HSBC Corruption Scandal Compromises British Newspaper
Top British political commentator Peter Oborne resigned from the Daily Telegraph this week accusing the paper of perpetuating ‘fraud’ on its readers by repeatedly ignoring and self-censoring numerous scandals linked to notorious money laundering bank HSBC.
In a detailed statement published on OpenDemocracy.net, he accused the leading ‘quality’ newspaper of bowing to pressure to censor HSBC reportage after the bank withdrew huge advertising spends at the beginning of 2013 in response to negative stories.
His decision to go public with his concerns, he explained, was prompted by the Telegraph effectively burying HSBC’s latest tax scandal involving the bank operating a ‘wide-scale tax evasion scheme by HSBC’s Swiss banking arm’, details of which have dominated the rest of Britain’s mainstream press in recent weeks.
“The past few years have seen the rise of shadowy executives who determine what truths can and what truths can’t be conveyed across the mainstream media,” he added.
“The criminality of News International newspapers during the phone-hacking years was a particularly grotesque example of this wholly malign phenomenon.” (OpenDemocracy.net )
Radiohead frontman Thom Yorke also addressed the scandal in an interview with the NME last week, criticizing the UK government’s ‘staggering hypocrisy’ after details emerged that they’d known about HSBC’s tax evasion activities for years and done effectively nothing.
“Now is the time to reveal the revolving doors between government and the City that has bred lies and corruption for so long, siphoning money through our tax havens for the global super rich, while now preaching that we the people must pay our taxes and suffer austerity,” he declared, “Just who does our government work for?”
The latest revelations of super-rich bankers’ antics came weeks after hedge fund guru Robert Johnson told a meeting of elite bankers at Davos that many of their ‘super rich (peers) already planning their escapes’.
“I know hedge fund managers all over the world who are buying airstrips and farms in places like New Zealand,” said Johnson, “because they think they need a getaway,” he explained. http://bit.ly/1CKPCh9
Peter Oborne: Why I have resigned from the Telegraph: “The coverage of HSBC in Britain’s Telegraph is a fraud on its readers. If major newspapers allow corporations to influence their content for fear of losing advertising revenue, democracy itself is in peril . . .” :