $36B in the Cayman Islands.  According to a recent estimate from CTF the amount of money Canadian corporations held in the world's top 10 tax havens jumped to $199B in 2014, from $187B a year earlier.  (Huffington Post)  MORE:   Inside the world's tax havens 

 

DoJ probe bank for money laundering

NEW YORK - US federal prosecutors are investigating billions of dollars of trades Deutsche Bank AG made on behalf of Russian clients as recently as this year.  The Justice Department's criminal probe focuses on so-called mirror trades.  (Bloomberg) 

  

Billionaire philanthropy

By virtue of their great wealth, and a co-operative tax system, they'll be able to direct billions of dollars - a significant portion of which might otherwise have gone into the tax pool and been spent collectively - on the causes and solutions they favour, with little oversight.  (National Post)   MORE:   20 billionaires worth as much as half of America   Tax avoidance claims

  

World economic table

LONDON - Britain has overtaken France to become the world's fifth largest economy, new analysis shows.  The Centre for Economics and Business Research (CEBR) said Britain's acceleration was also boosted by the inclusion of sex and drugs to UK growth.  (Telegraph UK)  London homes 'safe deposit boxes' for foreign buyers   Oil's wild ride   Risks to economy in 2015

 

Hunt for 'black money'

DELHI - The Central Bureau of Investigation said in 2012 that $500B was held by Indians in tax havens overseas.  India has a flourishing 'black money' economy that functions parallel to the legal economy. Undeclared income is used to fund election campaigns and buy land or real estate in order to avoid paying property taxes.   MORE:   Indian black money   One of the world's most corrupt militaries   Corruption in India 

 

Law to keep cops from stealing  

LOS ANGLES - Legislators are trying to make it harder for law enforcement officials to seize money and property from people who have not been charged with a crime.  (Epoch Times)      PREVIOUS:   Shakedown    

    

Story so far

LONDON - By channelling finance and profits through tax-haven subsidiaries, telecoms giant Vodafone is alleged to have avoided paying the British government billions of pounds in tax.  (BIJ)    MORE:  Undercover investigation exposes Swiss branches    

  

Canada edges up

MONTREAL - The Conference Board of Canada says the country has retained its "B" grade and improved its ranking from 11th since its last report card in pre-recession 2008, adding that part of the reason the surge is because some EU countries going through tough times.  (CP)  REPORT:   2012 Economy report card    

 

Cash in

OTTAWA - Canadians who tip off the revenue agency on major international tax evasion cases could be rewarded with 15% of the recovered money, Finance Minister Jim Flaherty announced in the federal budget.  (CTV)  MORE:   Tax: Supplementary information   CTV Budget 2013   Dirty little job-training secret   

 

US latest 'finger in the dyke' move

WASHINGTON - The Obama administration cracked down on certain overseas corporate mergers and acquisitions, aiming to curb American companies from shifting their ownership abroad to shirk paying US taxes.  (AP)  MORE:   Tim Hortons says new US rules won't stop sale   Corporate tax in the US   Not a tax dodge   Burger King   Tim Horton's   ATF report   .pdf       

   

Tax haven profits

BRUSSELS - The Eurozone's 20 biggest banks earned over a quarter of their profits in tax havens in 2015, according to a report released by Oxfam.  The report details how, in 2015, top Eurozone banks generated $27B in profits in low-tax territories like the Republic of Ireland, Luxembourg, the Cayman Islands and the US state of Delaware.  Despite the massive profits, the banks only conducted 12% of their total business and employed 7% of their workers in those countries.    (AFP)

Opening the vaults

SZ - Panama papers
ICIJ - Panama Papers
Wikipedia - Panama Papers
Toronto Star - Panama papers

