We have oft read of the dependance of the IOM on the finanicial sector and on banking and many times I've read that these bankers would at any time desert the IOM if circumstances changed.
One wonders has that change now begun ?

The following is a direct quote from British Prime Minister Gordon Brown .................

"But how much safer would everybody's savings be if the whole world finally came together to outlaw shadow banking systems and offshore tax havens? "

Should we be worried ?

cargo Wrote:We have oft read of the dependance of the IOM on the finanicial sector and on banking and many times I've read that these bankers would at any time desert the IOM if circumstances changed.
One wonders has that change now begun ?

The following is a direct quote from British Prime Minister Gordon Brown .................

"But how much safer would everybody's savings be if the whole world finally came together to outlaw shadow banking systems and offshore tax havens? "

Should we be worried ?

Or should we rather be delighted ?

You won't be Larry, you will have to find some other place to hide your millions lol, or have you already sorted a place in the Cayman Islands, I did hear that they were looking at starting up a classic road race ...... Larry's influence runs far ...... or was that afluance ... or efluance ... one of the three ... lol

You couldn't be more right Cargo,see below, and how much more important will the tourist income become to the IOM in the years ahead?
Don't forget that the Govt. have admitted that they make millions out of the TT.
Just think of the possibilities; morning practice again and they might even bring variety back like MotoGP do with different capacity classes.

"Just days ago, French President Nicolas Sarkozy said, “We want to put a stop to tax havens.” British Prime Minister Gordon Brown has vowed to take action against regulatory and tax havens. German Chancellor Angela Merkel says Germany wants to eliminate blind spots on the global map when it comes to financial market products, market participants and instruments. European heads of state summit last weekend committed to taking action against uncooperative jurisdictions, and the matter will prominently feature in the G-20 meeting in London in April. All this even as America has forced Switzerland’s largest bank UBS to disclose the names of 52,000 American customers allegedly evading American tax authorities. The OECD is currently working on a new blacklist of uncooperative tax havens."

"WASHINGTON (Reuters) - President Barack Obama's administration supports legislation recently introduced in the U.S. Congress to crack down on tax havens,"

It was suggested to me a few years ago by a local that if the day came that the "bankers" or whatever you call them over there were given the opportunity to move their business to a more lucrative location, they would leave en masse as they only rent their premises on the Island and the Island would be up the creek without a paddle and would definately need the TT. Not sure if you folk agree but it was certainly 'food for thought'.

Don’t hold your breath guys. It’s all very well these politicians saying this but when the those wealthy individuals with money invested in these tax havens threaten to pull there donations to the political parties you can be sure the politicians will quietly change there tune!

Sorry I’ll take my cynical head off!