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Friday 5th January 2012 Friday 5th January 2012

W O R L D N E W S G R E E C E - B A I L O U T

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IF...0 4

A BIG WORD USED WITHIN STRUGGLING ECONOMIES

“IF GREECE HAD ONLY SPENT THE EU AVERAGE OF 1.7% OVER THE LAST 20 YEARS, IT WOULD HAVE SAVED A TOTAL OF 52% OF ITS GDP – MEANING INSTEAD OF BEING COMPLETELY BANKRUPT IT WOULD BE AMONG THE MORE TYPICAL COUNTRIES STRUGGLING WITH THE RECESSION”

In the wake of the private sector debt swap agreed last week, European leaders have continued to call for major structural reforms to Greece’s economy and society. The current EU-IMF bailout remains conditional on further austerity measures, including reducing pensions, the minimum-wage and civil service jobs. However, one area of the Greek budget doesn’t seem to have received much scrutiny: its huge military spending.

The fact that Greece, a relatively small and democratic country with not much in the way of global ambitions, should spend as much on its military as it

does is perplexing. In 2006, as the financial crisis was looming, Greece was the third biggest arms importer after China and India. And over the past 10 years its military budget has stood at an average of 4% of GDP, more than £900 per person. If Greece is in need of structural reform, then its oversized military would seem the most logical place to start. In fact, if it had only spent the EU average of 1.7% over the last 20 years, it would have saved a total of 52% of its GDP – meaning instead of being completely bankrupt it would be among the more typical countries struggling with the recession.

One major factor is that France and Germany’s arms industries have greatly profited from this profligate military spending, leading their governments to put pressure on Greece not to cancel lucrative arms deals. In the five years up to 2010, Greece purchased more of Germany’s arms exports than any other country, buying 15% of its weapons. Over the same period, Greece was the third-largest customer for France’s military exports and its top buyer in Europe. Significantly, when the first bail-out package was being negotiated in 2010, Greece spent 7.1bn euros (£5.9bn) on its military, up from 6.24bn euros in 2007. A total of £1bn was spent on French and German weapons, plunging the country even further into debt in the same year that social spending was cut by 1.8bn euros.

2010GREECE SPENDS £5.9BN ON ITS MILITARY

2007GREECE SPENDS £6.1BN ON ITS MILITARY

COUNTRYGREECEUKRUSSIA (MOST)ICELAND (LEAST)

COUNTRY461,600410,180

21,476,000130

Photo: Military of Greece

Reported by Helena Smith RIOT HOTSPOTS

“For all the leftist iconography plus the presence of that, by now familiar demographic, the Facebook youth – or “graduates with no future” – this thing has gone beyond left and right, it’s no longer even a class thing. As the crowd around me erupts with the chant, “Greece, Greece, Greece!” it’s clear that for many people it is the Hellenic republic versus the rest of the world.”

Prime Minister George Papandreou is seeking support for a new austerity program of 28bn euros ($40.5bn) in cuts to take effect from 2012 to 2015.

Reported by Holte Ender

Komotini

KavalaDrama

Salonika

Trikala

Athens

W O R L D N E W S

GREECE’S RULING COALITION REELED YESTERDAY AMID A TWO-DAY GENERAL STRIKE, AS THE FAR-RIGHT PARTY REJECTED TOUGH BAILOUT CONDITIONS.

G R E E C E - B A I L O U T

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The far-right LAOS party that is part of the coalition said it would not support further austerity cuts demanded by the EU, the IMF and the European Central Bank, and three of its members in government later submitted their resignations.

A government source noted that debt dissenters would be replaced but did not specify whether this would happen at a cabinet meeting expected later overnight.

“Whoever does not agree with the government policy will be replaced,” the source said. The deputy foreign minister, a socialist, has also resigned.

Greece was explicitly told by its eurozone partners this week

Reported by Helena Smith

GREEK RIOTS

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that approval of the austerity measures is a condition for the release of further loans to Greece under a 130 billion euro ($161 billion) bailout pending since October.

The country risks bankruptcy on March 20, when it must repay nearly 14.5 billion euros in maturing debt, if it does not get financial assistance.

