 The Wild Wild World of Wealth |  |
“Deckchairs. Titanic” UBS is reorganizing its troubled US wealth management operations—turning three division into two. Zzzzzzz. I know this story packs enough punch to put Sominex out of business. But stay with me, because the UBS problems extend to the core of global financial reform. An unnamed research analyst described the reorganization as follows: “Deckchairs. [...]
U.S. Is Said to Consider Easing Informant’s Term Bradley C. Birkendfeld is scheduled to start a 40-month prison sentence on Friday, January 6. He’s the banker who exposed UBS’ illegal activities and is now claiming a 30 percent whistleblower’s reward. In case you missed the story, here’s what 60 Minutes reported. Watch CBS News Videos [...]
The 30 percent reward encourages advisers to turn in their clients. This incentive may promote public policy. But I really don’t understand why lawyers…sit in the front of the bus.
Let’s face it. Not everyone in finance is doing “God’s work,” the exact words chosen by Lloyd Blankfein to characterize his team’s mission at Goldman Sachs. It makes me wonder whether UBS—presumably on the same spiritual footing as Goldman—is also doing “God’s work” by settling with the IRS over a list of 52,000 clients.
What is is about yachts and tax evasion? Earlier this month I posted an article entitled, ‘There’s that Word: ‘Cooperation.’ ” In February UBS paid the government $780 million—settling charges related to tax evasion. The bank also agreed to cooperate, which led to the arrest of “Client One” for submitting fraudulent tax returns. Now we have [...]
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