Man of the cloth in tax scandal

LONDON – 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 in the wake of the revelations, refusing to answer questions.

“’I m not prepared to make any comments about HSBC business past or present,” 66-year-old Green said before walking off.

Growing pressure may force him to change his mind.

Green has been asked to testify before a British parliamentary committee which is investigating 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.

Green joined HSBC in 1982 and 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.

In a letter in the Guardian newspaper 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. –