The far-right has 16 deputies in the 300-seat parliament and

although several lawmakers from other parties have also declared their opposition to the new cuts, the other two coalition parties have enough support to secure passage on Sunday.

“We are not going to vote,” said LAOS leader George Karatzaferis to a news conference earlier.

“Humiliation was imposed on us. I do not tolerate this. And I do not allow it, no matter how hungry I might be.”

WHAT’S BEHIND THE RIOTING IN GREECE?WHAT ARE THEY VOTING FOR?

Greek politicians have voted to bring in an unpopular package of austerity measures designed to rein in debt levels that threaten to destabilize the country’s economy.

A harsh program of cuts proposed by Socialist Prime Minister George Papandreou’s government

to meet requirements demanded in exchange for international rescue loans.

The aim is to cut $20 billion in public spending while raising a further $20 billion through taxes and privatization. This means increased VAT, higher levies on householders and companies and sharp hikes in fuel, alcohol and tobacco prices.

REASONS BEHIND THE RIOTERS FRUSTRATION

Greek GDP is at 2004 levels, and it will take about a decade to reach pre-crisis levels

Tourism export revenues have declined 28% since 2000

Net exports from shipping have decelined 27% since 2000

Collecting 40% of tax arrears would eliminate the 2011 budget deflict

Employees in state-owned enterprises (SOEs) earn twice as much as employees in the private sector

When you add private debt, Greece’s indebtedness is low in Europe.

Greeces debt was mostly accumulated in the 1980’s and early 1990’s.

Greece’s relative of living has dropped 30% since 1980

Greece’s GDP has been declining since Q4 2008, and is now just above 2004 levels.

In 2000, Greece’s tourism revenue was €10 bn (based on customs data). Ten years later, it had fallen to €9.6 bn, a 4.5% drop.

In 2000, Greece’s revenues from shipping netted €4.6 billion. By 2010, that number had fallen to €4.5 bn.

In June 2011, the Ministry of Finance reported that tax arrears amounted to €41 bn. Of that number, 90% came from 6,500 people and from 8,200 corporations that owe over €150,000 each.

According to data released by the ministry of finance, employees at SOEs earned, on average, €38,287 in 2008 – which is twice as high as the €19,147 earned in the private sector. For some SOEs, the gap was much higher.

A graph shown in a presentation by the former minister of finance adds public and private debt. What distinguishes Greece is not high debt overall, but high government debt.

Greece’s public debt was merely 22% of GDP; by 1993, it was 98% where it stayed (plus or minus) for over a decade before going higher in this crisis.

In 1980, government spending amounted to 24% of GDP; by 1990, that number had risen to 45%. It kept rising, somewhat more modestly to 51% in 2009.“GREECE IS NOT A HIGH

DEBT OVERALL, BUT A HIGH GOVERNMENT DEBT.”Article from Nikos Tsafos

U K N E W S

GREECE’S RULING COALITION REELED YESTERDAY AMID A TWO-DAY GENERAL STRIKE, AS THE FAR-RIGHT PARTY REJECTED TOUGH BAILOUT CONDITIONS.

Q U E E N S D I A M O N D J U B I L E E

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The Queen has visited a school in Norfolk as she marks the 60th anniversary of her accession to the throne.Earlier she said she was dedicating herself “anew to your service” and that she was “deeply moved” by support for the Diamond Jubilee.

The Queen was met by crowds at King’s Lynn Town Hall before going to Dersingham Infant and Nursery School.Gun salutes were held around the UK, including in London and Edinburgh.

The main celebrations for her anniversary will be in June. The Queen, 85, usually spends Accession Day - the day her father, George VI, died in 1952 - privately but this year has the two engagements in Norfolk.

Two official photographs were released and a 41-gun salute was held in Hyde Park, London, followed by a 62-gun salute at the Tower of London.

For the Queen, this is a day of celebration - her great-great grandmother Victoria was the only other British monarch to achieve this milestone - and commemoration, marking as it does the anniversary of the death of her beloved father, George VI.

