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After the medical system, it is the school system, you want to fuck air Etienne klein, the rapporteur, the cookie… what!(wish, yet one, he could do than that, indeed!, I’m really not surprised) our school system really has nothing did a envy to foreigners and especially Americans, I know what some will say compared to American universities, it is true that some universities, yes I say a few universities are prestigious, but expensive too, they are far from unanimous In short, if you have money, you succeed, if you’re not too con, if you’re good in American soccer, or baseball, or if you’re not, the son, and the sport in general.. can! as the: « Prof who couldn’t read » passionate and pedagogue, the American John Corcoran, former Professor of English at a California high school !P-T-N, pretty darn good in sport, sport, EH Yes!(so I hear from there, ouaihh… it is a special case, for a particular case, there is unfortunately happening through the meshes of the net, because it is not unusual to see people known, who were balaise in sports and con, as with cocks, politics in general, then the (US) American school system allows me, smile) On the other hand, I agree to say, they are excellent, level mucical (with MIT Berkley) that I wanted to offer me MIT, I realized, when I y lived down, but too expensive for me, then buff in each and in others, or in some bars or garages, it is true, they have very good things, but frankly, is very far from being ashamed and I favorite widely life in France , because here, you think all the world money or no money, that those who have a doubt take a single RDVavec a doctor, there, they will see, it is not 23ou €25, they will raquer, even if at home, there is very good thing as film art, photographic, it is far from having the same way of thinking, I preferred widely « my English way of thinking » I can talk one of my homies, its taf (, work) was make-up artist, and he shootaient among other (take pictures) of quite degens (girls and guys), west wood, or, man chinese theatre
In short, just about everywhere in LA, la cienaga, pico, venice
Then Ms. VALLAU D-BELKACEM, you summers pray of let our school system, as have it find, because you’re going to leave, and we, we will stay, whether PEILLON, HANNONT, you, Ministers pass, and we, we stay, you want to mark your passing, I understand, but you want to do so at the expense of our kids, No, that another stain you, sends his turn as a macron and touraine, I’m even surprised not, VALLS your nationaux rotten, we want, releases, leftists, the Mayor, the presidents of chipboard, General Council, who voted for the gauchesoit saying. ? I had warned you that they niquerait us all, Eh BEN, here it is, fortunately for you and for us the time elapses .and the outcome will be the same, it is necessary, that he left, provided that it does so all forth, I could never draw, his guys there the people are against them, against (merdiques(loi macron touraine,et ils insistent pour nous les faires bouffer) laws) but they come out, all the world makes them understand the need that they emit, whether in the street or in the cellar Chamber not resign, that he do something.
disregard of human rights are the only causes of public misfortunes and the corruption of Governments,
I realize that we sold gusts Egypt, not content for not helping them before, that they kill each other for various thoughts and beliefs opposed, because this suit some people, because frankly that they visit are that they are Egyptian before all, and now, I heard someone on BFM, always the same lying chain, that others, and this by chance, and coincidentally frankly because a few times, turning on the television, I come across a string, which I did not chose (I know, you have nothing to fuck, but I say it to you anyway), therefore, and now should Egypt, we make accounts, this really annoys some that Egypt should have burst.But they bought, if they are t want to piss on it is their legitimate, that is their right, they did not need to say, what they want, make
AHau is, while I think about it, stop with your wind turbines, Yes, made, lots of money to certain, on the other hand, that it is ugly, and much noise, it is secure by far, not, but closely, especially when it was not asked, especially as there are other means to make the dough means there are photovoltaic, Morocco well understood by constructing a complex welcoming plusieurs100 elders of panels, I recall, to night, day, it will always be the luminescence, less well night obviously; water, it wets.
A rapporteur 2nd judicial, when a company is in bankruptcy, this EA id was defended, by Mr. Philippe GOMES
Senator, I believe, and that is to my taste, an excellent idea, it is there that one realises, that, there, that reflect, and who do not play with their Smartphones
It yen to another, which, frankly, is quite at the level of reflection, it is Frederick POISSONj’ found response not bad.
He made, the word, seriously speaking of a company, which would be on a receivership, or other serious but the intervention, I liked the interventions of gentlemen CHERKIS, fish, GOMES (CHERPENTou CHER-) and Satan, have me frankly more and but they were not just knew me the form, and on the Fund, healthy discussed, even, if Mr CHERKIS was nice to defend , his camp, that said has to his credit, but some of you have me, and we have too, really too disappointed, and unfortunately for you and others, you would be in weight in 2017, with a certain discernment. anyway.
Strange advice from UBS to colleagues
The Point.fr – posted 20/05/2012
Strange advice from UBS to its collaborators – the Point There are images, that I can copy, follow this link.
DOCUMENT. The largest Swiss Bank says its employees how to canvass for rich clients abroad without getting caught.
The Swiss banking giant, UBS. © Sang Tan / Sipa
From our correspondent in Geneva, Ian Hamel
« If you travel with a colleague, coordinate your history before the customs » or again, if you are questioned and your computer contains sensitive data, « type three times a wrong PIN code to block access ». These tips are not provided to future secret agents, butUBS employees from prospect customers abroad.
English 9 pages, entitled « Security Risk Governance », distributed internally by leading Swiss Bank, dated June 2006. He intends to « educate the employees of UBS for possible threats during business trips ». What kind of threats? On 12 April, the Paris Prosecutor’s office opened a judicial investigation concerning the activities in France of UBS.
Leaflets and posters
For justice, there is a suspicion of « banking and financial canvassing per person not entitled and laundering of tax evasion and funds obtained through illegal canvassing, committed in organized band ». Clearly, Swiss UBS employees would, a decade past incognito border to solicit customers in France. What is strictly prohibited. And not just any which customers. Rich taxpayers approached at Roland Garros or on a golf course.
