Much as expected, the Foot report into the Crown Dependencies and the Overseas Territories is disappointing. Appoint the wrong man to do the job – and Michael Foot was always the wrong man to do this job – and he has even defected to the Tories whilst undertaking it in an extraordinary show of poor etiquette – and you will get the wrong answers. How could a man who makes his living from offshore have ever done this job?
But the report, none the less seeks to delivers some small punches. It is, for example, adamant...
The TJN blog just pointed out this video, titled "Don't bank on the Isle of Man." Building on the previous "Don't Bank on the Isle of Man" videos, it's turning out to be quite a series. Of course, it also has a serious point - that banking in offshore, low-regulation, secrecy jurisdictions carries very serious risks.
Richard Murphy has pointed out this must-see video which shares one of the many dark sides of offshore banking - but in a humorous fashion.
As Richard said, "It’s probably not going to win any musical awards, but the sentiment is sound, and wholly justified."
A personal experience from the Isle of Man: "I deposited my life savings with Kaupthing Isle of Man which promised me that my money was safe in its hands. Then on 8 Ocotber 2008 it closed its doors! Now I have been reduced to near poverty. I can't claim social security because I have a half share in a house but I can't sell my half share. Banks on the IoM want your money and tell you anything to get it, but if they go belly up you are sunk! So, my advice to everyone is 'don't bank on...
