| Description |
1 online resource (378 pages) |
| Summary |
This book seeks to explain why and how banks 'game the system'. More specifically, its objective is to account for why banks are so often involved in cases of misconduct and why those cases often involve the exploitation of tax systems. To do this, a case study is presented in Part I of the book. This case study concerns a highly complex transaction (often referred to as 'cum-ex') designed to exploit a flaw at the intersection of the tax system and the financial markets settlements system. It was entered into by a very large number of banks and other financial institutions. A number of factors make the cum-ex transaction remarkable, including the sheer scale of the financial amounts involved, the large number of banks and financial institutions involved, the comprehensive failure of the controls infrastructure in this highly regulated sector, and the fact that authorities across Europe have found it so difficult to deal with the transaction. Part II of the book draws out the wider significance of cum-ex and what it tells us about modern banks and their interactions with tax systems. The account demonstrates why the exploitation of tax systems by banks is practically inevitable due to a variety of systemic features of the financial markets and of tax systems themselves. A number of possible responses to the current position are suggested in the final chapter |
| Bibliography |
Includes bibliographical references and indexes |
| Notes |
Online resource; title from HTML homepage (Oxford, viewed October 15, 2020) |
| Subject |
Banks and banking.
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Banks and banking -- Europe
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Securities fraud -- Europe -- History -- 21st century
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Bank fraud -- Europe -- History -- 21st century
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Banks and banking
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Bank fraud
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Securities fraud
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Europe
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| Genre/Form |
Electronic books
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History
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| Form |
Electronic book
|
| ISBN |
9780192603470 |
|
0192603477 |
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9780191892035 |
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0191892033 |
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9780192603463 |
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0192603469 |
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