U.S. banking giant switches billions in debt to Britain to avoid paying corporation tax for 50 years
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http://www.dailymail.co.uk/news/article-1045229/U-S-banking-giant-switches-billions-debt-Britain-avoid-paying-corporation-tax-50-years.html
Type of Content: Article I think it is becoming increasing obvious these big banks are "using" the sub prime problems in the U.S. to hide their accounting problems. From the article: Investment bank Merrill Lynch may not have to pay UK tax for decades. The Wall Street giant, which employs 5,500 in the City of London, could be eligible for a tax holiday of more than 50 years after making billions of pounds of losses on 'exotic investments.' Merrill Lynch racked up losses of £15.5billion because of the sub-prime meltdown in America. Merrill can use the losses to offset its tax liability - by as much as £4.3billion - in future years. Accountants say the bank is fully complying with tax law. Read »
Created 13 weeks 3 days ago
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Want to get together and start a bank? Seems like the only way to get ahead these days. Let's see investment bank into mortgages that are unsound, then back out of your loss by dumping it into Freddie/Fannie's lap so the US taxpayers have to cover your debt, then transfer (on paper only) the loss from the money you would have made on the mortgages to your UK branch, then keep from paying taxes for 60 years because of it...
Bloody Brilliant! (Sarcasm if you didn't pick up on that)
How dare they try to make money! It's not like we live in a capitalist society or anything.
By the way, if you think the investment banks have pushed their losses on others, take a look at their financial statements and their stock prices over the last 18 months.