So, a significant moment will pass in a deliberately low-key manner with a visit to a town hall and a primary school in Norfolk. As the weather improves and the months go by, there will be nothing subdued about the events which will be staged for a reign which is the second longest in British history.

Reported by Helena Smith

THE QUEENS DIAMOND JUBILEE

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WINSTON CHURCHILL1952 - 1995 (3 Years)

ANTHONY EDEN1955 - 1957 (2 Years)

HAROLD MACMILLAN1957 - 1963 (6 Years)

ALEC DOUGLAS-HOME1963 - 1964 (1 Year)

HAROLD WILSON1964 - 1970 (6 Years)

PRIME MINISTERS OF QUEEN ELIZABETH II

EDWARD HEATH1970 - 1974 (4 Years)

HAROLD WILSON1974 - 1976 (2 Years)

JAMES CALLAGHAN1976 - 1979 (3 Years)

MARGARET THATCHER1979 - 1990 (11 Years)

JOHN MAJOR1990 - 1997 (7 Years)

TONY BLAIR1997 - 2007 (10 Years)

GORDAN BROWN 2007 - 2010 (3 Years)

DAVID CAMERON2010 - Present

Queen Elizabeth II in her coronation crown, 1953.

In her Diamond Jubilee message, with the words “I dedicate myself anew to your service”, the Queen is repeating a pledge she first made at the age of 21. This is a royal octogenarian who intends to remain as Sovereign for as long as she lives.

The Queen leading a flotilla of a thousand boats along the Thames and a chain of beacons being lit across the country.

There will be a service of thanksgiving at St Paul’s Cathedral in June and a formal carriage procession by the Queen.

Other members of the Royal Family will visit the 15 other countries where the Queen is head of state, as well as some other Commonwealth countries.

The Queen and the Duke of Edinburgh also intend to travel as widely as possible across the UK.

A set of six 1st class definitive stamps, all of which feature official portraits of the Queen, are also being issued to mark the monarch’s milestone.

The Queen’s 60 years as monarch are set to be marked by a series of regional, national and international events during 2012, culminating in a four-day long UK Bank Holiday weekend in June.

1000 BOATS ALONG THE THAMES

SERVICE AT ST PAUL’S

VISIT THE COMMONWEALTH

TRAVEL THE UK

FOUR-DAY LONG BANK HOLIDAY

1ST CLASS STAMPS

EVENTS TO CELEBRATETHE QUEENS DIAMONDJUBILEE WORLDWIDE

DIAMOND JUBILEE PAGEANT

THE EPSOM DERBY

Dancers, musicians, military and equestrian displays from around the world will come together for three nights in the private grounds of Windsor Castle on 10, 11 and 13 May.

On Saturday 2nd June, The Queen will attend the Epsom Derby as part of her Diamond Jubilee celebrations.

U K N E W S Q U E E N S D I A M O N D J U B I L E E

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LONGEST-REIGNING BRITISH MONARCHSIF THE QUEEN IS STILL IN REIGN BY 26 MAY 2024, SHE WOULD SURPASS LOUIS XIV OF FRANCE AS THE LONGEST REIGNING MONARCH IN EUROPEAN HISTORY. AT THIS POINT THE QUEEN WOULD BE 98 YEARS AND 35 DAYS OLD. LOUIS XIV OF FRANCE REIGNED FOR 72 YEARS AND 101 DAYS.

Victoria 63 Years, 216 Days

Elizabeth II 60 Years, 10 Days

George III 59 Years, 96 Days

James VI of Scotland 57 Years, 246 Days

Henry III of England 56 Years, 29 Days

Edward III of England 50 Years, 147 Days

William I of Scotland 48 Years, 360 Days

Llywelyn of Gwynedd c. 45 Years

Elizabeth I of England 44 Years, 127 Days

David II of Scotland 41 Years, 260 Days

Jane 10 June 1553 9 Days19 June 1553

Sweyn Fork- 25 December 40 Days3 February

Edgar II 15 October 63 Days17 December

Edward V 9 April 1483 78 Days26 June 1483

Matilda 7 April 1141 208 Days1 November

Edmund II 23 April 1016 221 Days30 November

Harold II 5 January 1066 282 Days14 October 1066

Dafydd III 12 December 295 Days3 October

AND THE NOT SO LUCKY...