Law firm's heads arrested

Lava Jato

Law firm data leak 

Mossack Fonseca 

The scandal behind the Panama Papers

More aggressive CRA 

Taking on the tax havens

Overcoming the shadow economy

Bahamas data leak

Insider tax evasion

Guilty of tax evasion       

New leak of offshore files

World of wealth managers

Canadian $$ to tax havens at all-time high

Senator is director of an offshore corporation

Search the database  

Government gift to OC        

Offshore firms' African operations

Secret deals in Africa

Middle class threatens globalization  

Taxman wants client list

RBC

Tax evasion

Tax avoidance

Fiction of the fair shake 

Doe speaks out 

CRA new strategy

CRA failing 

Countries pledge to fight graft

Anti-corruption summit London 2016

Creditability tested 

Deals with tax havens

Allan MacEachen   Pierre Trudeau   

How Canada got in bed with tax havens

32nd Canadian Parliament    

Contracts   SNC-Lavalin

Specialists  

CRA investigating

List of people named, so far

Mossack Fonseca announces legal action

Tax havens have no economic justification

Tax-cheat crackdown

High-risk taxpayers  

Tax havens all-time high  

CRA adding more staff

CRA crackdown on tax dodgers

Plan should recoup $2.6B

Firms recruited tax enforcement officials 

How to have a low-income  

Leaktivism comes of age  

Clintons' connection   

Global shell game

Billions hidden in anonymous bearer shares

Art of secrecy

Geneva Freeport

Rich Canadian woman 

Tax lobbying   CPA Canada 

CRA goes easy on rich  

US tax gap 2008-2010 $458B  .pdf

Foreign direct investment 2015

CRA has yet to pay any rewards 

Corrupt democracy

Documents are a mere speck of the iceberg

Law firm raided

Raid ends without compelling evidence

Nothing to see here, everything is legal

Identified

Victor Dahdaleh

Middleman in corruption scheme

Alcoa to pay $384M to settle bribery charges

Mystery of Victor Dahdaleh     

Spinning the fallout

Taxes are for the little people

Canada to 'study'

Why is the diversion of wealth into tax havens tolerated and encouraged by law?

Revenue Canada hides tax haven data

How to get richer

Guide to Panama Papers 

Around 8% of global wealth is held offshore

Whistleblower role is 'vital'

Only morons paying taxes 

Game is rigged

Explained for a 5-year-old

Glimpse into 1 law firm

Laundering rules don't apply to lawyers

Canadian banks are doing enough

RBC to comb through records

Lots of Malaysians in Panama Papers     

Offshore dealings of Chinese elite

China ramps up censorship

Syrian bagman among named

Cameron accused of undermining claims
Offshore accounts data prompts questions
Tax havens are costing Canada billions

FinCEN
FINTRAC
Egmont Group

US citizens have other places  

101 years of US income tax

Using US states to avoid taxes 

   

Judge recused himself

OTTAWA - Justice Randall Bocock, a federal tax court judge has recused himself from a high-profile case involving accounting giant KPMG following revelations by the CBC that he attended an exclusive party in Europe sponsored by the law firm alleged to have signed off on what authorities later decried as an offshore tax 'sham.'   (CBC) 

Judges probed

Rossiter        Bocock         Pelletier

Tax judge

Grow a spine

Wealthy Canadians exposed

Another state secret  

Gag order

Receptions are legal

Uncollected debt soars to $38B

Double standard

CRA's secret amnesty

KPMG  

Law firm endorsed tax dodge  

Fraser Milner Casgrain

Dentons

Osler

Divorce tax dodge  

Secret deal spark anger inside CRA

Tax sham  

Isle of Man

   

CEOs' pay increases

TORONTO - The country's 100 highest remunerated CEOs pulled down an average of $9.2M in 2013, about 25% more than the $7.35M they amassed in 2008, said an analysis released by the Canadian Centre for Policy Alternatives.  (CBC)  

Tax loopholes

CEOs 2015 salaries

Where your money goes

Minimums for politicians who steal

Excessive taxes

Laffer curve

International tobacco taxation

Paying for unelected spin doctors

Average net worth up 7.7%  

Median net worth rises

Middle class being hit

Income gap growing

Top capturing growing share of total income

1% taking lion's share

86 have as much wealth as 11M

Middle class dream a ' myth'

Marriage gap

Home affordability to deteriorate

BC families wealthiest

Tax bill up 1,787% since 1961

Debt passes $600B mark

Debt Clock   

New Year hikes hit paycheques

'Sneaky' tax hikes

Survey of financial security, 2012 

Executive excess 2012 

   

Global laundromat

LONDON - The Financial Conduct Authority and fraud police will examine allegations that Britain's high street banks processed nearly $740M from a vast money laundering operation run by Russian criminals.   (Guardian UK)

