Religion Of Economics Is Done
Fareed Zakaria: “Let me be clear: Economics remains a vital discipline, one of the most powerful ways we have to understand the world. But in the heady days of post-Cold War globalization, when the world seemed to be dominated by markets and trade and wealth creation, it became the dominant discipline, the key to understanding modern life. That economics has since slipped from that pedestal is simply a testament to the fact that the world is messy.” – Foreign Policy
Hayne's verdict on the banks in his own words
by Kenneth Hayne
This is how the man who headed the landmark inquiry explains his thinking.
Judges jailed for taking bribes from private juvie prisons to send kids to jail Boing Boing. Interestingly, Luzerne County, a swing district
IBM eliminated more than 20,000 workers 40 and above
“As the world’s dominant technology firm, payrolls at International Business Machines Corp. swelled to nearly a quarter-million U.S. white-collar workers in the 1980s. Its profits helped underwrite a broad agenda of racial equality, equal pay for women and an unbeatable offer of great wages and something close to lifetime employment, all in return for unswerving loyalty But when high tech suddenly started shifting and companies went global, IBM faced the changing landscape with a distinction most of its fiercest competitors didn’t have: a large number of experienced and aging U.S. employees. The company reacted with a strategy that, in the words of one confidential planning document, would “correct seniority mix.” It slashed IBM’s U.S. workforce by as much as three-quarters from its 1980s peak, replacing a substantial share with younger, less-experienced and lower-paid workers and sending many positions overseas. ProPublica estimates that in the past five years alone, IBM has eliminated more than 20,000 American employees ages 40 and over, about 60 percent of its estimated total U.S. job cuts during those years. In making these cuts, IBM has flouted or outflanked U.S. laws and regulations intended to protect later-career workers from age discrimination, according to a ProPublica review of internal company documents, legal filings and public records, as well as information provided via interviews and questionnaires filled out by more than 1,000 former IBM employees…”
Alexander Hertel-Fernandez, State Capture: How Conservative Activists, Big Businesses, and Wealthy Donors Reshaped the American States — and the Nation. A serious and scholarly book, rather than the kind of hysterical falsehoods we’ve come to expect on such topics.
I
Following the acrimonious collapse of a British cake business, Patisserie Valerie, a quote of the day from a top accountant:
Here’s another quote, from an earlier episode, where a Big Four auditor is being grilled over a similar debacle:
Alexander Hertel-Fernandez, State Capture: How Conservative Activists, Big Businesses, and Wealthy Donors Reshaped the American States — and the Nation. A serious and scholarly book, rather than the kind of hysterical falsehoods we’ve come to expect on such topics.
I
Quote of the day – accountants “not set up to look for fraud.”
We’re not looking for fraud, we’re not looking at the future, we’re not giving a statement that the accounts are correct . . . we are looking in the past and we are not set up to look for fraud.”What they are set up for, it seems, is to receive fees. Many large firms receive large fees for auditing the companies that fail, then receive further large fees for carrying out insolvency processes. Their size and reach, particularly when it comes to the “Big Four” firms PwC, Deloitte, EY and KPMG, also gives them enormous market power, enabling one firm, PwC, to “name its price” in an insolvency case.
Here’s another quote, from an earlier episode, where a Big Four auditor is being grilled over a similar debacle:
I would not hire you to do an audit of the contents of my fridge, because when I read it, I would not know what was actually in my fridge or not. And that’s the point of auditing, isn’t it?Quite.
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- How to tax the rich (31 Jan 2019)
- Elizabeth Warren's Wealth Tax Is an Old Idea, and Its Time Has Come (31 Jan 2019)
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- Paschal Donohoe welcomes OECD tax avoidance clampdown (31 Jan 2019)
- Former Charlton Athletic owner ordered to reveal tax (31 Jan 2019)
- Historian berates billionaires at Davos over tax avoidance (30 Jan 2019)
- Dubai Has Become A "Money Laundering Paradise" (30 Jan 2019)
- Bill Browder attacks British establishment for allegedly accepting Russian money laundering bribes (30 Jan 2019)
- Will Countries Ever Agree on a Digital Tax? The OECD Hopes So (30 Jan 2019)
- BBC director general Tony Hall apologises to stars over tax (30 Jan 2019)
- Russia proposes decriminalising 'unavoidable' bribes (30 Jan 2019)
- Dutch Queen Maxima accused of tax evasion in Argentine media (30 Jan 2019)
- Queen Máxima responds to tax evasion accusations (30 Jan 2019)
- EU puts Saudi Arabia on blacklist for lax control on money laundering (30 Jan 2019)
- Government must ask itself: what are we getting for our tax cuts? (29 Jan 2019)
- OECD working on plans for minimum corporate tax (29 Jan 2019)
- UK Landlords braced to feel the loss of buy-to-let tax relief (29 Jan 2019)
- Australian extractive giant dodges $15.8m capital gains tax after Namibian uranium mine sale (29 Jan 2019)
- Tax advisory work hits record £15.4bn (29 Jan 2019)
- EU's Digital Tax Proposal Will Hurt Trade, US Businesses Warn (29 Jan 2019)
- 1950s Hollywood forged a golden age of tax avoidance (29 Jan 2019)
- BHP Says to Consider Position Over Appeal in Australia Tax Case (29 Jan 2019)
- UK corporation tax cut to cost billions more than thought (28 Jan 2019)
- In 2018, The Average Family Paid More To Hospitals Than To The Federal Government In Taxes (28 Jan 2019)
- Tax, tech and electric cars: why is Dyson going to Singapore? (28 Jan 2019)
- Stephen Rubin, owner of JD Sports, paid most tax in UK last year with £181m bill (28 Jan 2019)
- Beckhams, Dyson boss and EasyJet founder among Britons paying most tax (28 Jan 2019)
- Don't praise the super-rich for just paying their taxes (28 Jan 2019)
- Switzerland tax evasion amnesty brings in $44.5bn (28 Jan 2019)
- UK Leaves Fate of Venezuela's Gold Up to the Bank of England (28 Jan 2019)
- S.Korea's tax agency to intensify probe into companies' tax evasion (28 Jan 2019)
- Corporate Welfare: British taxpayers face £24bn bill for tax relief to oil and gas firms (25 Jan 2019)