Socialist Worker

Bonus points for dodging tax

Issue No. 2337

Banks dodged £16 billion in tax in 2010 by moving bonuses forwards a few weeks.

That’s just a fraction of the tax that banks dodge every year.

Sometimes the scale of the tax dodging is too much even for the Tories to stomach.

The Treasury ordered Barclays bank to repay £500 million in unpaid tax last year.

Boss sues over free money

US finance giant AIG’s new advert thanks America for its £150 billion bailout, which formally ended last month.

But the ungrateful board nearly joined former boss Hank Greenberg in suing the US government.

Greenberg argues that shareholders like himself lost out by having their stake “diluted” by free government money.

Paid to hoard a trillion dollars

In 2008 US banks held just £1.2 billion in the Federal Reserve.

Today this is £900 billion—more than the US government said was needed to save the economy four years ago.

The banks demanded interest on this hoard—about £2.3 billion a year.

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