Posts Tagged ‘Credit Suisse’

Global: Bankenrettung?

Montag, August 6th, 2012

“Super Rich Holding $21 Trillion Overseas To Avoid Taxation

by Alex Oberley — August 2, 2012 – 3:47pm

At a time when the gap between the ultra-rich and the rest of us is reaching historic heights across the globe, at least $21 trillion (with a “t”) in unreported private financial wealth was recently discovered sitting in secret tax havens.

While it can be difficult to imagine sums so large, consider this: the $21 trillion alone is the amount of the U.S. and Japanese economies combined. That reflects only financial wealth, and not the holdings and investments of this monied elite in mansions, yachts, private jets, etc. According to a recent reports by the Tax Justice Network, “The Price of Offshore Revisited” and “Inequality: You Don’t Know The Half of It,” this staggering disparity is only growing worse.

The report states at the end of 2010, the wealthiest fifty private banks held over $12.1 trillion, up $5.4 trillion from 2005. Three private banks handle the lion’s share of offshore assets — UBS, Credit Suisse, and Goldman Sachs. If these offshore holdings earned a very modest 3% return rate, and the income were to be taxed at 30%, this would generate tax revenues between $190 – $280 billion.

The study is one of the first attempting to measure the hidden wealth. It could be as high as $32 trillion — a staggering sum.

At a time when governments around the world are starved for resources, and we are more conscious than ever of the costs of economic inequality, “This new report focuses our attention on a huge ‘black hole’ in the world economy that has never before been measured — private offshore wealth, and the vast amounts of untaxed income that it produces,” says the author James Henry, who is the former chief economist of the global management firm, McKinsey & Company.”

 

(Quelle: PR Watch.)

Schweiz: Von Grossbanken und Menschenrechten

Mittwoch, Juli 20th, 2011

“Swiss Banks and Human Rights: Credit Suisse, UBS and Human Rights

Von Andreas Missbach

Since 2010, the major Swiss banks Credit Suisse and UBS have financed the world’s most controversial mining firm: Vedanta Resources. Vedanta earned the number two spot on a 2009 list of “most environmentally and socially controversial multinational companies” by RepRisk, a service provider for reputation risk, specializing in the financial sector. Vedanta took third place in 2010, right behind Transocean and BP. The acceptance of Vedanta as a new client shows that Credit Suisse and UBS disregard human rights in their business dealings.

The Berne Declaration launched the Web site www.banksandhumanrights.ch in April 2010, documenting controversial financing by Credit Suisse and UBS, and analyzing how the big banks deal with the topic of human rights. With new background research on the financial linkages and an update of the 2010 position paper, the Web site has now been completely updated.

With the acceptance of the “Guiding Principles on Business and Human Rights” in June 2011, the Human Rights Council determined that corporations are not only implicated by the direct causation of human rights violations, but also when they come in contact with violations via their products and services. This clearly includes the financing activities of banks, whether directly, via granting of credit, or indirectly, via assistance in the placement of shares and bonds. The UN Special Representative on Business and Human Rights, John Ruggie, states unequivocally with his Guiding Principles that the financial sector also has a responsibility to respect human rights.

The fulfilling of this “responsibility to respect human rights” requires of the banks a human rights policy, human rights due diligence, and transparency. Despite some progress by Credit Suisse, the processes and transparency of both major Swiss banks is clearly insufficient to fulfill the Guiding Principles of the UN Special Representative.

“It is shocking that Credit Suisse and UBS finance the scandalous Vedanta. What is crucial regarding banks and human rights is not how the processes look on paper, but rather that these processes are implemented in daily business practices so that banks do not contribute to human rights violations in their core business,” says Andreas Missbach, finance expert from the Berne Declaration.

Further Information: bankenundmenschenrechte.ch/en/background

 

(Quelle: BankTrack.org)