The internal UBS document advises these commercial travelling abroad, where they would be interrogated, « to draw attention to the fact that you organize a UBS event, like a golf trophy ».
Concerts and sporting events
Pure chance? In March, just before the opening of this legal information, Antoine Peillon, reporter for La Croix, published these 600 billion missing the France*. Book, very well documented, denounced the tax evasion scheme set up by UBS in France. According to one of his sources, inside the Bank, « in 10 years, it is about 850 million euros of assets which have evaded tax, thanks to our only services of tax evasion ». Not less than 120 Chargés d’affaires Swiss operating clandestinely in France…
At the same time each year, UBS organized hundreds of concerts, sporting events, gatherings to cover « the solicitation of customers rich and brilliant at the final destination of the opening or management of undeclared accounts », provides the work. On the other hand, the employees of UBS in France kept clean hands.
Identical to the United States practices
« UBS is considered the Rolls Royce of banks. Employees are proud to work in such an establishment. They are even more appalled when they discover these manipulations, »says Antoine Peillon, passage to Geneva to present her book. Meanwhile, UBS « refutes strongly » the existence of a system of assistance in tax evasion.
However, it should be recalled that the Swiss Bank has already been taken the hand in the bag to the United States in 2009. The authorities US tax had filed a complaint with the federal court in Miami to force UBS to provide the list of 52 000 of clients suspected of tax evasion. The United States and the Switzerland finally found an out-of-court agreement that the Bank does not justice for incitement to tax evasion.
Last advice given by « Security Risk Governance » when the business of UBS leave a foreign country before returning to the Switzerland: « Destroy all sensitive data », « Don’t carry documents related to a client », and « Prepare a sales pitch in case you would be questioned by the authorities ». Difficult to be clearer…
UBS, HSBC, tax evasion Yes, but not only!
Friday, February 13, 2015
If you feel that in your country, you are paying too much direct tax, you have 2 solutions:
1. You leave your country to fiscally greener pastures
2 You hide the tax part of your fortune that you hide in the Bank of a country which was of « banking secrecy » an element of its constitution.
The first solution is not illegal, but, even if we talk about our national Johny, is morally reprehensible. The second solution is morally and legally reprehensible.
However, it should not lose sight of certain countries have listed the bank secrecy as a founding principle of the State, if not by philanthropy but because it relates to the economy of the country. But before reporting to the country’s economy, it relates to the economy of banks residing there. So, for not to declare to the tax authorities of cash receipts you have opted for the solution 2, stashed money earn you nothing and if you want to get dividends, they will be taxed, because Switzerland, as well as the Luxembourg or other « discrete » countries tax very strongly these interest or dividend because (rule no. 1) it is necessary that everything related to the country. Also on the sidelines of the « discrete » countries there are countries where taxes on companies and taxation on dividends and interest are almost zero. They are called « tax havens ».
‘Fiscal paradise’ is a pure product of economic liberalism and took birth (long before the Switzerland and the Cayman Islands) in the USA. Indeed 2 States; (1898) but mostly New jersey Delaware (1880) who have decided to provide a « franchise fee » firms that will service their headquarters and at the same time significantly reduce taxes on corporations. Which allowed many companies to benefit from the fiscal largesse of these States by placing their boards of Directors and inventing « fictitious residence.
So we have: « discrete » States where the money you place will remain unknown to all, and the « tax havens » where the money you invest will remain net tax. Just for banks to create bridges between these two States and you find yourself with cash net of tax (that stashed because) that earns you money net of tax (only not taxed because). These gateways are called ‘company ghost’ or ‘offshore company ‘.
These banks of their financial products, will seek wealthy people willing to avoid paying taxes and to continue to earn money. And in the world these people are many and very easily localizable in the « rich countries ». Then the banks will hunt in packs, and super Hunter is named UBS (Union de Banques Suisses).
UBS whose seats are in Basel and Zurich, Switzerland, is the largest wealth management bank in the world. Its main activities are the private bank, Investment Bank and wealth management. It is present in more than 50 countries, including the United States with offices in Manhattan (Investment Bank) and headquarters in Jersey City (private management). UBS employed more than 80 000 people in 2007. The total amount of assets under management amounted to 2 652 billion Swiss francs for a market capitalisation of CHF 156 billion at January 9, 2007 (48 billion CHF mid-September 2008 the « sub-prime » crisis obliges) and own funds of 40 billion. The total amount of assets under management totaled today 1 700 billion Swiss francs.
But back to what concerns us. So in the early 2000s, UBS decided to launch a grand plan of action throughout Europe, the USA and Asia, in order to find wealthy people wanting to escape the taxman and offer a selection of reliable procedures to quietly capture their money, transfer them to secret accounts in Switzerland and make them work through an off-shore company. The manoeuvre is not simple, because it is totally illegal. Because the canvassing on french soil of foreign bankers are totally prohibited. It is also not that a law French is an international law. But to come canvass in France, incognito, everything is provided to justify a purpose of visit: training in a trade school, a show in the capital… A guide worthy of James Bond films, entitled Security Risk Governance, (https://www.scribd.com/fullscreen/240980232?access_key=key-TK1qX9oybOazL9B7ThJl & allow_share = true & escape = false & view_mode = scroll) is even distributed to the Swiss business. To ensure the protections of the Bank but also its customers, must be that the scheme is not unveiled. Also, once the procedures have been put in place, UBS decided to test its system on a very permeable country due to its chronic failure of service of combating tax fraud: the France!
In France, tax evasion is not to strictly speaking a criminal offence. The offence is constituted, require that the IRS and only complaint the courts indeed. Bercy will tell you that the important thing in tax fraud is to recover money and fines that go with, and that when the fraudster is not worried by justice, the negotiations are easier. Justice will tell you that the complaint can be incorporated without that if negotiations to recover the sums were halted. It is clear that the person who made money for leniency of justice. For this case, I rather agree with justice.
