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Lloyds, one of the banks bailed out by the [UK] government, has been accused in court by the Treasury of using a subsidiary to pour hundreds of millions into transatlantic tax avoidance schemes.

Huge loans to American financial institutions were disguised as commercial investments for tax purposes, it is alleged in a case against the bank being brought by HM Revenue & Customs, a department of the Treasury. As a result, the money from the deals was treated differently for tax purposes on each side of the Atlantic…

The sting of the HMRC case is that millions of pounds of income, received in the UK as distributions from US investments, was granted tax relief on the basis that US tax had already been paid.

But in the US, where the cash was treated as interest payments on a debt, it was also granted tax relief…

Just another bank that got away with being a crook on both sides of the pond.




  1. Gary, the dangerous infidel says:

    If I were them, I’d blame it on a TurboTax error.

  2. Paddy-O says:

    I’m sure that the CEO of Lloyds could get absolution AND a Cabinet position from Omama.

  3. Mr. Fusion says:

    #2, Cow-Patty,

    A troll like you would.

    *

    Another Republican Conservative Party contributor is outed.

  4. Paddy-O says:

    # 3 Mr. Fusion said, “Another Republican Conservative Party contributor is outed.”

    The CEO of Lloyds contributed to the Repubs? Could be.

  5. JimR says:

    Depressing reality: Most publicly traded companies are dishonest at best, and thieving criminals on average.

  6. Paddy-O says:

    Depressing reality: Most politicians are dishonest at best, and thieving criminals on average.

  7. Mr. Fusion says:

    #6, Cow-Patty,

    There you go, smearing a whole class of people with no evidence.

    You already claimed that Frank said the corruption in Washington was the voters fault. You couldn’t back up that claim either.

    I wonder though, is that why you were fired from the poopcycle stand, for stealing?

  8. Gary, the dangerous infidel says:

    “I wonder though, is that why you were fired from the poopcycle stand, for stealing?”

    Mr. Fusion, it was probably for melting the merchandise with his exceedingly warm heart 😉

  9. Paddy-O says:

    # 7 Mr. Fusion said, “There you go, smearing a whole class of people with no evidence.”

    Like Jim R did? ROFL

    If you want evidence go check the local Fed or State prison…

  10. JimR says:

    To #6, Paddy… Although the political system is flawed, where politicians are allowed to make promises they can’t keep without reprimand, I would hardly paint them as “thieving criminals”. That’s just ridiculous.

    However, trading stock… from penny to global leaders… for 30+ years, I have found none that haven’t lied to increase share value, obscenely rewarded directors for a job badly done, hided test results to market a defective product, manipulated financials… the list is endless.

  11. Paddy-O says:

    # 10 JimR said, “I would hardly paint them as “thieving criminals”. That’s just ridiculous.”

    Really? History much?

  12. Paddy-O says:

    Interesting, looks like the salary & bonus caps have been pretty much stripped out of new Senate & House version of the “stimulus” bill for guys getting TARP funds, by Dem leaders…

  13. JimR says:

    Re: #11, Paddy-O “Really? History much?”

    Wow, you sure trounced me with that amazing elocution.

  14. Mr. Fusion says:

    #13, Jim,

    Well here is another one. You do remember how the right wing nuts like to repeat the mantra about lowering taxes? Well, it turns out that most US companies don’t pay taxes to begin with.
    http://tinyurl.com/5d6yqj

  15. LibertyLover says:

    #14, Rich people didn’t get rich by playing fair.

    To be honest, I am not sure why this is a surprise.

  16. Mr. Fusion says:

    Cow-Patty,

    If so many politicians are criminal, then you shouldn’t have any trouble naming , oh, say, 100 of the current Congress that are dirty. Adding why they are criminal would surely explain a lot.

    Something like:
    John Beoner, Ohio (R), Took dirty money from Jack Abramhoff to help stop an Indian Casino.

  17. Paddy-O says:

    # 16 Mr. Fusion said, “If so many politicians are criminal, then you shouldn’t have any trouble naming , oh, say, 100 of the current Congress that are dirty.”

    Sure, every member that has accepted campaign contributions from an entity that has then benefited from ANY legislation that the person has voted for.

    Feel free to look it up. I researched it last year.

  18. JimR says:

    #14, Mr. fusion… cripes! It’s worse than I thought. That’s really depressing. 🙁

  19. deowll says:

    “Just another bank that got away with being a crook on both sides of the pond.”

    Let me explain this to those having a brain dead momment.

    You don’t read about the ones that got away with it unless they are already dead.

    These guys are busted.

  20. Mr. Fusion says:

    #17, Cow-Patty,

    So you don’t have any evidence that most politicians are dishonest. That was just another stupid smear on your part.

  21. Paddy-O says:

    #20 Read much? Look it up, I did. Your head in the sand is not equal to no evidence. It is just equal to a child playing on Dvorak w/o parental permission.

  22. Mr. Fusion says:

    #21, Cow-Patty,

    So another smear just because you are too idiotic to actually think something through.

    You’re a failure. A failure in life.

    You’ve most likely never been employed, let alone held any “management” position.

    It is doubtful you did anything after high school, even if you managed to finish that.

    In high school you were picked on and unfairly treated.

    You aren’t married, why is obvious.

    You are physically small with a strong need to increase your penis size.

    You are most likely in your mid 20s and seeing your hair get thinner every day and your belly getting closer to the keyboard.

    You would love to join the Army but can’t pass their psychological test.

    The basement, your old room, the attic, it doesn’t matter; you are still living in your mother’s house.

    Your father left home and left you all alone with your mommy, who wouldn’t play catch with you. Not that you could catch a football anyway.

    Your hate for homosexuals dates from the time your mother caught you wearing her lingerie and makeup.

    Your hate for other races and nationalities is a prerequisite to join the “party”.

    Now none of these traits are pulled out of the air. This are your profile (in my opinion) judged by your posts here at DU. While only you (and your mommy) know for sure, I fully expect you to deny all of them. But you won’t come out with a denial, instead you’ll insist on calling me some name and suggest I am still in grade school or off my meds.


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