William K. Black — HSBC CEO: My Pay Was so Outrageous I Had to Use Tax Havens to Hide it from My Peers

Greetings from Quito [Ecuador], where I will be spending four months teaching at IAEN about effective regulation and building ties with UMKC. 

The latest twists on the latest HSBC tax evasion and tax avoidance scandal is that it has come out that Stuart Gulliver, HSBC’s head, put his money where his mouth wasn’t. He personally used double tax havens – Panama plus Switzerland – to hide his income and wealth from view because his pay was so outrageous that even other HSBC executives would have been outraged by it.

How bizarre is that!

New Economic Perspectives
HSBC CEO: My Pay Was so Outrageous I Had to Use Tax Havens to Hide it from My Peers
William K. Black | Associate Professor of Economics and Law, UMKC