UBS way the thing differently. As the Ministry of Finance has hand update on the outbreak of judicial procedures affecting the taxation and as there are links between senior officials of Bercy and the UBS executives who were educated in the same schools, this will be simple pou UBS to escape justice if ever he catch up by the patrol.
In 1999, the Switzerland Bank hires to its French subsidiary, Stéphanie Gibaud as Communications Director. She will be responsible for organising the events of the Bank in France. This conscientious person does well its job. She invites people to openings, concerts of classical music, festivals, tournaments of golf etc.
After each event takes place a dinner where the guests are accompanied by collaborators of the Swiss Bank, which their explains in detail how to escape the taxman safely. Car out potential customers of the universe of the Bank, allows UBS to unveil its strategy in all confidentiality. This works very well. Switzerland accounts open and the money arrives by millions of euro. This small whole will continue without the taxman does the note, from 1999 to 2007.
UBS wants to become one of the world’s 3 largest banks and decided to apply the same method with a field much juicier than Europe: the USA. What UBS does not know, it is that since September 11, the US intelligence services everywhere track illegal money. She rightly thinks that some of this money is used to fund terrorism. The CIA is aware of everything that is happening in France and has already hacked quite a speaker at UBS France including Stéphanie Gibaud. The first information about the simple tax evasion do not interest the CIA who nevertheless transfers the file to US tax services. When they are informed of the same maneuver of UBS in the US territory, they do not move but pull a wide grid throughout the territory and the answer is going to be very violent
At the same time, Hervé Falciani is hired by HSBC to improve security in the transfer of encrypted data. When transfer you encrypted data, it must be ensured that no characters Miss, because it is all the file that might be corrupt. It is this that Hervé Falciani worked and it therefore receives all of the encrypted data of HSBC. Given that he cannot read, because they are encrypted. He does his work well and rises through the ranks. No offense to the peddlers of gossip: 2 months before his departure from HSBC, he was promoted Director of its service.
In 2005 he was contacted by the CIA agents that he explain that they have strong presumptions that HSBC is in a relationship with bankers of terrorism. He asked her to convey the data encrypted in his possession. Hervé Falciani clasped better than this. It will create a cloud where all encrypted data from HSBC will be automatically loaded, the NSA will do the rest by hacking its data and decrypting them. These are incredible amounts of information on drug money laundering, traffic of weapons, trafficking humans, financing of terrorism and tax avoidance that the CIA will have to treat secondarily. The latter thank Hervé Falciani assisted, but warns of possible retaliation by her employer. Thinking that this may serve as a bargaining chip, it shall give all the information about tax evasion, charging him to do what he wants. It will alert the Switzerland authorities, who opened an investigation for industrial espionage and launches an international arrest warrant. He was arrested at his home in Nice that is raided and the file is discovered. Following this investigation, Michel Alliot Marie, garde des sceaux of the era, asked the Prosecutor of Nice, Eric de Montgolfier to the Switzerland discovered listings. The latter opens its own investigation, not not against Falciani, but against those suspected of tax evasion in list. This survey has no place to be since it requires approval from Bercy for this. But it alerts the courts of other countries that require this list to make their own investigation. While the France struggles in a « diplomatic incident » with Switzerland, an international collaboration is taking place and other countries work on these lists. Bercy is always not complained to the Prosecutor.
In July 2012, the CIA has alarming information for safety of Falciani. She asks him to go to Spain where his protection team is waiting for him. It will remit to the Spanish police that it will stop because the Swiss international arrest warrant. It will be placed in detention at Valdemoro prison time regardless of whether the Spanish justice decides on his extradition to the Switzerland. December 18, 2012, it will be released provisionally and in maximum security conditions: eight bodyguards and wearing a bulletproof vest. This protection will be funded by the United Nations. Given that it provided information showing of ‘ activities suspected of breaking laws and even constitute criminal offences « , Falciani will be finally released in 2013, but would remain under police protection for a few months.
Meanwhile, in the USA the net tightens around UBS. The Internal Revenue Service (IRS), the American tax authorities, threatening to make public a list of 52 000 American clients of UBS suspected of defrauding the taxman, and gets the spontaneous admission of 7 500 of them. It stops Bradley Birkenfeld, a framework of UBS chief responsible for « wealth management » which helped Igor Olenicoff, one of the 20 richest men in the country, ironically nicknamed « the billionaire to empty pockets » of concealed his fortune (2.6 billion dollars) juggling it in structures of fictitious companies in several Swiss banks and the Liechtenstein. Bradley Birkenfeld, for fear of prison reveals the entire system and gives all files, names and amounts. He claims even the status of « whistleblower ». It will affect tax American 104 million for its revelations.
Meanwhile, a young internal auditor of UBS France, Nicolas Forissier, conducts a routine mission in province agencies and learns incidentally that loads of business of UBS Switzerland come canvass in France, which is illegal. Is it evoked for the first time, the existence of a mysterious « milk book ». It comprises the usefulness in 2007 when it « falls on internal notes that evoke a phantom accounts. Kept out of any official register, the book of milk – in reference to the handwritten accounts of owners of cows in the mountain pastures – recorded financial flows between UBS France and the mother house in Switzerland, UBS AG, to divide commissions between french business, which sent their clients on the shores of Lake Geneva, and their Swiss counterpartswhich regained. It alerts several times its hierarchy on the system of tax evasion which he acquired the certainty, and is dismissed for serious misconduct. He will earn in the Labour Court in the first instance, three years later. In the judgment, the judge said that he « was dismissed for refusing to subscribe to the illegal practices of the UBS France SA and Bank UBS’.
