Tag Archives: UBS Swiss Bank

Currency trader illegally made US$300 million for UBS Swiss Bank – He goes to jail, the big-shots keep their jobs and bonuses!!

UBS Swiss Bank Fraud

“But so far, no senior executives have been prosecuted in a scandal that helped shred public faith in an industry and has cost some of the world’s biggest banks and brokerages $9 billion in fines and seen 21 people charged…”

Oh my children; gather round and Daddy will tell you a story of how the world really works…

In 2006 Tom Hayes was an intelligent nice young man of 25 years old who loved the numbers of finance; so much so that UBS Swiss Bank hired him to be a yen derivatives trader for their Tokyo office.

And Tom did an excellent job for UBS – earning the Swiss bank over US$300 million dollars in three years and 45,000 trades. YIKES!

Excellent job except for one thing… Tom was conspiring with other people to rig the markets, and he sent out thousands of emails to do it.

Did his bosses know? Ha! Does cheese go well on toast?

Now Tom and a few other low level people will probably be going to jail.

But the bosses? Everything be so fine, just fine. UBS and Citigroup paid fines, but none of those bosses will go to jail or lose their jobs.

Children… this is the way the world is.

Same same in Barbados. Everywhere.

Say… do we have branches of UBS or Citigroup in Barbados? Really? Well…

Insight – How Libor whiz Rain Man became ‘the guy everyone was going to blame’

He was so obsessed with the numbers that he did not see his downfall coming.

The first trader convicted by a jury in the global Libor rate-rigging scandal was a maths whiz nicknamed “Rain Man”, who slept as an adult under a superhero duvet cover he had owned since he was eight.  Continue reading

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Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Offshore Investments

New York Times Editorial Reflects Growing US Assault On Offshore Banking – What Should Barbados Do?

The Swiss and Their Secrets

A New York Times editorial is calling upon the United States government to reject any deal with Switzerland that would let 52,000 American citizens off the hook for having unreported Swiss bank accounts. This “get tough” attitude is reflected in many American media articles and mirrors the long-standing position of President Obama — who sponsored anti-offshore banking legislation long before he became president.

Barbados government officials have always talked a good game when it comes to transparency, accountability and monitoring of Barbados offshore corporations and international banks, but increasingly the United States is calling upon foreign governments like Barbados to open their records for US inspection — which of course destroys much of the attraction of offshore financial centers.

As economies come under increasing pressure there will be more calls to rein in offshore financial centers from real or imagined misdeeds as the developed nations fight to retain their tax base.

What Can Barbados Do To Avoid The Wrath Of Developed Countries?

As we have pointed out from the day we published our first article over three years ago, Barbados does not have any integrity legislation, transparency laws or conflicts of interest regulations. Barbados corporations are routinely allowed to violate existing laws regarding records keeping and public accountability, and the government itself is one of the worst violators of corporate reporting laws for companies in which it has an interest.

All of this sends the wrong signals to the United States, Canada and other countries that have expressed concern over our offshore financial and corporate industries. It is a shame that the DLP and David Thompson lied about their promise to implement ITAL – Integrity, Transparency and Accountability Legislation.

As Switzerland is discovering, chickens do come home to roost when it is most inconvenient.

Further Reading

NYT: The Swiss and Their Secrets


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Filed under Barack Obama, Barbados, Business & Banking, Freedom Of Information, Freedom Of The Press, Offshore Investments, Political Corruption, Politics, Politics & Corruption

Barbados Money Laundering Advisory Sends Bombshell Letter To Giant Swiss UBS Bank

“To assist the anti-money laundering initiatives at UBS, (Barbados Money Laundering Advisory is) also including a list of names of persons who were members or operatives of the former Barbados government during the past 15 years. While Prime Minister Thompson did not mention specific names of those who presumably are under investigation for money laundering, we respectfully suggest that your internal investigators should compare these names against your banking records for individuals and corporate clients worldwide.

Should UBS determine that any of these persons or their proxies have or had dealings with any of your UBS businesses worldwide, it would seem prudent that their financial activities with UBS should be carefully examined, considering the allegations made by the Prime Minister of Barbados.”

… from a letter sent by Barbados Money Laundering Advisory to the Chairman of the Board and almost 200 employees of Swiss banking giant UBS.

Letter Names “BLP Operatives” Suspected Of Money Laundering!

When Barbados Prime Minister David Thompson told a Toronto, Canada audience last September that “operatives” of the previous BLP Government had illegally taken “millions and millions” of dollars from Barbados and stashed the the money in foreign accounts, I wonder if he gave consideration to the thought that somebody might act upon his revelations?

A new blog called Barbados Money Laundering Advisory (BMLA) has just sent Prime Minister Thompson’s comments to about 200 senior executives of UBS – the huge Swiss bank that is “the world’s largest handler of private wealth assets.”

Oh… along with Thompson’s allegations, BMLA also sent a “list of names of persons who were members or operatives of the former Barbados government” so UBS can check the names against their banking records.

Wuhloss!

Who is on “the list”?

Start with Owen $ Arthur and work your way along!

Swiss banking giant UBS got nailed by U.S. tax authorities last year when bank employees were arrested in the USA while smuggling assets and records across the border. Barbados Free Press related in our article a few weeks ago that U.S. prosecutors have alleged UBS helped clients hide $18 billion of untaxed American money in undeclared accounts. This amounts to around $300 million of annual unpaid taxes.

We agree with commenter “Oldrooster” at Barbados Money Laundering Advisory blog…

“UBS will be anxious to prove they are through with illegal offshore monies. This letter could be problematic for some on the list!”

Further Reading

BMLA: UBS Bank Switzerland Advised Of Barbados Prime Minister’s “Secret Bank Accounts” Speech

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Filed under Barbados, Corruption, Offshore Investments, Political Corruption, Politics, Politics & Corruption

Barbados Keltruth Blog Sends Mystery Letter To UBS Bank Switzerland

barbados-ubs-fedex“To whom was it addressed? What did it say?

It said plenty. We will drop the bomb on Monday, when the letter arrives…”

… Keltruth Blog sends letter to Swiss Bank

Fiesty Keltruth Blog Sends Letter To Money-Laundering Swiss Bank!

Swiss banking giant UBS got nailed by U.S. tax authorities last year when bank employees were arrested in the USA while smuggling assets and records across the border. As we related in our article a few weeks ago, U.S. prosecutors have alleged UBS helped clients hide $18 billion of untaxed American money in undeclared accounts. This amounts to around $300 million of annual unpaid taxes.

barbados-ubs-letterKeltruth Blog has written a letter to UBS that they say is a “bomb” and that “If you are involved in Barbadian politics, this letter is a must-read!”

We at BFP can’t hardly wait for Monday.

This is not the first time that Keltruth Blog has tried to raise international attention. Last September they sent a letter criticising Prime Minister Thompson to every delegate at the United Nations just a few days before the Barbadian leader addressed the General Assembly!

Further Reading

Keltruth Blog, Jan 29, 2009: Keltruth Corp. Sends a Letter Sent to UBS!

BFP, Jan 9, 2009: Swiss Bank UBS Closing 19,000 Hidden Offshore Accounts Of American Clients – What About Barbados’ Offshore Banking Industry?

BFP, Sept 23, 2008: Barbados Prime Minister Ambushed By Letter To All United Nations Delegates

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Filed under Barbados