Monday, March 16, 2009


My former employer, Barclays Capital, is a part of the british bank Barclays PLC. The British banking sector is probably in even worse shape than the American one, but Barclays has been particularly insistent that they don't need any sort of government bailout.

Is this because Barclays is in better shape than its peers? Maybe. But George Hay and Hugo Dixon think it's because Barclays makes a lot of money helping clients avoid taxes, and that business would be, er, harder to sustain if it took a lot of government cash.

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