After the revelations of Bradley Birkenfeld, UBS decided to separate large number of troublesome employees, anywhere in the world. In France, a social plan is put in place and many business are dismissed. Some will go before the Labour Court and will share the existence of the « milk roadmap » to justify their commercial premiums.
Panic boulevard Haussmann: search takes place in the office of the Director, Patrick of Fayet (today indicted for complicity in unlawful solicitation). Asked Stephanie Rida, who was without even knowing at the centre of the French case, destroy all of its hard disk which includes the names of french customers, but also the correlation with bankers Swiss and the contents of its archives cabinets. One forbids him out to meet partners. It removes him his assistant. She feels hunted: his apartment is robbed it is constantly followed on foot or by car. UBS France tried to put it in the social plan, but his dismissal is rejected by the Labour Inspectorate. Moral harassment begins, she is constantly denigrated, « incompetence » is denounced before a witness, his position is given to a younger person became his subordinate. In his presence, everyone is silent or part. Not knowing where to turn, it tells about the inspection work which has quickly made him understanding that she may lose more than his work, because it is unknowingly complicit in trafficking. Stéphanie Gibaud decides to go to justice with all the information she has and filed complaint. The steamroller will quickly be swallowing it. All its computer data are hacked and deleted and it is bugged by the DCRI. Bercy does not move and justice is at a standstill. Stéphanie Giraud becomes a hunted beast. On the advice of Antoine Peillon journalist, she decides to write his story.
The book of Antoine Peillon, these 600 billion missing in the France, containing the revelation of Stéphanie Giraud has the effect of a bomb. A month later, a judicial investigation is opened, almost three years after the complaint of Stéphanie Gibaud. Do not lose sight that in the meantime the Americans moved and their reactions is the image of the country: violent!
February 18, 2009, a U.S. Court ordered UBS to a fine of 780 million dollars (a tip), and threatens to withdraw its licence from the United States and to ban thus to exercise on American soil, which would be a judgment of death for UBS. American justice demands under pressure the names and addresses of all of U.S. UBS account holders as well as foreign. The law of banking secrecy in Switzerland prohibits a bank to disclose the names of its customers, it is a standoff that began between the two countries. The Swiss authorities have concluded that banking secrecy was intended to « protect the privacy and not tax evasion ». The threat of international criminal proceedings, the Switzerland agreed in August 2009 a cooperation agreement with the IRS. A civil proceeding is opened in New York in order to obtain the identity of the holders of accounts numbered in Switzerland. In Switzerland, a Council of Ministers meets in emergency and he decides to give the US administration completeness of account in Switzerland (numbered bank accounts and accounts). Even the names of employees of banks in their bank account holders will be given. For US, this is the end of bank secrecy with the Swiss. However if a Switzerland wants to open an account or a phantom company in new jersey, the Switzerland State won’t know because it works only in one direction. Banking secrecy exists in the USA but only for non-Americans who pay tax elsewhere than on American soil.
If in France justice advances in stealth, well need to emphasize that Nicolas Forissier, Stéphanie Giraud and Hervé Falciani will no more too worried, in other countries it advances to leap and convictions are raining down. The president of one of the planet (Bayern of Munich) richest football clubs is sentenced to 3 years in prison. Messi another star of the round ball must struggle with the justice and make cheques of several million euros to avoid the prison to his father and to the SUV of the last elements, it is not won.
On July 24, 2012, the Senate Commission on tax evasion published its first report. Senator of the Northern Eric Bocquet, reflected three days earlier: ‘ me most are the amount that represents tax evasion.» According to estimates, are between 40 and 50 billion who fail in the annual budget of the State. A total budget of EUR 275 billion, it is not insignificant amounts. ». Since then, estimates of annual tax evasion suffered by our country converge rather EUR 80 billion!
In September 2014, the Court of appeal of Paris confirmed the deposit of EUR 1.1 billion, which must be paid by UBS AG. If, at the end of the trial, the Bank is condemned in France, it may, by the game of international financial conventions, lost its licence in the United States. A blow that could be fatal.
With HSBC on from simple trickster who wants to escape the taxman to the sponsor who finances illicit operations. In February 2014, the newspaper Le Monde receives a USB key containing the digitized archives of HSBC Bank between November 2006 and March 2007. This key contains the list of Falciani, but not only. Also not bad suspicion revolves around this information. If you want to find the origin of this key, look instead to a retired official Roland Veillepeau (it is really named) because it is he alone who decided, led, and finally saves operation ‘Chocolate’, i.e. the recruitment by the french tax authorities, in Geneva, from computer programmer to HSBC, Hervé Falciani, and global exploitation of its explosive listings. It even cost him his career end because he was forced to initially forced due to political intrigues well above his little person. This USB is its last foot of nose to the Government not always right in his boots when it comes to tax evasion. Following its information affecting many countries, an international journalist association is created. This is the case SwissLeaks!
Names of the worldly gotha, sports, politics are rightly thrown, grazing, but the most important are the advanced sums. Only 6.2 billion euro of tax evasion annually for the Belgium with more than 500 Antwerp Diamond. 5.7 billion euro for the France. 21.7 billion for the United Kingdom.
Strange funds movements appear on these listings as these two Saudi entrepreneurs, Abdelhadi T. and Mohammad Abdullah Abdulaziz Al – j., whose accounts showed movements of funds amounting to $ 44 million for the former and 150 million for the second, to the International Islamic Relief Organization a humanitarian organisation close to Al-Qaeda.
In the near future we discover how to whiten the money from drug and arms trafficking as the wife of a Parisian businessman who used his account to pay enormous bribes to officials of the army and the Angolan State to contracts for the sale of tanks, land mines and ships of war into full civil war. And this matters more than Gad Elmaleh or Dugarry.