NAME YEARS, DAYS

Queen Victoria

Diamond Jubilee photographs taken by John Swannell in the Centre Room at Buckingham Palace in December 2011

Monet’s ‘‘L’Entrée de Giverny en hiver,” an 1885 view of the road leading to Giverny under snow, sold for £8.2 million. It had never been offered at auction.

Giorgio de Chirico painted “Hector and Andromache” in the late 1920s.That success, equivalent to about $125 million, came with an unexpected message. Impressionism is making a comeback thanks to paintings that have been out of the market for decades.

For the first time in years the highest price in a sale of Modern and Impressionist art greeted an Impressionist landscape rather than some 20th-century avant-garde picture. Monet’s 1885 view of the road leading to Giverny under snow sold for £8.2 million, well above the estimate set at £4.5 million to £6.5 million plus a sale charge in excess of 12 percent.“L’Entrée de Giverny en hiver,” which had

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never been offered at auction, had been out of the market since 1924. It appeared in a museum show only once — the “Claude Monet” retrospective in 1930 at the Musée de l’Orangerie in Paris.

The picture has been spared the multiple cleanings and varnishings suffered by works that are often moved around and is in a superb state of preservation. The delicate shades of salmon pink, grayish blue and deep maroon or blackish purple are intact. Not least, the landscape is charged with the new energy that Monet infused into his brushwork in the 1880s. This made the picture worth every penny of the seemingly large amount.

Impressionism enjoyed other good scores. Monet’s 1881 view of the wild growth covering the banks of the Seine near Vétheuil last came on the block at Sotheby’s London sale of Oct. 23, 1963. It too was exhibited in a museum only once — in New York in 1962 at the Metropolitan Museum of Art. The landscape doubled its high estimate at £2.5 million.

Reported by Souren Melikian

R A R I T Y M A K E S T H E H E A R T B E A T F A S T E R

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BONHAMSThe world’s oldest British-owned auction house provides an eclectic mix of auctions from decorative art to antiquities and vintage cars.Bonhams, 101 New Bond St, W1

CHISWICK AUCTIONSArt and antiques with a bi-monthly ‘fine’ sale for higher value stock. Chiswick Auctions, 1 Colville Rd, W3 8BL

CHRISTIE’SFounded in London in 1766, Christie’s is a leader in art auctions worldwide.Christie’s, 8 King St, SW1

ROSEBERY’SA wide range of decorative arts, ceramics, glass, jewellery, paintings, maps and rugs go under the hammer, plus a monthly picture auction.Rosebery’s, 74-76 Knights Hill, SE27 0JD

SOTHEBY’SA wide-ranging collection of art and antiques is sold by this 260-year-old auction house.Sotheby’s, 34-35 New Bond St, W1

SOUTHGATE AUCTION ROOMSA good range of antique furniture and household goods. Southgate Auction Rooms, 55 High St, N14 6LD

Claude Monet’s L’Entree de Giverny en Hiver sold last week for £8.2m at Sotherby’s London

RARITY MAKES THE HEART BEAT FASTER

ART & ANTIQUE AUCTION HOUSES WITHIN LONDON

LONDON — BIG MONEY FLOWED WEDNESDAY EVENING FOR THE SECOND DAY RUNNING AS SOTHEBY’S SOLD 41 WORKS OF IMPRESSIONIST AND MODERN ART FOR £78.9 MILLION.

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Below is a list of the work in the London Evening Impressionist and Modern sales that exceeded their estimate range. There were many more works especially by Jean Arp in the day sales that also showed strong demand. But here we confine ourselves to the top 10 lots over £1m that exceeded expectations.

