Apr 02 2009

A Revolutionary Statement?

(London) — British Prime Minister Gordon Brown declared today that “the banking secrecy of the past must come to an end.” He said that is one of the key components in an agreement on global economic recovery and reform reached at today’s G20 conference in London.

Brown said hedge funds will now be regulated under a reformed global banking system.

The agreement stipulates regulation of credit rating agencies and sanctions for tax havens.

Leaders of the G20 nations on Thursday declared that “the era of banking secrecy is over”, calling for the immediate publication of a list of countries that fell short of international standards.

A blacklist of countries that were unwilling to co-operate on information sharing ran to six countries as talks began on Thursday. But the threat of being named convinced Brunei, Guatemala and Malaysia to agree to begin implementing reforms. This left Costa Rica, the Philippines and Uruguay to be “named and shamed” on a list, expected to be published by the Paris-based Organisation for Economic Co-operation and Development.

The politicians threatened to take action against “non-co-operative jurisdictions, including tax havens”, asking the OECD to report back by November’s meeting of finance ministers in Scotland. They said: “We stand ready to deploy sanctions to protect our public finances and financial systems.”

If the Ruling Class can no longer hide their loot from scrutiny and taxes, doesn’t that change everything?

One thing it will change for sure…

Whoever comes up with the new way to hide illegal and ill-gotten assts first is going to get VERY, VERY RICH!

Any ideas? I’ll settle for one tenth of one percent!

12 comments

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  1. Photobucket

    • Edger on April 2, 2009 at 21:40
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    Glenn Beck must be quaking and wetting himself by now! Heh!

    • TomP on April 2, 2009 at 21:51
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    Obama.  Obama likely would not have proposed this.  Brown made it happen.

    Europe is the future, because the United States is rooted in an ideologicla past regarding free markert worship.

    Obama today:

    The principles outlined employ “best practices” for companies in setting pay. While it “should be the shareholders” who dictate pay, in many instances executives have a “cozy” relationship with boards of directors, he said. The result is “habits and practices” that don’t benefit shareholders.

    “It doesn’t mean the state micromanaging,” he said “It doesn’t mean we want the state dictating salaries. I strongly believe in a free market system. In America at least, people don’t resent the rich, they want to be rich.”

    http://www.bloomberg.com/apps/…

    Unike Barack’s America, I don’t want to be rich and never have wanted to be rich.

    This is why Europe is the future and we are a past that history will not treat kindly.  

  4. float a computer into orbit and maintain it from the ground……

    • robodd on April 3, 2009 at 02:32
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    rich people stuffing their fat mattresses with cash.

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