It is certain that HSBC, powerful English Bank would not point facing the judicial proceedings against him. In England David Cameron, being already criticized for the appointment of Stephen Green, former Chairman of HSBC, as Minister of trade and investment, is being harmed on the revelations SwissLeaks for the generous donation of 5 million pounds that HSBC has delivered to his party (conservative party). The Attorney American Loretta Lynch, future Minister of justice American, says that the HSBC Bank is not immune to lawsuits in the United States, despite the arrangement in December 2012 between the authorities and the Bank, which had to pay $ 1.9 billion to escape prosecution for money laundering from drugs.
France for its part continues to be inefficient in its fight against international tax evasion, thus opening all fields possible for traffickers of all kinds. After the Kahuzac, all elected french should make a declaration of heritage at the high authority for the transparency of public life. It turns out that one-third of the members 2 rooms (more than 300) are subject of a tax investigation because their statements do not correspond to their tax returns. Before the Kahuzac case, in August 2012, the Minister of economy and Finance of the time, Pierre Moscovici has undertaken a major overhaul of the branch of public finances by appointing a new boss Bruno Bézard. This branch, which was created in 2008 with the unofficial aim to slow the fight against tax fraud, ordered his officials to the procedures marked by the rule of accounting compliance, i.e.: no field survey and no cooperation between services (Customs DGSE etc.). Bruno Bézard, the new boss of the DGFIP, who had no experience of tax audits, has replaced, at the head of large national directions of tax professionals who were there by senior officials, who had no experience in the field of fiscal control. For the Kahuzac case, is Bruno Bézard, and alone, which has taken the initiative to take the Swiss tax authorities to a request for administrative assistance to whether its appropriate Minister had or had had accounts at UBS. And it is this information that has been given to the press: « Kahuzac has no account in Switzerland, it is the Switzerland that says! We know more.
The State continues to hold a permanent doublespeak by being the first to condemn the tax havens and at the same time to enjoy and to voluntarily slow procedures that can prevent them. The prize of hypocrisy goes to Jean-Claude Juncker, the president of the European Commission, which, as from the Luxembourg Premier urged multinationals to pour a few billion of taxes by stripping the other European States of tens of billions of tax revenue due to them.
Nicolas Forissier had alerted its hierarchy of the facts of illegal direct purposes and tax avoidance. It notably addressed a memo to Françoise Bonfante responsible for control of the risk at UBS France. The latter supervises the entire industry risks, asset management activity included as early as mid-2008. Even if it was not her direct superior, Nicolas Forissier was in regular contact with her, and, « at his request », he considered aware of the problems it had identified in its audit. Shortly after his revelations, he was dismissed for serious misconduct. Pierre Moscovici Minister of economy of the time named six of the twelve members of its Committee of sanctions of the AMF (financial markets authority), the body which examines records of fraud and manipulation of the financial sector. He appointed Françoise Bonfante to this post. The Minister said among other things: « » what was chosen because of its expertise in law of the financial markets, it has long exercised in this field, namely the COB « .» Nicolas Forissier indicates that « this appointment is a curious message of impunity! ». Before the media bronca, it will be landed 2 months later. The press release by Pierre Moscovici is eloquant:
Statement by Pierre MOSCOVICI decision taken by Ms. Françoise BONFANTE
Pierre MOSCOVICI, Minister of economy and finance, welcomes the decision of Ms. Françoise BONFANTE, who gave its function of Member of the commission of sanctions of the financial markets authority. It emphasizes the dignity of this decision.
Pierre MOSCOVICI would like to recall that Ms. Françoise BONFANTE had been appointed because of his professional skills and experience in the field of regulation of financial markets. He also pointed out that Ms. Françoise BONFANTE has never been involved personally or es-quality in any of the procedures aiming or having referred the Bank UBS.
Pierre MOSCOVICI reaffirms as well as at any time, either before his appointment or since, honesty, probity and professional qualities of Ms. Françoise BONFANTE have handed in question.
In french law, the Crown has only the power to decide or not prosecuted when a criminal offence is denounced him, and raise or not to raise the public action. Except for prosecutions for tax fraud where it is only Bercy that diligent public action. This « lock of Bercy » constitutes an exception which has more no legitimacy since the establishment of the national prosecution (PNF), which has jurisdiction over serious tax offences. If the IRS is used as means of pressure or currency to accept adjustments. The Minister may also exclude a folder from prosecution for political or friendly motives. This is it done regularly.
Chris McClean blog
Chris serves as safety & hazards.
UBS says risk management which has turned evil
Big news in the management of risks this week that UBS issued a report to shareholders describing the situation which led about $37 billion of impairment losses so far in the ‘subprime’ society exhibition (see articles of Reuters , Forbes , the Wall Street Journal and BusinessWeek )).
Overall causes described in the report are not surprising; control failures, focusing too aggressive on short-term growth and excessive risk taking are among the high-level issues. Also in the report, however, are scores of more detailed explanations on the failures of control in more than 20 different categories. On the list of the specific problems include:
• Gaps in risk management skills
• Failure to respond to the wider concerns of the industry
• The absence of overall assessment of subprime risks
• Complex and incomplete risk reports
• Inadequate systems (related to investment in infrastructure)
• Lack of strategic coordination
• Compensation asymmetric risk/reward
The list is long, providing a substantial risk managers and Auditors on problems to avoid study guide. And because of the massive losses unfortunately due to these failures, the report proposes also some support for justification of the cost for your new risk management initiatives, wide.
Update: added link to the UBS report
UBS issued a report
Group UBS N
Group UBS N
Report annual 2013 Shareholder information
UBS’s long-term credit ratings
Results of 2014 for the fourth quarter of UBS
February 10, 2015, 06:45
Results for the fourth quarter 2014 of UBS – Tuesday, February 10, 2015
February 3, 2015, 09:00
UBS invites you to the presentation of its results for the fourth quarter of 2014 on Tuesday, February 10, 2015. There will be two separate sessions – one for analysts and other media (see below for more details). The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Chief Financial Officer and Group Chief Operating Officer, Caroline Stewart, global head of relations with investors and Hubertus Kuelps, group head of communications & Branding.