TOP 10 AUCTION LOTS THAT HAVE EXCEEDED EXPECTIONS

*Percentage increase from the estimated price to the price the piece was sold for

London Imp-Mod Evening Sales Above Estimates

Marc Chagall St. Jeannet

(£2.1m) £2.95m

Paul Delvaux Le nu et le mannequin

(£2.5m) £3.3m

Geroges Braque L’Oliveraie

(£2.5m) £5.8m

Claude Monet L’Entree de Giverny en Hiver

(£5.5m) £8.2m

40%

103%

32%

49%

R A R I T Y M A K E S T H E H E A R T B E A T F A S T E R

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Joan Miro Painting Poem

(£7.5m) £16.8m

Otto Dix The Electric Tram

(£1m) £2.95m

Camille PissaroPommiers a Eragny

(£1m) £2.95

Paul Signac La Corne d’Or(£5m) £8.77m

Robert Delauney Tour Eiffel

(£2m) £3.3m

Vincent Van GoghChapelle de Saint-Remy

(£6m) £10.9m

65%

81%

75%

195%

195%

124%

EIGHT Barclays bosses have pocketed more than £27million by cashing in shares they were given as bonuses. Rich Ricci and Jerry del Missier, who head up the firm’s investment banking arm, raked in the most.

Ricci got more than four million shares on Tuesday for bonuses stretching back to 2006. He sold them straight away, making £9.7million on top of his pay and perks.

Del Missier received 4.5 million shares, which he sold for £10.8million. Yet profits in the bank’s investment division slumped by 23% last year to £3billion.Chief executive Bob Diamond sold a relatively modest £70,000 worth of shares, Barclays revealed yesterday.

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But he is still sitting on £31million worth of shares and bagged £6.3million in pay and his annual bonus last year.

Elsewhere, group finance director Chris Lucas sold £1.4million worth of shares on Tuesday and Antony Jenkins, chief executive of retail and business banking, £1.8million.

Last month, Barclays reported a 3% fall in profits to £5.9billion last year and said bonuses for senior executives would be down by 48%.

And last week it said two high flyers got a bigger package last year than even Mr Diamond – with £6.7million and £6.5million.

However, insiders denied reports the pair were Rich Ricci and Jerry del Missier.

Simon Chouffot, of the Robin Hood Tax campaign, said the share payouts were an “insult to the British public”.Reported by Souren Melikian

B A R C L A Y S B A N K B O N U S E S

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Barclays Boss Bob Diamond has offered to change the terms of his annual bonus

BARCLAYS CUT BANK BONUSESBARCLAYS BOSS BOB DIAMOND HAS MOVED TO QUELL A SHAREHOLDER REBELLION BY OFFERING TO CHANGE THE TERMS OF HIS £2.7 MILLION ANNUAL BONUS.

LEADING SHAREHOLDER GROUPSHARE ATTACKED BARCLAYS OVER THE LEVEL OF BONUSES PAID BY THE BANK TO STAFF IN ITS INVESTMENT BANKING ARM

RICH RICCI SELLS BONUSES FOR £9.7M

Ahead of next week’s annual meeting, Mr Diamond and group finance director Chris Lucas have agreed not to receive half of their all-shares bonus award for 2011 if certain performance targets are not met within three years.

The concession comes amid mounting shareholder fury over a £5.7 million tax payment made on Mr Diamond’s behalf and growing concerns over his bumper pay deal. But the move, which threatens to dock Mr Diamond’s overal pay for last year by £1.35 million, does not address previously-awarded long-term incentives which push up his total pay package to some £17.7 million.

Barclays said it had been in talks with major shareholders

since the remuneration report was published on March 9. The banking giant said Mr Diamond and Mr Lucas “volunteered” to subject their bonuses to new conditions in recognition of the “strength of opinion expressed by some shareholders”.

The executives agreed that 50% of their deferred bonus awards, £2.7 million for Mr Diamond and £1.8 million for Mr Lucas, will not pay out until Barclays’ return on equity exceeds its cost of equity. The return on equity was 6.6% in 2011, while cost of

equity was 11.5%.

