Banking on Failure
Cum-Ex and Why and How Banks Game the System
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Product details:
- Publisher OUP Oxford
- Date of Publication 3 September 2020
- ISBN 9780198859673
- Binding Hardback
- No. of pages392 pages
- Size 241x162x25 mm
- Weight 728 g
- Language English 42
Categories
Short description:
This book explains why and how banks game the system. It accounts for why banks are so often involved in cases of misconduct, and why those cases often involve the exploitation of tax systems.
MoreLong description:
Banks seem all too often involved in cases of misconduct, particularly involving the exploitation of tax systems. Banking on Failure explains why and how banks "game the system", accounting for these misconduct cases and analysing the wider implications for financial markets and tax systems.
Banking on Failure: Cum-Ex and Why and How Banks Game the System explains why banks design and use structured products to exploit tax systems. It describes one of the biggest and most complex cases - the "cum-ex" scandal - in which hundreds of banks and funds from across the globe participated in the raid on the public exchequers of a number of countries, with losses in the tens of billions of euros. The book then draws on the significance of this case study, and what this tells us about modern banks and their interactions with tax systems. Banking on Failure demonstrates why the exploitation of tax systems by banks is an inevitable feature of the financial markets landscape, and suggests possible responses.
Rarely does a book on dividend withholding taxation awaken emotions comparable to the finest John Grisham or Tom Clancy bestselling thriller. Richard Collier's book plunges the reader into the world of predatory banks that exploit the slightest glitch in tax and financial systems and turn it into an idle-running cash machine at the expense of the ordinary taxpayer until the story ends in an ugly way.
Table of Contents:
Introduction
Cum-Ex in Concept
Emergence of Cum-Ex
Evolution of Cum-Ex
Closure of Cum-Ex and the Aftermath
Assessing the Cum-Ex Trade
Banks and Misconduct
Banks and Tax Systems
Conclusions
