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    The Barclays memos

    by Sunny on 20th March, 2009 at 1:53 pm    

    … are on Wikileaks.

    This is why these documents are important.

    Image via Shiraz Socialist

      |     |   Add to   |   Share on Facebook   |   Filed in: Economics, Economy, Media

    10 Comments below   |  

    1. Random Guy — on 20th March, 2009 at 3:06 pm  

      Thanks for bringing this to everyone’s attention Sunny. Eye-opening or what eh?

      I wonder - who are the real Benefit Frauds in the UK?

    2. The Common Humanist — on 20th March, 2009 at 3:48 pm  

      Huge public service with this.

      The Bastards! I mean, the utter utter bastards.

      At what point does this become treasonous?

      See, support for my Tower Of London Thameside Head on Spike farm will grow. Am just ahead of the crowd on this.

    3. Bert Rustle — on 20th March, 2009 at 5:40 pm  

      The Common Humanist 2 wrote … At what point does this become treasonous? …

      See Karl Denninger’s

    4. Riz Din — on 20th March, 2009 at 5:59 pm  

      No no, no no, no. You people don’t understand. By savings so many hundreds of millions in tax early on, Barclays was doing its own mini bailout and shoring up of the balance sheet - it knew that in a few years the whole system was going to go belly up and banks would need even more in tax payer support. That’s what I call forward thinking…I’m impressed.

    5. Riz Din — on 20th March, 2009 at 6:07 pm  

      If these tax structures are legal, why don’t they make a retail lending product that capitalises on some of these advantages?

      Oh, and people who are overly worried about the state of banking in the year ahead, just look at the current conditions:

      - No counterparty risk as the gvt is the owner and has put back-stops in place.
      - Unbelievably low interest rates at the short end.
      - Relatively massive margins on corporate lending and mortgage rates on long-term debt.

      The simple banking model of borrowing short and lending long is officially rigged by the gvt to make money. Time to set-up a bank, me thinks! The risk is from legacy toxic debt that is in the system, and this is being transferred to the tax payer. Double nice.

    6. Random Guy — on 20th March, 2009 at 6:15 pm  

      Hmm Riz, foresight or not, Barclays is evading tax that can be put to (theoretically) good use in the UK. Why give a flying f**k about some idiots who game the system for £40,000 when these corporations can easily game it for £40,000,000 a pop?

    7. Riz — on 20th March, 2009 at 6:24 pm  

      Because many of the small guys are avoiding tax versus evading. The difference is a between legal and illegal. We set the rules.

      It’s up to profit maximisers to try and make money for their masters, the shareholders. Like the individual soldiers of war, who must fight to the best of their ability regardless of the political angles, so an effective corporate carries out the duties mandated to it. Don’t hate the player, hate the game.

    8. dave bones — on 20th March, 2009 at 8:03 pm  

      I can’t get link to work

    9. Don — on 20th March, 2009 at 8:15 pm  

      me either.

    10. Refresh — on 20th March, 2009 at 8:44 pm  

      Riz, you got to start at the player. Otherwise whose heads is The Common Humanist going to spike - there are other interests to consider.

      Rupert Murdoch’ head should be on that spike too, how much tax has NewsCorp avoided?

      You guys should get hold of George Moniot’s book, I think its called ‘Corporate Welfare’. It talks in detail the tricks these captains of industry play to rip off the ordinary people.

      This is why I get seriously agitated when we see adverts targeting people who manage to get away with a couple hundred pounds from the Social fund; or those that can’t afford to sort out their TV license.

      Bring out the spikes I say.

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