Barclays said if that condition is not met, the potential pay-out will be subject to lapse if it is not met within three years from the date of the award. The bank has agreed the condition and said: “Barclays is fully committed to ensuring that a greater proportion of income and profits flow to shareholders, notwithstanding that it operates within the constraints of a competitive market.” Barclays reiterated that it regards returns produced in 2011 as

EIGHT Barclays bosses have pocketed more than £27million by cashing in shares they were given as bonuses. Rich Ricci and Jerry del Missier, who head up the firm’s investment banking arm, raked in the most.

Ricci got more than four million shares on Tuesday for bonuses stretching back to 2006. He sold them straight away, making £9.7million on top of his pay and perks.

Del Missier received 4.5 million shares, which he sold for £10.8million. Yet profits in the bank’s investment division slumped by 23% last year to £3billion.Chief executive Bob Diamond sold a relatively modest £70,000 worth of shares, Barclays revealed yesterday.

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But he is still sitting on £31million worth of shares and bagged £6.3million in pay and his annual bonus last year.

Elsewhere, group finance director Chris Lucas sold £1.4million worth of shares on Tuesday and Antony Jenkins, chief executive of retail and business banking, £1.8million.

Last month, Barclays reported a 3% fall in profits to £5.9billion last year and said bonuses for senior executives would be down by 48%.

And last week it said two high flyers got a bigger package last year than even Mr Diamond – with £6.7million and £6.5million.

However, insiders denied reports the pair were Rich Ricci and Jerry del Missier.

Simon Chouffot, of the Robin Hood Tax campaign, said the share payouts were an “insult to the British public”.Source: http://www.payscale.com/research/UK/Employer=Barclays_Bank

B A R C L A Y S B A N K B O N U S E S

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BARCLAYS SALARY WAGE BY JOB

BARCLAYS BOSS BOB DIAMOND HAS MOVED TO QUELL A SHAREHOLDER REBELLION BY OFFERING TO CHANGE THE TERMS OF HIS £2.7 MILLION ANNUAL BONUS.

LEADING SHAREHOLDER GROUPSHARE ATTACKED BARCLAYS OVER THE LEVEL OF BONUSES PAID BY THE BANK TO STAFF IN ITS INVESTMENT BANKING ARM

RICH RICCI SELLS BONUSES FOR £9.7M

Job (Number Reporting) National Data (£)

Bank TellerCashierSales Clerk/ CashierCustomer Service AdvisorCustomer Service CashierCounter ManagerAdministrative AssistantSales AdvisorData ProcessorPersonal BankerFraud InvestigatorAssistant Bank Manager, BankingTeam Leader, General

Project Manager, Information TechnologyRelationship Manager, BankingInformation Technology (IT) ManagerBusiness ManagerQuantitative Analyst, RiskArea Sales ManagerRisk Control ManagerSoftware Development ManagerSenior Project Manager, ITSenior Risk ManagerSolutions ArchitectVice President (VP), FinanceAssociate Director of Financial Services

£9,242 - £19,787£10,104 - £22,969£10,551 - £21,722

£9,866 - £19,965£10,143 - £22,153£12,916 - £26,269£11,630 - £29,314£12,197 - £30,141£12,017 - £29,282£15,757 - £28,031£15,001 - £35,562£16,690 - £36,971

£16,190 - 40,199

£26,343 - £79,882£24,358 - £93,643£34,140 - £82,529£23,411 - £94,430£29,822 - £89,529£28,689 - £94,122£33,637 - £95,647£40,778 - £88,893

£42,087 - £103,823£45,449 - £108,823£51,632 - £115,827£43,026 - £140,477£46,674 - £139,540

HIGH

EST S

ALAR

IES

L

OWES

TEST

SAL

ARIE

S

S P O R T

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£1.3MILLION HM Revenue & Customs an-nounced the Harry Rednapp Trial costs £1.3 Million

ROSIE 47Rednapp named the offshore bank account after his dog named Rosie, and 47 was the year he was born

5 YEARSThe City of London Police spent 5 years investigating the case against Harry Rednapp & Milan Mandaric

£8MILLIONIt cost the City of London Police £8M to investigate the case against Harry Rednapp & Milan Mandaric

363 POLICE CARS£8M could cover the cost of 363 Police cars including the travel costs and maintenance (£22,000 p.car)

£189,000 The amount Rednapp held within his Monaco Bank account, which he was accused for avoiding tax