UBS to the additional question of level 1 capital instrument for compensation of employees
January 23, 2015, 06:45
-Capital plan deferred Contingent improved to be considered as capital additional level 1
-Further return of capital of CHF 0.25 per issue the eviction action, 2014 fully accrued in Q4
Following actions UBS Group AG to the SIX Swiss Exchange and the New York Stock Exchange (NYSE) UBS confirms cancellation of UBS AG of NYSE and describes the process of radiation UBS AG of the SIX Swiss Exchange
January 14, 2015, 06:45
Changes to the Board of Directors of UBS
17 December 2014, 06:45
JES Staley to be nominated for the election of the Board of Directors of UBS to the next General Assembly annual.
UBS AG announces its intention to apply to delist its shares from the New York Stock Exchange and SIX Swiss Exchange
17 December 2014, 06:44
UBS AG Group and UBS AG announce final results of the public offer of exchange of shares for
December 16, 2014, 06:45
UBS AG and UBS AG Group announce preliminary final results of the public offer of exchange of shares for
11 December 2014, 06:45
The provisional final results confirm the successful conclusion of the initial period – starting today additional period for the exchange of shares for
November 26, 2014, 06:45
UBS AG Group and UBS AG announce the successful conclusion of the initial acceptance period and preliminary interim results of the public offer of exchange of shares for
November 21, 2014, 06:45
Global Ultra rich Population reached a level Record of 211 275 people with net combined of almost US$ 30 billion
November 19, 2014, 14:30
North America and Europe remain the main regions of the world in terms of population and UHNW richness; the overall UHNW population should exceed the 250 000 over five years
UBS is involved in regulatory resolutions of the material in the FX industry
November 12, 2014, 07:00
Currency related inquiries resolved with FINMA, CFTC, CAF
Total charges fully provisioned in the third quarter of 2014
UBS sees a solid support for its public offer for the exchange of shares — reduces the minimum acceptance condition and prolongs the initial acceptance period
November 12, 2014, 06:45
UBS and TrustAfrica publish a groundbreaking report on philanthropy in Africa by Africans
3 November 2014, 08:00
Result of 2014 for the third quarter of UBS
October 28, 2014, 06:45
Results for the third quarter 2014 of UBS – Tuesday, October 28, 2014
October 21, 2014, 09:00
UBS invites you to the presentation of its results for the third quarter of 2014 on Tuesday, October 28, 2014. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Chief Financial Officer and Group Chief Operating Officer, Caroline Stewart, global head of relations with investors and Hubertus Kuelps, group head of communications & Branding.
UBS is recognized as an interpreter ‘A List’
October 17, 2014, 18:00
UBS among the World Leaders for Action on climate change
New online survey: help us determine the direction of UBS!
6 October 2014, 13:00
UBS publishes prospectus for its public exchange offer for shares to establish a holding company of the group, UBS Group AG
September 29, 2014, 06:45
Last modified 16 may 2014, 19:40
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ZURICH (Reuters) – control of risk and a narrow focus on the UBS AG UBSN revenue growthVX Investment Bank helped cause huge losses, UBS, said on Monday, as he prepares to face turbulent shareholders this week.
The subprime- battered himself Bank blamed for a lack of risk control in a report commissioned by the Switzerland EBK banking watchdog and said that he had left the fast build-up of its investment bank running out of control.
« The Investment Bank focused on maximizing revenue. It seems to have been a lack of challenge on the risk and reward to neighbourhood plans business, « UBS said its fixed income business. »
Manager’s largest heritage world wrote about $37 billion in assets – more than any other Bank – and got rid of the most senior management, including its Chairman, after asking investors for emergency cash twice in as many months.
Approximately 16 percent of UBS ‘ subprime’ losses were at the back of the trading strategies in the unit hedge fund Dillon Read Capital Management. About two-thirds were due to countertop debt obligation (CDO) within the company’s fixed income of UBS.
Other problems were confusion about the structures of management and internal financing cheap, according to the report. There were deficiencies in the management of the risks and expertise, and the Bank has not responded adequately when the area began to worry about the « subprime » exposure
The report is a summary of a study that UBS had sent to the EBK, which tests the Bank on its losses.
« We will proceed with our investigation. It’s a big thing and it will take a lot of time, « the watchdog Alain Bichsel spokesman. »
Shareholders will be requested to approve another increase of capital of 15 billion franc Switzerland ($ 14.76 billion) at their annual meeting Wednesday, bringing the total number of measures to strengthen the balance sheet of UBS to some 34 billion francs.
Of the Bank share price decreased by more than half since June and it is under pressure from shareholders, which some want to separate its activities, and the Bank could be resumed on the rise increasing speculation.
The Bank will replace its Chairman, Marcel Ospel , widely criticized for allowing UBS to take risks in the hope of becoming the largest investment bank in the world, with Peter Kurer, lawyer of the group.
A group of activists investors Olivant – controlled by former UBS CEO Luqman Arnold – has been the most critical of the strategy of UBS, asking him to appoint a heavyweight at its head banker, saying that Kurer is the wrong choice.
Olivant said it will not seek to force the hand of the UBS rallying a wider vote at AGM Wednesday, however.
The ECB alone will not be able to save Europe, says the president of UBS
The European Central Bank (ECB) will not restore it only sustainable growth in Europe, according to Axel Weber. The Chairman of UBS has sharply criticized European political leaders who have so far « didn’t work » and must urgently carry out substantive reforms.