Money from Russia into the UK

How laundered cash was spent

Russian laundromat exposed  

Fined over money laundering

HSBC

HSBC to pay $1.9B fine in US

Bank named for money laundering

FinCEN

Banca Privada d'Andorra

FinCEN press release

Taxpayers make banks profitable

Fast settlement

Standard Chartered

Other regulators blindsided

Money laundering accusations

3 more banks to pay up

Citigroup settles

Citigroup’s $285M nuisance fine

Citigroup settles

Citigroup

Swiss leaks

Luxembourg leaks

Bureaucratic tax avoidance

European Commission

Guardian HSBC files

HSBC used by Canadian billionaires

Frank Giustra

Joseph Kruger II

Double standard

HSBC publishes apology

HSBC 

List of Canadians by net worth 

Too big to fail

6 largest banks

Gangster bankers 

UK banks targeted by US regulators

Money laundering settlement

HSBC

Drug war is a joke

Global bank above the law 

HSBC laundered billions

A business expense

HSBC case history

HSBC used by 'drug kingpins'

Bank allowed money laundering

Pavlis v. HSBC

Report of fine

Lebanese Canadian Bank SAL  .pdf 

Western banks 'reaping billions'

Banks help offshore clients

   

US is an oligarchy

WASHINGTON - A new study is showing that, although America is always going on about how it is a Democracy, it is, in fact, an Oligarchy. Or, rather, it is a Plutocratic Oligarchy, meaning that the vast majority of decisions are made to benefit a small amount of people.  (Death and Taxes) 

 

Testing Theories of US politics   .pdf

The Power Elite

Explore the Power Elite

Trickle-out oligarch economics 

   

Corporate anonymity

VANCOUVER - The winner of the TED Prize plans to use the $1M award to launch a global campaign to put an end to the practice of companies operating anonymously.  (Globe & Mail) 

Global Witness    

Chase Bank limits cash withdrawals

How to stay ahead of the Gatsby curve

Gatsby curve 

Wealth paradox  

$5.2T sovereign wealth market

SWF

Global corruption barometer 2013

Sovereign Wealth Funds rankings

Rich getting richer

Rise in wealth for the wealthy

Pew Research Center

Super rich getting richer

100 richest Canadians in 2012

Low earners’ sweet spot

Working but not getting ahead

Canada #9

My world is falling apart - and so is yours

Corruption translates to anger

Politicians are the most corrupt

Governments can't fix it

Global wealth confiscation

Fiscal Monitor Report   .pdf  

RCMP Probing Offshore Vancouver Market

   

5 years later

WASHINGTON - The US government will come under intense pressure this week to explain what action it took after receiving a massive cache of leaked data that revealed how the Swiss banking arm of HSBC helped wealthy customers conceal billions of dollars of assets.   (Guardian UK)

Offices raided

Swiss bank searched

Tax dodging by wealthy clients

HSBC 'helped rich clients dodge tax'

