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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Thursday, January 31, 2013

Goldman Sachs Gets Help to Avoid Paying Taxes

Apparently, there was a tax avoidance conference in Oxford in September 2012 where accountants and the mega-rich and multi-national corporations gathered to discuss how to get away with paying as few taxes as possible.  Dave Hartnett, former head of HMRC (Her Majesty's Revenue and Customs), gave the after-dinner speech.  He and his organization were instrumental in saving millions of dollars in taxes for the likes of Goldman Sachs and Vodafone.

Hartnett is a prime example of how regulatory capture works.  He often wined and dined with those he was supposed to oversee in paying their proper taxes.  He failed miserably for the public but won great acclaim amongst the rich that paid fewer taxes from his non-diligence of "duties."

Harnett (see video) was awarded a Golden Handshake statue for "Lifetime Achievement Award for Services to Corporate Tax Avoidance."  Now Hartnett is being rewarded with an appointment to HSBC--that great bank of douche bags that only paid a fine for laundering drug money.  Great partnership!

You can see that corruption is to be found everywhere in the financial system. 

Former UK tax chief who 'lied to MPs' to advise HSBC bank about honesty
By Rupert Steiner and Becky Barrow - Daily Mail

Britain's top taxman – who stepped down after he was accused by MPs of lying – has been hired by HSBC to advise it on honesty, it emerged last night.

In an explosive move, the bank has appointed Dave Hartnett, the former head of HM Revenue and Customs, as an adviser to ‘enforce the highest standards’ at the firm.

The decision to recruit the 61-year-old, who retired last July, was so sensitive that the Prime Minister had to rubber-stamp the former civil servant’s new job.

Mr Hartnett has pledged not to advise the bank on its tax affairs although he has permission to lobby the Government on behalf of his new employer after a two-year cooling-off period.

The move triggered fury because Mr Hartnett was embroiled in a series of ‘sweetheart deals’ with firms such as Goldman Sachs which allowed them to slash their tax bills by millions.
Last night, it emerged that he also had dealings with HSBC during his time at HMRC.

Read the whole article and see the video of Award Presentation here
Read accompanying article here


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