Taking the lead

The BBC has a surprising headline:

Screenshot 2016-04-15 11.30.25

Leading financial institutions welcomed a crackdown on tax dodging? That’s a surprise. Which institutions are these? Goldman Sachs? Deutsche Bank? Maybe UBS? Well, no. What they mean are International Financial Institutions (capitalised), which is a different thing from financial institutions (such as banks) that happen to act internationally and have the world economy by the throat. Government institutions. Somewhat less surprising.

Even the reference to “financial institutions” (plural) is misleading, since the only institution that is mentioned by name in the article is the IMF. Maybe the World Bank requested anonymity.


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