GalxoSmithcline Beecham: another great British company
extolling the values of proper British people. They go into Team GB, representing
upstanding Britishness alongside Barclays, Boyle and Carr. 2012 was a year for showing
off Britain to the world and, boy, Glaxo has really shown us up for what we
are. Andrew Witty, Glaxo’s CEO said, "We have learnt from the mistakes
that were made,". Perhaps he refers to the mistake of getting caught.
Glaxo have also said that they’ll pay the fine out of cash resources. Could it be that they have all this cash in
the bank because of other recent upstanding behaviour? They have avoided paying
loads of tax by being ‘lent’ billions by a subsidiary in Luxembourg in a scheme
not too dissimilar to the one enjoyed by Carr. (http://www.bbc.co.uk/news/business-17993945).
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