Government defends pursing tax avoiders 

2008 UK bank rescue package

Drug money saved banks

Whistleblower hit with theft charges

EU Commission President

Swiss leaks 

Guardian HSBC files

HSBC

Secret account revealed

Stuart Gulliver

Scandal caused damage to banks' reputation

$81M to Clinton Foundation

UK had files before they made boss minister

HSBC sheltered murky cash

Luxembourg Leaks

Bombardier among companies exposed  

More secret tax deals

Offshore money

Privileged status

Contribute in other ways

Swiss banks reveal data to US tax authorities

'Aided' US tax evaders

Leaked database released

Jean-Claude Juncker

Internal loans

Leaked documents

Luxembourg fends off tax haven status

Business-friendly bureaucrat 

EU to press Luxembourg on tax breaks  

Asset managers arrested 

Keep taxman in dark

Offshore tax avoidance

Multimillion dollar court fight

James B Love  

Big banks help tax havens

Tax loopholes revealed

Sophisticated scam

How to hide money offshore  

Tax avoidance on an industrial scale

Tax haven leaks

Profiles of 10 Canadians

$170B in tax havens

Request for names 

French banks to list foreign subsidiaries

Attempt to look tough on tax-havens  

How the rich hide their money

Data leak reverberates around globe

Senator's husband put $1.7M offshore

Vast web exposed

Offshore secrets

How ICIJ analyzed offshore files

Center for Public Integrity

G8 global tax crackdown

Fighting foreign bribery

Tougher rules

Tax havens at all-time high

44 offshore tax cheats convicted

G7 agree to target tax evasion

Authorities announce tax haven investigation

Canada excluded

IRS press release

Offshore account

Crackdown falls short

Offshore data leak

Inside the global offshore money maze

As usual the bankers are home and dry

Crack down on UK's offshore tax havens

Global companies grilled over tax avoidance

G8 agree to tackle tax evasion

Country enforcement anti-bribery 2012

Fraud 

Firepower International

Tax haven

Countries rattle by data leak

Piercing the secrecy

Politicians dig out plans

Tax us if you can

Canadian firm used

British tax havens need bailouts

Bankruptcy threat to the Cayman Islands

SWF go after Western property

SWF

Bank secrecy masks a world of crime 

Potential future scandals

Tax havens  

Switzerland accepts standard

OECD standard on assistance in tax matters

Switzerland eases banking secrecy

Tax-gap

Senate Subcommittee on Investigations

UBS boss charged

Raoul Weil

Zurich's secretive 'Canada Desk'

US, Switzerland showdown

UBS will only release onshore details

OECD

New tax havens

Bribery allegations

Offshore shenanigans 

Use of tax havens   .pdf  

Countries to loosen bank secrecy rules

Too many bankers taking cocaine

Obama's UBS fundraiser

McCain economic adviser UBS lobbyist

2008 Liechtenstein tax affair

Tax haven closed

UBS    LGT Bank

Frank Lowy

Congressional probe

Laundromat Royale

Tax authorities pay for bank details

Tax havens

Open Secrets

   

Tax bill

BRUSSELS - Ireland must recover up to $14.6B in unpaid taxes from Apple, European officials said on Tuesday.  The European Commission, which administers EU law, said the Irish government had granted illegal state aid to Apple by helping the tech giant to artificially lower its tax bill for more than 20 years.  Apple paid tax at 1%, or less, on profits attributed to its subsidiaries in Ireland, well below the 35% top rate of corporate tax in the US and Ireland's 12.5% rate.   (CNN)

EC press release 

Why Ireland doesn't want the taxes

 Blowback  

G20 backs plan to stop global tax avoidance

Global tax chaos

Federal reserve cartel

Corporations tax savings

Corporations stockpile tops $500B

Senate investigation

Corporate tax avoidance

G20 officials defuse currency war

Tax rates around the world

Tax rate picks winners and losers

Tax clampdown will harm profits

Corporate tax avoidance

Base erosion and profit shifting

Game of corporate tax avoidance

Reforms to tax system for curbing avoidance

OECD tax reforms

Attempt to rewrite the corporate tax rule book

OECD releases plan to curb corporate tax-dodging

Now it's up to the Nations

BEPS  

Corporate taxes

Apple

Value of complexity

CEO defends tax tactics

Profit shifting

Addressing base erosion and profit shifting

Vulnerable to currency war

Institute for Policy Studies

Flaherty pleased

CEOs paid more than paid in taxes 

Crack down on evasion

   

Sharing personal information

OTTAWA - The Conservative government has given itself broad new powers to share Canadian immigration files and other information with foreign governments - a practice that could have far-reaching implications for individuals who cross borders.  (Globe & Mail) 

Uncle Sam shake down

Court fight to stop FACTA

Ginny Hills and Gwen Deegan  

Paying to get out   

FATCA

Gov't sells out 7.3M    

Sold out by Canada 

Canadian banks now informants

Tax evasion 'crackdown'

Canada to give bank data to US

Canadian banks report to the US

Canada gives out your info

Privacy Act   

G20 to share tax records

Tax-on-tax grab

Tax gap  

   

IRS refunds

ATLANTA - The Internal Revenue Service sent 23,994 tax refunds worth a combined $46,378,040 to “unauthorized” alien workers who all used the same address in Atlanta, Ga., in 2011, according to the Treasury Inspector General for Tax Administration.  (CNS News) 

US $1T budget bill with riders   Rider  

Spending bill good for Wall Street    

US corporate taxes

1 in 15 now rank as poorest poor

US debt clock 

Substantial changes are needed  .pdf 

Corporate US tax dodgers 2008-2010   .pdf 

Canada's 'Cyprus solution'

OTTAWA - Buried deep in 2013's federal budget is an ambiguously worded section.  It boils down to this: Ottawa is contemplating the possibility of a Canadian bank failure - and the same sort of pitiless prescription that was just imposed in Cyprus.   (CBC)

