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Archive before 2014

Tax wars

  • July 2013 – Financial regulation: internationally competitive = domestically dangerous. Original here.
  • Jun 2013 – Derivatives WMD: lobbyists seeking to remove ‘burdensome’ safety catches. Alternative here.
  • * HIGHLIGHT * – April 2013 – Skewering the myth of tax competition. Guardian article here, longer analysis here and here.
  • March 2013 – Financial Times finds evidence of huge flight of rich after French tax hikes
  • Oct 2012 – Memo to the UK: the only way to win a race to the bottom is not to play. Original here.
  • Aug 2012 – Vietnam and how tax incentives undermine policy processes
  • Aug 2011 – US study: tax flight is a myth
  • Jan 2011 – On the Dole, corporate style. David Cay Johnston on new research about the proliferation of tax incentives, and wasteful competition between jurisdictions to supply them.
  • Tax wars: new terminology for tax competition.
  • Nov 2008 – Slide show of presentation by Richard Murphy in the City of London: how tax competition affects developing countries
  • Oct 2006 – Tax Research on the UK’s stable corporate tax take, amid falling tax rates
  • 2002 – Edmund Valpy Fitzgerald of Oxford University: principles and challenges associated with tax competition in this paper 

Financial regulation

  • Oct 25 – Gensler: It was financial institutions operating complicated swaps businesses in offshore entities that nearly toppled the U.S. economy” in 2008. Original here.
  • July 2, 2013 – Derivatives: letter to Michel Barnier and eight finance ministers
  • June 25 – Derivatives WMD: lobbyists seeking to remove ‘burdensome’ safety catches. Also see here.
  • March 21, 2013Treasure Island Trauma. Paul Krugman endorses Shaxson’s (and TJN’s) analysis that havens help feed crisis.
  • March 12, 2013 – Offshore London and the escape from the U.S. Dodd-Frank bill. Original here.
  • Dec 4, 2012 – Dexia and the role of Wild West Ireland
  • Dec 12, 2011 – Deminor open letter on behalf of Madoff investors: Luxembourg’s lack of accountability, trust, action was behind the scam
  • July 14, 2011 – TJN summary of Jim Stewart paper on the Dublin financial centre. Original here.
  • May 13, 2011NYTimes on the new shadow insurance system – Treasure Islands. Original here.
  • May 11, 2011 – New French govt report on financial instability, fingering havens. Original here.
  • May 4, 2011 Goldman Sachs, the food crisis, and offshore London
  • May 2, 2011 – Nicholas Shaxson summarises how offshore finance underlay the global financial crisis
  • Nov 26, 2010 – Greece and the tax havens: an interconnected web of contagion
  • July 2010 – IMF: Rehypothecation and offshore London 
  • June 2010 – the role of the offshore Euromarkets in helping U.S. banks in particular achieve “political capture” and enjoy the “too big to fail” implicit subsidy.
  • June 2010The Other Offshore Disaster. NYT on the Bear Stearns collapse, with a prominent role for offshore.
  • June 2010 – Lucy Komisar in The American Interest, on how the Cayman Islands is being used to forestall tighter regulation.
  • May 2010 – Review of IMF’s concerns about offshore and excess leverage, pp12-13 of Tax Justice Focus.
  • April 2010 – Goldman deal went through Cayman , pattern is offshore.
  • May 2010 – How ICE and the Caymans help firms escape derivatives reform (original here)
  • March 2010 – IMF expresses alarm about offshore role in crisis
  • Feb 2010 – Onshore and offshore; boom and bust
  • May 2009 FT article “How tax havens helped to create a crisis” by TJN senior adviser Sol Picciotto.
  • Other commentators, such as here (UK focus, by Willem Buiter); here (Sunday Herald analysis); here (TV debate on tax havens and tax competition); here (the FT); here the IMF and the OECD recognising the problem); here (a former top banker); here (a legendary US crime-fighter).
  • Prof Sol Picciotto looks at a case study involving Bermuda and a credit derivatives swaps company here.
  • The role that illicit flows have played in macroeconomic imbalances that built up ahead of the market disruptions. Click here.
  • TJN’s article that appeared in the UK’s Guardian newspaper, written by John Christensen and Richard Murphy.
  • June 2008 – Creating Turmoil – TJN’s submission to the UK Treasury Select Committee
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