On the eve of a decision by the ECB on a likely massive redemption of public debt, Axel Weber found Wednesday in Davos (GR) that such a measure would only delay a little. « But if you buy time to not use it then, it is as taking a drug that would have no effect, » he said at the 45th World Economic Forum (WEF) at the opening of a session devoted to the « new context of growth ».
For the former President of the German Central Bank, the ECB has quite made: politicians now « do their job » and to deal with the « many problems » facing the old Continent currently.
As the markets look
« A year ago, here in Davos, I argued that Europe had not returned from its crisis. But the headlines were gone. » European leaders have failed to take advantage of this media lull to carry out « more than necessary » reforms, according to the president of the number one banking Swiss.
« Today, a recovery is still not on the agenda and problems came back ». Facing the risk of deflation, but a high unemployment rate also, Europe will have to carry out these reforms. But it will now be under the look of the markets, which face an environment riddled with uncertainties are ruthless.
As a reminder, the ECB is expected to announce Thursday, at the end of its meeting of monetary policy of massive redemptions of debt (EQ). The institution hopes to revive prices and the economy.
Confident after the decision of the SNB
Referring to the decision of the Swiss National Bank (SNB) to abandon its floor rate of 1.20 francs to one euro, Axel Weber believes that it has acted correctly. « We knew that it was a temporary measure. And that it would end abruptly. It could not be otherwise. »
This sudden reversal of course will have « a lot of impact on the Swiss economy », today under pressure and facing major challenges. « But it will be able to cope and I am optimistic about a normalization of exchange rates
Graph of who « owns » the federal reserve
The federal reserve Directors: A study of the Influence of corporations and Bank
Graph 1 shows the linear connection between the Rothschilds and the Bank of England and Bank of London houses which ultimately control the banks from the federal reserve through their holdings of Bank stock and their subsidiary companies in New York.Two main representatives of Rothschild in New York, J. P. Morgan Co., and Kuhn, Loeb & Co. have been companies that have implemented the Conference from the island of Jekyll during which the federal reserve Act was drafted, who led the campaign later to have the force of law by Congress the plan of the, and who bought the amounts control stock in the Bank of federal reserve of New York in 1914. These companies had their leaders appointed to the Board of Governors of the federal reserve and federal Advisory Council in 1914. In 1914 a few families (blood or business related) majority owner of stock in existing banks (for example, in New York City) caused those banks to buy a majority stake in the regional federal reserve banks. The review charts and text in the House Banking Committee from August 1976 staff report and the current list of the shareholders of the 12 regional federal reserve banks show this same family control.
N.M. Rothschild, London – the Bank of England
| J. Henry Schröder
| Banking services | Corp.
Brown, Shipley – Morgan Grenfell – Lazard – |
Company & Brothers Company |
| | | |
——————–| ——-| | |
| | | | | |
Alex Brown – Brown Bros – Lord Mantagu – Morgan et Cie – Lazard |
& Son | Harriman Norman | Paris Bros |
| | / | N.Y. |
| | | | | |
| Governor, Bank | J.P. Morgan Co – Lazard |
| England / N.Y. Morgan brothers |
| 1924-1938 / warranty Co. Paris |
| / Morgan Stanley Co. | /
| / | \Schroder Bank
| / | Hamburg/Berlin
| / Drexel & company.
| / Philadelphia.
| / /
| / Airlie Lord
| / /
| / M. M. Warburg Chmn J. Henry Schröder
| | Hamburg – marr. Virginia F. Ryan
| | | granddaughter of Otto
| | | Kahn of Kuhn Loeb Co.
| | |
| | |
Lehman Brothers N.Y – Kuhn Loeb Co. N. Y.
| | ————————–
| | | |
| | | |
Lehman Brothers – mount. Alabama Solomon Loeb Abraham Kuhn
| | __|______________________|_________
Lehman-Stern, New Orleans Jacob Schiff/Theresa Loeb Nina Loeb/Paul Warburg
————————- | | |
| | Mortimer Schiff James Paul Warburg
| | | | |
Mayer Lehman | Emmanuel Lehman.
| | | \
Herbert Lehman Irving Lehman.
| | | \
Arthur Lehman \ Phillip Lehman John Schiff/Edith Brevoort Baker
/ | Currently Chairman of Lehman Bros.
/ Robert Owen Lehman Kuhn Loeb – granddaughter of
/ | George F. Baker
| / |
| / |
| / Lehman Bros. Kuhn Loeb (1980)
| / |
| / Fortune Thomas Ryan
| | |
| | |
Federal Reserve Bank of New York.
Bank of the city of ___National N. Y. |
| | |
| National Bank of Commerce N.Y-|
| | \
| National Bank of Hanover N.Y..
| | \
| Chase National Bank N.Y..
Shareholders – National City Bank – New York |
Elsie m. William Rockefeller.
Isabel m. Percy Rockefeller.
Shareholders of William Rockefeller – National Bank of Commerce N. Y.
J. P. Morgan ———————————————–
M.T. Pyne Equitable Life – J.P. Morgan
Percy Pyne Mutual Life – J.P. Morgan
J.W. Sterling H.P. Davison – Morgan
EdisonTrust/NY NY Mary W. Harriman
Shearman & Sterling A.D. Jiullard – North British Merc.Insurance
| Jacob Schiff
| Thomas F. Ryan
| Paul Warburg
| Levi P. Morton – Guaranty Trust – Morgan
Shareholders – First National Bank of New York
George F. Baker
George F. Baker Jr.
Edith Brevoort Baker
Congress – 1946-64
Shareholders – National Bank of Hanover N.Y.
Shareholders – Chase National Bank N.Y.