£10 MILLIONIncluding Harry’s current contract and previous contracts he is estimated to be worth £10M.The Football Rich List 2011/12

RICHEST MANAGERS

1. Fabio Capello

2. Sir Alex Ferguson

3. Carlo Ancelotti

4. Arsene Wenger

5. Roberto Mancini

6. Steve Bruce

7. Mark Hughes

England

Manchester United

Chelsea

Arsenal

Manchester City

Sunderland

Fulham

The richest football coaches in the UK 2011

The Football Rich List 2011/12

£37M

£27M

£25M

£19M

£16M

£11M

£11M

REDNAPP & MANDARIC TRIAL IN FACTS

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At £30 billion per year, fraud in the UK is more than twice as high as thought, with tax evasion costing the public purse over £15 billion per year and benefit fraud just over £1 billion.

FAMOUS TAX EVADERS

TAXES PAID BACK (£)TAX EVADER SENTENCE REASON FOR TAX EVADING

Walter Anderson Anderson a former Telecommunications Executive hid his earnings in a web of Aliases and offshore bank accounts.

9 Years 400M

Wesley Snipes Snipes excuse for not filing tax returns from 1999 to 2004 was because he was a “Nonresident Alien”

3 Years 17M

Willie Nelson Nelson recorded an album, The IRS Tapes: Who’ll Buy My Memories? To help pay back his taxes

- 16.7M

Nicolas Cage Cage blamed the negligence on his former financial manager and said that he was just a victim

- 6.6M

Judy Garland During 2004 the State of New York struck The Wizard of Oz actress with a £4M tax bill for a failure to pay taxes during 1951 - 9152

- 4M

Marc Anthony Singer and husband of Jennifer Lopez, had to pay back £2.5M for a failure to pay taxes during 2000 - 2004

- 2.5M

Annie Leibovitz To repay the tax liens, Leibovitz pledged four of her homes and the copyright to every photograph she has ever taken, or ever will.

- 2.1M

Al Capone Legend has it the gangster called tax laws a joke because “the government can’t collect legal taxes on illegal money.” But the government had the last laugh: Capone spent seven and a half years in prison, and never recovered his crime empire.

11 Years £215,000

Richard Hatch In 2005 it was reported that Richard Hatch, a.k.a. “the fat naked guy” and first winner of Survivor, never paid any taxes on his $1 million prize.

3 Years £200,000

Sophia Loren The Man of La Mancha star was not living la dolce vita in 1982, when she served 18 days of a 30-day sentence in an Italian prison for tax evasion.

30 Days £7,000

Harry Redknapp said his “nightmare” was over after being cleared of tax evasion. The Tottenham boss had denied accepting secret untaxed bonus payments from former Portsmouth chairman Milan Mandaric, while he was club manager. Mr Mandaric was

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also cleared of two charges of cheating the public revenue over the £189,000 payments. Mr Redknapp, who was close to tears, said the case “should never have come to court”.Speaking on the steps of Southwark Crown Court, he thanked his family, the fans at Tottenham and his legal team after coming through the five-year investigation, which is believed to have cost about

Source: http://www.payscale.com/research/UK/Employer=Barclays_Bank

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WHEELER DEALER ‘ARRY!

MONACO BANK ACCOUNT NAMED AFTER REDKNAPPS DOG, ROSIE

FACTS ABOUT THE REDKNAPP TRIAL

£8m. He said: “The Wigan game [on 31 January] was the most moving I’ve ever felt, for me personally to have them singing my name throughout the game while all this was going on, that will always be special to me.

