8848 PROTECTED BRITONS OF THE 1% TAUGHT BY SOTHEBY’S TO TAX EVADE? Lord Green of Hurstpierpoint? GIVEN PEERAGE IN 2010? GEEZ IS THIS REALLY WHAT’S BEHIND THE SCENES AT DOWNTON ABBEY
Lord Green, the former HSBC chairman, has stepped down from his role as the head of the UK’s national body for financial services, TheCityUK.
He is currently at the centre of a row over HSBC’s involvement in illicit Swiss banking a decade ago.
Lord Green was HSBC chairman and chief executive from 2003 to 2010.
A leaked report revealed that HSBC’s Swiss arm had helped 8,844 wealthy Britons avoid millions of pounds in tax.
RIGHT AFTER SOTHEBY’S GOT CREAMED FOR FRAUD BY THE USA JUSTICE DEPARTMENT
The allegations of historic tax avoidance at the bank relate to files leaked by whistleblower dating from 2005 to 2007.
Lord Green is stepping down as chairman of The City UK’s Advisory Council with immediate effect.
OH YOU COULDN’T GET A BETTER REPLACEMENT, JUST FOR THE NAME, SIR GRIMESTONE?
His place is being taken by Sir Gerry Grimstone, chairman of the TheCityUK’s Board, whose term is about to conclude.
OOH THE CITY’S ELITE, JUST WHO MIGHT THEY BE? APPARENTLY AT LEAST 8848 BRITONS. OUT OF 7 BILLION PEOPLE ON EARTH ARE YOU GETTING THE IDEA HOW MUCH THE CONCETRATION OF WEALTH HAS OCCURRED, NEVER BEFORE THIS MUCH SINCE ALBRECHT DURER’S TIME?
Lord Green’s resignation was announced following rumours that the City’s elite was distancing itself from the former financier.
Sir Gerry said, “Stephen Green is a man of great personal integrity who has given huge service to his country and the City.
“He doesn’t want to damage the effectiveness of The City UK in promoting good governance and doing the right thing so has decided to step aside from chairing our Advisory Council. This is entirely his own decision.”
Sir Gerry will continue to serve as Chairman of the TheCityUK’s Board until its AGM in September 2015.
TheCityUK is the UK’s national body for the financial and related professional services industry.
Members of the advisory committee of lobby group CityUK told the Financial Times on Friday that peer could be asked to step down as their chairman, unless the frenzy over the affair died down.
Lord Green was made trade minister and given a peerage by David Cameron in 2010, becoming Lord Green of Hurstpierpoint.