(5i) Banks and scandals - Today partners
A new banking scandal and this time HSBC is involved as well as (again) the rich who were advised by the Swiss branch of the bank on how to avoid paying taxes in their own country. These are the people who warn for instance the Greeks not to avoid paying taxes in order to be able to repay the banks. The bosses of HSBC were forced to explain at a parliamentary hearing what went wrong. They explained it was a difficult branch because its managers and employees hid their actions behind the Swiss banking legislation that actively stimulates corruption by promoting its banking secrecy. However, his explanation is difficult to follow as he too avoided paying taxes although it seems to avoid jealousy amongst his colleagues. Still, indeed the Swiss banking secrecy makes it difficult to check banks. Nevertheless, ordinary people who work at companies will not be able to hide any activities for their bosses or face redundancy or even the involvement of the criminal justice system. ...