Barclays Bank is gonna Tank...

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PeterUK_IHB

PeterUK_IHB

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<em>Barclays Bank obtained a court order early today banning the Guardian from publishing documents which showed how the bank set up companies to avoid hundreds of millions of pounds in tax.



The gagging order was granted by Mr Justice Ouseley after Barclays complained about seven documents on the Guardian's website which had been leaked to the Liberal Democrats' deputy leader, Vince Cable.The internal Barclays memos ? leaked by a Barclays whistleblower ? showed executives from SCM, Barclays's structured capital markets division, seeking approval for a 2007 plan to sink more than $16bn (?11.4bn) into US loans.



Tax benefits were to be generated by an elaborate circuit of Cayman islands companies, US partnerships and Luxembourg subsidiaries. The documents had been leaked to Cable by a former employee of the bank, who wrote a long account of how the bank works. The anonymous whistleblower wrote to Cable: "The last year has seen the global taxpayer having to rescue the global financial system. The taxpayer has already had a gun put to their head and been told to pay up or watch the financial system and life as we know it disappear into a black hole. </em>
 
Let?s hope not, Barclay?s sponsors the Prem



<img src="http://www.jackbook.com/wp-content/uploads/2009/02/premier-league-logo.gif" alt="" />
 
Did you Guys know the Premier League is operated as a <strong>Corporation</strong> and is owned by the 20 member clubs.....



Each club is a shareholder, with one vote each on issues such as rule changes and contracts. The clubs elect a chairman, chief executive, and board of directors to oversee the daily operations of the league.



The Football Association is not directly involved in the day-to-day operations of the Premier League, but has veto power as a special shareholder during the election of the chairman and chief executive and when new rules are adopted by the league.



They might be looking for a Bailout soon..hahaha!!
 
Yeah, I actually knew that... The fact that Fulham has the same 1 vote as Manchester United, Chelsea, and the big clubs is beyond me. More interestingly, most of the soccer clubs in Europe lose money. Only the big clubs have the financial resources to compete and win year in year out. Chelsea's got Roman Abramovich's oil money while Liverpool and Man U both received American investments to cover their debts. Valencia CF in Spain is currently unable meet their payroll, and may have to sell off their best players just to make ends meet. The global downturn is hitting everyone hard, even the star athletes.
 
[quote author="PeterUK" date=1237469368]Did you Guys know the Premier League is operated as a <strong>Corporation</strong> and is owned by the 20 member clubs.....



</blockquote>


That is how the NBA, NFL and MLB are structured as well, they are all joint ventures.
 
[quote author="qwerty" date=1237525398][quote author="PeterUK" date=1237469368]Did you Guys know the Premier League is operated as a <strong>Corporation</strong> and is owned by the 20 member clubs.....



</blockquote>


That is how the NBA, NFL and MLB are structured as well, they are all joint ventures.</blockquote>




I can see how that works and makes sense for those teams and organization.

In the Premiership, teams are relegated up or down based on their performance each year.

I assume that means a turnover in ownership as well?
 
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