Peter Crouch was sold by Portsmouth to Aston Villa in 2002 “It’s been a nightmare, it’s been five years, it’s a case that should never have come to court. “I’m looking forward to going home and getting on with my life.” Former England boss Graham Taylor said the verdict now opens the way for Redknapp to take charge of the national team in the future. Sven-Goran Eriksson, another former England manager, said he thought Mr Redknapp would be a “very, very good choice” as Fabio Capello’s successor. Bookmakers have now stopped taking bets on Mr Redknapp becoming the next England boss. Mr Redknapp and Mr Mandaric embraced in the dock as the verdicts were read after five hours of deliberations.Mr Mandaric, who is currently chairman of Sheffield Wednesday, walked up to Det Insp Dave Manley to shake his hand and said: “Thank you”.‘Egg on face’ Afterwards, Mr Mandaric said: “I have to try and pinch myself and wake up from the horrible dream. During Mr Redknapp’s and Mr Mandaric’s trial, jurors heard the Spurs boss received two payments totalling £189,000, into his “Rosie 47” account in Monaco - named after his pet dog.

£1.3MILLION

HM Revenue & Customs announced the Harry Rednapp Trial costs £1.3 Million

5 YEARS

The City of London Police spent 5 years investigating the case against Harry Rednapp & Milan Mandaric

£8MILLION

It cost the City of London Police £8M to investigate the case against Harry Rednapp & Milan Mandaric

363 POLICE CARS

£8M could cover the cost of 363 Police cars including the travel costs and maintenance (£22,000 p.car)

£189,000

The amount Rednapp held within his Monaco Bank account, which he was accused for avoiding tax

£10 MILLION

Including Harry’s current contract and previous contracts he is estimated to be worth £10M.

RICHEST MANAGERS

1. Fabio Capello

2. Sir Alex Ferguson

3. Carlo Ancelotti

4. Arsene Wenger

5. Roberto Mancini

6. Steve Bruce

7. Mark Hughes

England

Manchester United

Chelsea

Arsenal

Manchester City

Sunderland

Fulham

THE RICHEST FOOTBALL COACHES IN THE UK 2011The Football Rich List 2011/12

£37M

£27M

£25M

£19M

£16M

£11M

£11M

H A R R Y R E D N A P P T A X E V A S I O N

S P O R T

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FAMOUS TAX

EVADERSA LIST OF OUR 11 FAVOURITE TAX EVADERS...

H A R R Y R E D N A P P T A X E V A S I O N

WALTER ANDERSON

Anderson a former Telecommunications Executive hid his earnings in a web of Aliases and offshore bank accounts.£400M 9 Years

WESLEY SNIPES

Snipes excuse for not filing tax returns from 1999 to 2004 was because he was a “Nonresident Alien”£17M 3 Years

WILLIE NELSON

Nelson recorded an album, The IRS Tapes: Who’ll Buy My Memories? To help pay back his taxes£16.7M

NICOLAS CAGE

Cage blamed the negligence on his former financial manager and said that he was just a victim£6.6M

JUDY GARLAND

During 2004 the State of New York struck The Wizard of Oz actress with a £4M tax bill for a failure to pay taxes during 1951 - 9152£4M

MARC ANTHONY

Singer and husband of Jennifer Lopez, had to pay back £2.5M for a failure to pay taxes during 2000 - 2004£2.5M

ANNIE LEIBOVITZ

To repay the tax liens, Leibovitz pledged four of her homes and the copyright to every photograph she has ever taken, or ever will.£2.1M

AL CAPONE

Legend has it the gangster called tax laws a joke because “the government can’t collect legal taxes on illegal money.” But the government had the last laugh.£215,000 11 Years

RICHARD HATCH

In 2005 it was reported that Richard Hatch, a.k.a. “the fat naked guy” and first winner of Survivor, never paid any taxes on his $1 million prize.£200,000 3 Years

SOPHIA LOREN

The Man of La Mancha star was not living la dolce vita in 1982, when she served 18 days of a 30-day sentence in an Italian prison for tax evasion.£7,000 30 Days

Nothing in life is certain but death and taxes. And celebrity or civilian, no one gets a free pass—not even Brangelina. Surprisingly, though, some still refuse to play by the rules. Whether they claim they didn’t know they had to file taxes or they simply attempted to cover up their earnings, these ten famous folks have one thing in common: They got caught cheating the taxman.

RICHARD PRYOR

In 1974, actor and comedian Richard Pryor served 10 days in a Los Angeles county jail for tax evasion following a tax investigation. 11 Days