The Guardian had to take documents over the hiding of winning from the web because Barclays "intellectual property rights" striking
The British Barclays Bank recurred an interim borrowing against the Guardian, which forced the leaf to take seven memos from her website. The documents had reached the Hande of the newspaper via the liberal democratic factions vice of John Vincent Cable. He had received them according to their own information from a former Barclays staff – together with a long-way report on how the bank works.
The former employee meets that he belonged to an approximately 110-person department called Structured Capital Markets (SCM) whose sole purpose is allegedly to disguise profits by confusing transactions and thus avoid tax payments. The ways went among other companies on the Cayman Islands, US passenger companies and branches in Luxembourg. Tax obligations were bypassed not only in the UK, but also in other countries. During religious staff released and the future will be found, the SCM team is above all the tempting new opportunities to bring the financial crisis and rescue planes, and was therefore still setting additional employees.
After the memos became public, another Barclays whistleblower and confirmed that in SCM the tax avoidance was the actual business model and the transactions carried out there was only attributed to the camouflage cover shades. According to its information, the taxes not paid by such tricks were about a billion pounds in the year.
Cable, who passed on the documents to the HMRC tax workers and the regulatory workers FSA, said the press that the Memos witnessed from a culture of the circumvention of rules, which was apparently rooted deep in the bank. In allusion to bailout wishes, he continued to comment on Barclays, do not intervene at the same time with one hand in the taxpayer’s pocket and stop the other for alms.
Although Barclays repeatedly claims that the company has not been able to use direct tax media, the company used the Special Liquidity Scheme (SLS) of the Central Bank, with which lending should be demanded. In August 2007, there had been 1.6 billion pounds of emergency aid at the short term. In addition, Barclays 2008 allegedly cashed billions of the insurer AIG, which referred this money from the US taxpayer. While the current premieges were known, the bank also negotiated with the treasury about how they share their "toxic" Securities at the expense of British taxpayers could get rid of.
Barclay’s salaries of the strikingly well-known law firm Freshfields, which was also allowed to work out German law techniques, argued that the memos that "Intellectual property" the bank and the person they passed on to Cable have violated contractual arrangements. Therefore, "Business secrets" Accompanied competitors who could make profit from it.
Due to the reprint that these allegations were made by Freshfields, Richter Ouseley Geraldine Proudler, the lawyer of the Guardian, rang from the bed at 2 o’clock in the morning and called for a review on the telephone submission of a statement. A good half hour later he then relocate an interim injunction, after which the documents had to be removed from the website of the newspaper. However, it is still possible to play the contents of the memos.
However, on other sites, the bank documents continued to find, among other things, because of the names’ names and the spirit speaking through the formulations, it is much more impressive than all available descriptions of the advances. Accordingly, the comments of that British also fell out that the memos had actually loved the Memouth. A reader of the Financial Times summarized his conclusions gained from this as follows:
Antil Now I Have Been A Supporter of the Finance Industry – I Work With People Them Regularly and Resepect Many of Them, And Greatly Enjoy the Financial Times and Other Financial Papers. However This Has Shone A Light On Something For Me, And Made Me Certain That Thesis People Belong in Jail, And Companies Like Barclays Deserve To Be Bankrupt. They Have Robbed Everyone of Us, Every Single Person Who Pays Tax Or Who Will Ever Pay Tax in This Country (And Other Countries!), Through Both The Bailouts and Schemes Search as this.
The Guardian put a complaint against the injunctions. Editor-in-chief Alan Rusbridger introduced, among other things, that the workforce models of banks became known for the first time in detail are a matter of high public interest and over this very political matter. Nevertheless, his objection remained without success:
Barclays does not come through the control and censorship scandal for the first time in the headlines: In the 1980s, the bank drew the ridicule by her tight contacts with the Apartheid regime in Sudafrika "Boerclaysbank" Forward, they proved them through coarse loans to Zimbabwe, that this was more likely to be a certain unscrupulousness in the perception of benefit interests than racist prejudice. The business with the Mugabe regime, the bank made the Bank kept on the fact that they surrounded sanctions by means of an investment model.
After allegations of Global Witness, Barclays also helps the Aquatorialguinea Agriculture Minister at the Money Wash. The son of the Prasident, the Olgelder from the State Trailer to his own deserved, may be the NGO according to the discretion of his financial institution despite the disclosure of this fact in Paris and Malibu. The same is also valid for the Barclays Banker Robert Diamond, which cashed in 2008 rich 14.8 million pounds of bonuses, although he is held responsible as a boss of the investment division for billions-heavy losses.