Bank deposit insurance

Bank run

Unintended consequences  

Budget 2013  .pdf  

   

Quality of life  

A national index of well-being shows many Canadians are still bruised by the effects of the 2008-09 recession, as quality-of-life measures have lagged economic growth.  (Globe & Mail)

Canadian index of wellbeing 2016   .pdf 

Taxes biggest expense

Taxes rule

Still spending more on taxes the basics

Taxes cost more

Quarter living paycheque to paycheque

Living the good life

OECD

Tax credit of no use to 60%

Disability Tax Credit

UNICEF ranks Canada 17th

Child well-being in rich countries 

Wealth Paradox series

2016 rich get richer 

Canadian millionaires

CSRI global wealth report 2016  

Who are the 1%ers  

1%ers received 10% of income

High-income trends taxfilers, 1982-2013

After tax income

Income of Canadians 2009  

Driving force no more  

Tax freedom day 2 days later  

Money laundering in Canada, 2009  

Nearly one-third of wealthy are new

Debt risks intensify

Canada's 1%ers

High-income Canadian 1985-2010

Better life than most

OECD Better Life Index

OECD Better Life Index: Canada 

2013 measuring well-being  

Canadians using food banks near record

Household debt at record levels   

Britain's super rich are wealthier

National net worth and wealth

Super wealthy getting richer

Billionaire census 2014

Offshore tax dealings

Bank leak

Inside the global offshore money maze   

Global wealth report 2014   .pdf  

Fewer Canadians can afford RRSPs

Stimulus money floods Tory ridings

AB forecasts $4.7B deficit

Survival of the smallest 

1%ers in BC 

World's wealthiest

Richest 1% own nearly half of global wealth 

A new generation of poverty

StatCan: EI Dec 2008

Household net worth

EI jumps 10.6%

Household debt at all-time high

Parties still playing politics

Premiers call for 'stability'

Dangerous scramble to do something

OECD tells Ottawa to keep rates low

Canadian inequality   .pdf  

Sustainability & elderly benefits   .pdf 

Punch Drunk  .pdf  

Child poverty falls in Canada 

Quarter of British children living in poverty

Impact of redistribution on income   .pdf

US rich still getting richer

Where the billionaires live

Split between rich & poor

State of the world's children 2012 

UNICEF  

Gap at record high

Why inequality keeps rising    OECD

Country Note: Canada  .pdf  

Canadian Index of Wellbeing

How Canadians are really faring   

'We are the 30%'   

Income gap widening quickly

Bleak future for UK's young

Quality of living report 2011

Decline in Canadian wellbeing

World's richest

Canadian Index of Wellbeing

Forbes 2013 billionaires    

Canadian quality of life hammered

Wealth gap  

Canadian investors gouged by fees  

Rich severance a poor deal

Price gap

World income inequality   

Gini coefficient  

List of countries by income equality

Rich people less ethical

Canadians fall deeper into debt   

Canada Inequality   

Poverty costs BC $9B per year

Canada 11th of 22

Commitment to Development Index

Center for Global Development,

The best place to live    Finland

2009 prosperity index

Canada rated #7

Worst places in Canada for winter

Conference board: Society report

Tax cuts won't buy a cup of coffee

Fastest rise in food prices in 14 years

Rich get richer, rest don't

Ontario hunger report 2008  .pdf

Rules forcing people into destitution

Poor stuck in a poverty trap

Ontarians turning to food banks

Growing unequal

2011 prosperity index

National Council of Welfare

Closing the gap in a generation

Campaign 2000

Child poverty soars in Ontario suburbs

Lifestyles across Canada

Rise of Canada's richest 1%   .pdf   

Sticker shock

Non-refundable personal tax credits

Quest Food Exchange

2% hold half of world's assets

   

Elite gathering 2016

DRESDEN - 150 of the world's most powerful people are meeting in the Kempinski Hotel Taschenbergpalais in Dresden, Germany.  (Daily Mail)

Bilderberg 2016 agenda

Feel uneasy

Bilderberg meetings official website

Bilderberg Group    

Attendee list 2016

Attendee list 2015

Attendee list 2014

You aren't invited

Attendee list 2013  

List of Bilderberg participants 

   
   
   

 

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