In Mel Brooks’ hit film and Broadway musical The Producers, those charged with making their musical a success instead try to profit from making it a spectacular failure. This column argues that some bankers may have been playing the same game in the run up to the global crisis. If so, just as in The Producers, the perpetrators should be heading to jail.
Thorvaldur Gylfason, 18 August 2010
Thorvaldur Gylfason, 30 April 2010
What brought down Iceland’s banks? This column examines the revelations from the latest report from the Icelandic parliament, raising the possibility that the collapse of Iceland’s three largest banks is the result of “control fraud” where shareholders stole from their own bank in the same way as those convicted of looting from the American saving and loan banks in the late 1980s.
Richard Baldwin, 14 June 2007
Organised criminals earn millions from tax fraud while EU cooperation on the issue is gridlocked. This series of five columns looks at the problem and suggests that the German EU Presidency is pushing the wrong solution. This first instalment considers essential technical aspects of the VAT.