I think you made a good point well.
Yes, banks are not "misty eyed" about their responsibility to Britain - and most of them are not British, so why should they really?
It's what used to happen on a national scale (let's move our Head Office to Milton Keynes to save rent) but happening on a global scale.
But I think we should remember the reason they do this: it's their job. The people who run big companies are responsible, BY LAW, to shareholders. And actually quite often that IS us, through pension funds etc. If they can see a way to legally reduce overheads and pay increased dividends to shareholders, they have a moral responsibility to do so.
The inequitable thing about these global businesses in many ways is the fact that most of them pay most of the tax they do pay in countries that need it least (here, the US etc).
(
prince-igor si tacuisses, philosophus mansisses, Tue 22 Jun 2010, 14:36,
Reply)
I agree blame does not rest with the individuals in the banks.
If everyone thinks such flight from tax is bad, the proper mechanism to prevent it is to enact new law.
Pessimistically, I don't see that happening. It's unstable: there's too large a reward for being a defector nation. (Nation X decides to relax its bank taxes, and sees an influx of bank trade).
It's prisoners' dilemma / tragedy of the commons territory. To overcome that, it takes a really simple, powerful, personal mental image to get everyone to cooperate, and to effectively shun defectors. Perhaps one day.
(
Bee Nice |-|, Tue 22 Jun 2010, 14:46,
Reply)
Aha ha ha. Perhaps today!
http://www.google.com/hostednews/ap/article/ALeqM5iHV4qy6CEXTPufLxX7emismvbp3QD9GGCV1O0 -- "Germany, France, UK commit to bank tax"
(
Bee Nice |-|, Tue 22 Jun 2010, 16:41,
Reply)