Date: 15 June 17
By: Frank Gue, B.Sc., MBA, P.Eng.,
2252 Joyce St., Burlington, ON Canada 905 634 9538
For: Editors, The Economist, London, UK
Re: “Be good, or else” and “An ORSome”, May 27 edition
In a remarkable demo of aphorism, you have captured, in only a few lines within millimeters of each other, about three quarters of the aggressive populism (read: Trumpism) surrounding us, viz:
Traders have shown themselves ready not just to stretch the rules, but to collude in outright illegality.
The coalition of central bankers who developed he Common Reporting Standards is supported by a panel of industry participants. The code of conduct’s 55 principles lay down international standards on a range of practices, from the handling of confidential information to the pricing and settlement of deals.
As the market has proved in the past, it is important not to underestimate the power of peer pressure to worsen behaviour as well as improve it.
Tax dodgers and their advisers are enterprising sorts, eager to clamber through the smallest loophole – and gaps in the “55 principles” in the Common Reporting Standard there are.
So, with the fox assiduously guarding the henhouse, the rest of us, the General Serfdom, can confidently forecast the results.