Barclays Tax Scam

Barclays Bank gags Guardian over leaked memos detailing offshore tax scam

*cough* Wikileaks.

‘In a financial market devastated by the credit crunch, the SCM (Structured Capital Markets) team is one of the only teams still aggressively hiring to increase further its reach and ability to structure more trades. Where the world sees turmoil and destruction, the leaders of SCM see opportunities arising from tax loss exploitation and corporate restructurings throwing up all sorts of new and juicy areas of the tax code which can be profitably exploited.’

‘Even John Varley (Barclays chief executive) now attends meetings in Jenkins’ (chief executive of SCM) office, walking across to the offices at the other end of Canary Wharf, a sign of the shifting of power within the bank.’

‘Normally a man who has made the study of the taxes act and the accounting legislation a priority above all other things in life would be looked upon with some surprise. But within SCM these men are Masters of the Universe, commanding multimillion pound bonuses and publicly humiliating those of lesser knowledge.’

‘With a new administration burdened with two wars, economic meltdown and the choice of new drapes for the White House, SCM management is banking on the administration taking their eye off the ball.’

‘It is a commonly held view that no agency in the US or the UK (and least of all the European agencies) has the resources or the commitment to challenge SCM. SCM has huge amounts of resources, the best minds rewarded with millions of pounds. HMRC recently advertised for a tax and accounting expert with the pay at £45,000.’

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