I start with the myth which Julian Richer is trying to perpetuate that you can somehow stop large scale, 100% legal, tax avoidance by folks like Sir Phil Green or indeed the legal stuff we all engage in by using dividends in private companies, etc. Then I ask if Italy might break the Euro or even the EU who are behaving - again - with shocking contempt for the little people. It should. Will it? Finally...98% of bearcast listeners have NOT yet sponsored myself and Brokerman Dan for our 30 mile Woodlarks walk. If you enjoy bearcast I am sure you can spare a tenner so donate HERE - to those who have donated I say thank you.
The Guardian's coverage of the Paradise Papers has now turned to my old friend the Isle of Man based fugitive from Korean justice, Mr Jim Mellon. The Grauniad's coverage goes far but, sadly, its journalists fall for some slam dunk lies. This all concerns the Hoxton Pony,a fashionable bar in uber hip Shoreditch. I used to live round the corner and know it well.
Of course when I was a crony capitalist I spent a couple of years in the Isle of Man with its progressive tax system. That was all legit, it is called tax avoidance (legal) not tax evasion (illegal) but it is clear that the IOM facilitates a stack of illegal tax evasion. I am not shocked by the Paradise Papers revelations on this and explain why. Elsewhere there is follow on work on Totally (TLY) looking at more red flags and the vanity of sales, then coverage of Red Emperor (RMP) and P:aragon Entertainment (PEL)
Finally at the fifth attempt David Cameron says that he has come clean about the offshore Blairmore Trust set up by his late father and exposed in the Panama Papers. Or has he come clean?
I am a fan of Reach4Entertainment (R4E). We own the shares. I think they are cheap at 1.65p, they should be at least double that within two years as I explain HERE. But today it has announced a tiny deal which is just sordid (legal) tax avoidance. It leaves a bad taste in the mouth. Maybe I am becoming a bit of a Corbynista in my old age but I wonder how you feel?