Yahoo – AFP,
Dario Thuburn, 12 feb 2015
 |
HSBC's
former chief executive and chairman Stephen Green is at the centre
of the
SwissLeaks tax scandal in Britain (AFP Photo/Ed Jones)
|
London
(AFP) - The man at the centre of the SwissLeaks tax scandal in Britain is a
soft-spoken Church of England clergyman who turned HSBC into Europe's biggest
bank, and was once seen as a model of ethics in finance.
HSBC's
former chief executive and chairman, Stephen Green, used to be courted for his
advice by politicians of all stripes and by the Anglican hierarchy, but now he
finds himself widely shunned.
The
ex-banking titan was pursued down a London street by a BBC journalist this week
following the revelations, refusing to answer questions.
"I'm
not prepared to make any comments about HSBC business past or present,"
the 66-year-old Green said before walking off, clutching his briefcase.
 |
In
September 2010, Stephen Green
announced he would join David Cameron's
coalition government as an unpaid minister
of state for trade and later that year he
was
made a life peer (AFP Photo/Ben
Stansall)
|
Green has
been asked to testify before a British parliamentary committee which is
investigating who knew what, when about alleged tax-dodging strategies on
accounts containing tens of billions of pounds.
The fall
from grace has been particularly astonishing for a man praised for steering
HSBC through the global financial crisis without the bailouts using taxpayer
money that other banks resorted to.
'Powerful
philosophy'
The son of
a lawyer, Green began his career with the management consultancy McKinsey in
1978 and joined HSBC in 1982, rising to the top of an institution with its
historical roots in the British empire.
As he rose
through the ranks in his 28-year career with the bank , he was also ordained as
an Anglican clergyman in 1988. He has spoken frequently about the need for an
ethical approach in banking.
He has
written a book entitled "Serving God? Serving Mammon?" about how to
reconcile being a Christian with working in finance, as well as calling for
"enlightened" capitalism.
The links
between the Church of England and the world of business are not so unusual and
there are many ordained clergy in secular employment.
Since his
retirement, Green has also advised the Church of England on how to reform its
hierarchy -- putting forward proposals that have proved controversial as being
too business-minded.
In a letter
in the Guardian this week, a fellow clergyman, Reverend Paul Nicolson from the
campaign group Taxpayers Against Poverty, criticised Green.
"The
Rev Stephen Green’s chairmanship of HSBC while legal tax avoidance and illegal
tax evasion were taking place raises important questions for the Church of
England about the role of all clergy in secular employment," Nicolson
wrote.
The focus
of the political controversy over Green, however, has been his time in
government in a period after the revelations about HSBC's Swiss private banking
arm first surfaced in 2007.
In
September 2010, Green announced he would join Cameron's coalition government as
an unpaid minister of state for trade and later that year, he was made a life
peer as Lord Green of Hurstpierpoint.
Conservative
Prime Minister David Cameron, however has pointed out that the HSBC revelations
first came out when the opposition Labour party was in power.
They too
have worked with Green, who was a top business advisor to former prime minister
Gordon Brown.
When he was
appointed to government in 2010, business secretary Vince Cable said Green was
"one of the few to emerge with credit from the recent financial crisis.
Green, he
said, was "somebody who has set out a powerful philosophy for ethical
business".
HSBC files: Swiss bank hid money for suspected criminals
HSBC bank 'helped clients dodge millions in tax'
Related Articles:
HSBC files: Swiss bank hid money for suspected criminals
HSBC bank 'helped clients dodge millions in tax'
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.