Wednesday 29 October 2008

Why Barclays Don't Want Gordon Brown's Bailout

As ‘negotiations’ continue between the authorities and a number of banks – notably Lloyds-TSB, RBS and HBOS - the terms for the great Brown Bailout have been seeping out. Bonus policy, foreclosures, lending to SMEs, dividends … Brown is in seventh heaven as he dreams of calling the shots in all these areas, and doubtless his shopping-list will lengthen if he feels he’s making headway.

HSBC is only too happy to be above the fray. But why was the smaller and apparently more precarious Barclays so keen to avoid taking Brown’s Bounty ?

My spies in the City tell me that there’s another price to pay for the Darling Dole: banks must forswear promoting and funding ‘tax schemes’. Long the bane of the HMRC, banks have had whole divisions beavering away
, on behalf of themselves and numerous clients, corporate and private alike, at wheezes to deprive the government of tax revenues .

And none more so than Barclays, whose clever (and entirely legal) tax schemes, particularly on the VAT front, are a significant business line. Some of their wheezes – that trick of avoiding VAT on new computer systems, eh, lads ? – have sent the HMRC into apoplexy.

So – it’s Qatari capital and freedom, for independently-minded Barclays; and Brown can keep his bailout. How long before Lloyds decide it’s not worth the candle ?



John B said...

Lloyds don't really do i-banking and clever tax stuff like Barclays, AIUI...

rwendland said...

Isn't the other Barclays/govt problem the partial Lehman takeover? Barclays has promised to pay about $2.5 billion in back bonuses to Lehman staff as part of the takeover, so any UK govt money given to Barclays might directly/indirectly be used to pay massive bonuses to ex-Lehman staff in New York (while UK Lehman staff are tossed aside).

Surely this is a huge political problem with govt money going to Barclays. Could Barclays back out of the partial Lehmans takeover?

(And it seems some in the U.S. are/were eyeing up hijacked this backpay in the courts to pay U.S. Lehman creditors.)

Old BE said...

If Barclays doesn't need the cash why would the government want to force it upon them unless it had ulterior motives..?

Nick Drew said...

John, hi, you're right but I'm sure they've been given good reason to wonder whether they can escape the net, too - it's surely only the HBOS deal that drags them into the govt's clutches

hope they're negotiating hard ! I think they have a few cards to play

Mr E - not energy this time, eh ? again, let's hope Barclays have their wits about them

BE - ah, the rhetorical questions now, eh ? (but I think they did need some cash & the bold fellows went and found it for themselves)

James Schneider said...

Gosh, the bold fellows got their own money. What a shock. They should watch out for the forced part-nationalisations that Paulson now appears keen on.

Anonymous said...

The mad snot gobbler in Downing St. has always fantasised about taking control of the banking sector. That's their real agenda.

Nick Drew said...

James, Seb - strange bedfellows, these Pan-Atlantic nationalisers!

Anonymous said...

aaaa片, 免費聊天, 咆哮小老鼠影片分享區, 金瓶梅影片, av女優王國, 78論壇, 女同聊天室, 熟女貼圖, 1069壞朋友論壇gay, 淫蕩少女總部, 日本情色派, 平水相逢, 黑澀會美眉無名, 網路小說免費看, 999東洋成人, 免費視訊聊天, 情色電影分享區, 9k躺伯虎聊天室, 傑克論壇, 日本女星杉本彩寫真, 自拍電影免費下載, a片論壇, 情色短片試看, 素人自拍寫真, 免費成人影音, 彩虹自拍, 小魔女貼影片, 自拍裸體寫真, 禿頭俱樂部, 環球av影音城, 學生色情聊天室, 視訊美女, 辣妹情色圖, 性感卡通美女圖片, 影音, 情色照片 做愛, hilive tv , 忘年之交聊天室, 制服美女, 性感辣妹, ut 女同聊天室, 淫蕩自拍, 處女貼圖貼片區, 聊天ukiss tw, 亞亞成人館, 777成人, 秋瓷炫裸體寫真, 淫蕩天使貼圖, 十八禁成人影音, 禁地論壇, 洪爺淫蕩自拍, 秘書自拍圖片,

做愛的漫畫圖片, 情色電影分享區, 做愛ㄉ影片, 丁字褲美女寫真, 色美眉, 自拍俱樂部首頁, 日本偷自拍圖片, 色情做愛影片, 情色貼圖區, 八國聯軍情色網, 免費線上a片, 淫蕩女孩自拍, 美國a片, 都都成人站, 色情自拍, 本土自拍照片, 熊貓貼圖區, 色情影片, 5278影片網, 脫星寫真圖片, 粉喵聊天室, 金瓶梅18, sex888影片分享區, 1007視訊, 雙贏論壇, 爆爆爽a片免費看, 天堂私服論壇, 情色電影下載, 成人短片, 麗的線上情色小遊戲, 情色動畫免費下載, 日本女優, 小說論壇, 777成人區, showlive影音聊天網, 聊天室尋夢園, 義大利女星寫真集, 韓國a片, 熟女人妻援交, 0204成人, 性感內衣模特兒, 影片, 情色卡通, 85cc免費影城85cc, 本土自拍照片, 成人漫畫區, 18禁, 情人節阿性,