Banking on Failure : Cum-Ex and Why and How Banks Game the System - Richard S Collier
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Banking on Failure

Cum-Ex and Why and How Banks Game the System

By: Richard S Collier

Hardcover | 3 November 2020

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Banks seem all too often involved in cases of misconduct, particularly involving the exploitation of tax systems. Banking on Failure explains why and how banks "game the system", accounting for these misconduct cases and analysing the wider implications for financial markets and tax systems.

Banking on Failure: Cum-Ex and Why and How Banks Game the System explains why banks design and use structured products to exploit tax systems. It describes one of the biggest and most complex cases - the "cum-ex" scandal - in which hundreds of banks and funds from across the globe participated in the raid on the public exchequers of a number of countries, with losses in the tens of billions of euros. The book then draws on the significance of this case study, and what this tells us about modern banks and their interactions with tax systems. Banking on Failure demonstrates why the exploitation of tax systems by banks is an inevitable feature of the financial markets landscape, and suggests possible responses.
Industry Reviews
Rarely does a book on dividend withholding taxation awaken emotions comparable to the finest John Grisham or Tom Clancy bestselling thriller. Richard Collier's book plunges the reader into the world of predatory banks that exploit the slightest glitch in tax and financial systems and turn it into an idle-running cash machine at the expense of the ordinary taxpayer until the story ends in an ugly way. * Edoardo Traversa, Intertax *

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