George F. Baker
The federal reserve Directors: A study of the Influence of corporations and Bank
The J. Henry Schroder Banking Company chart encompasses the history of the twentieth century, embracing as is (Belgium-Board relief) program which provisioned Germany between 1915 and 1918 and deterred the Germany seeks peace in 1916; funding of Hitler in 1933 in order to allow a second world war; support the presidential campaign of Herbert Hoover; and even at the present time, including two of its major leaders its subsidiary Firm, Bechtel Corporation serving as the Secretary of defense and Secretary of State in the Reagan Administration.
The head of the Bank of England since 1973, Sir Gordon Richardson, Governor of the Bank of England (controlled by the House of Rothschild) was Chairman of J. Henry Schroder Wagg and Company of London from 1963 to 1972 and Director of J. Henry Schroder, New York and Schroder Banking Corporation, New York, as well as Lloyd Bank of London and Rolls-Royce. He maintains a residence on Sutton Place in New York City and as the head of « The London Connection », can be considered as the single most influential banker in the world.
J. Henry Schröder
Baron Rudolph Von Schroder
Hamburg – 1858-1934
Baron Bruno Von Schroder
Hamburg – 1867-1940
F. C. Tiarks |
Marr. Emma Franziska |
(Hamburg) Helmut B. Schroder
J. Henry Schröder 1902 |
Dir. Bank of England.
Oil Company J. Henry Schroder Banking Company N.Y.
J. Henry Schroder Trust Company, New York
Allen Dulles John Foster Dulles
Sullivan & Cromwell Sullivan & Cromwell
Director – CIA U. S. Secretary of State
Belgian relief Comm. Lord Airlie
Chief Marine transport-
NousFood Administration WW I President; Virgina Fortune
Manati Sugar Co. American & Ryan daughter of Otto Kahn
British Continental Corp of Kuhn, Loeb Co.
Mr. E. Rionda.
Pres. Cuba Cane Sugar Co. |
Manati Sugar Co. several others.
sugar companies. _______|
G. A. Zabriskie |
————— | Emile Francoui
CHMN U.S. sugar Equalization | ————–
Jury of 1917-18; Empire’s program. Rescue Belgian Comm. Kai
Biscuit Co., Columbia baking | Coal mines of ping, Tientsin
Co., southern Baking Co. | Copper from railway, the Congo, the
| National Bank of Belgium
Suite200042 Broadway | N. Y.
| | |
| | |
H. Julius Edgar Richard Barnes Herbert Hoover
————- —————- ————–
BelgiqueSecours Comm Belgium relief Comm Chmn Belgium relief Com
Amer relief Comm Pres Grain Corp. U.S. Food Admin
U.S.Aliments Admin US Food Admin Sec of Commerce 1924-28
1918-24, Hazeltine Corp. 1917-18, C.B Pitney Kaiping Coal Mines
| Bowes Corp., Manati Congo copper, President
| Sugar Corp. U.S. 1928-32
John Lowery Simpson
SacramentoCalif BelgiqueSecours |
Comm. u. s. Food Administration Baron Kurt Von Schroder
Prentiss Gray Co. J. Henry Schröder -.
Confidence, Schroder-Rockefeller, Chmn Schroder Banking Corp. J.H. Stein
End of Comm, Bechtel International Bankhaus (personal bank of Hitler
Co. Bechtel Co. (Casper Weinberger account) served on board all
S of the defence, the German subsidiaries of George P. Schultz of ITT. Bank
State S (Reagan administration). international regulations,
| Head of Group Senior SS, Himmler
| Circle of friends (Nazi funds),
| Deutsche Reichsbank, President
Schroder-Rockefeller & Co., New York
Avery Rockefeller, J. Henry Schroder
Banking Corp., Bechtel Co., Bechtel
International Co., Canadian Bechtel
Governor, Bank of England
1973-present J. Henry Schröder N.Y. C.B.
Schroder Banking Co., New York, Lloyds Bank
The federal reserve Directors: A study of the Influence of corporations and Bank
The David Rockefeller chart shows the connection between the Bank of New York, Standard Oil of Indiana, General Motors, and Allied Chemical Corporation (Eugene Meyer family) and Equitable Life (Morgan).
Chairman of the Board of Directors
Chase Manhattan Corp.
Chase Manhattan Corp. |
Officer and Director – Interlocks|
Private Investment Co. for America Allied Chemicals Corp.
Firestone Tire & Rubber Company General Motors
Family Rockefeller Orion multinational Services Ltd..& Associates
ASARCO. Chrysler Corp. Inc.
Southern Peru Copper Corp. Intl’ Basic economy Corp..
Industrial Minerva Mexico S.A. R.H. Macy & Co.
Continental Corp. selected risk Investments S.A.
Honeywell Omega Fund, Inc.
Northwest Airlines, Inc. Squibb Corporation
Northwestern Bell Telephone Co. Olin Foundation
Minnesota Mining & Mfg Co (3 m) advantage Life assur. NJ mutual
American Express Co. AT & T
Hewlett Packard Bell Northwest Pacific Co.
FMC Corporation BeachviLime Ltd..
UtahIntl’ Inc. Eveleth Expansion company.
Exxon Corporation fidelity Union Bancorporation
International Nickel/Canada Cypress Woods Corporation
Federated Capital Corporation Intl’ Minerals & Chemical Corp.
Life insurance equitable Soc U.S.Burlington Industries
Federated Dept Stores Wachovia Corporation
General Electric Jefferson Pilot Corporation
Scott Paper Co. R. J. Reynolds Industries Inc..
American Petroleum Institute of the United States Steel Corp.
Richardson Merril Inc. Metropolitan Life Insurance Co.
Stores may Co.Norton – Simon Inc..
Sperry Rand Corporation Stone-Webster Inc.
San El Salvador development Standard Oil of Indiana Corporation
The federal reserve Directors: A study of the Influence of corporations and Bank
This graph shows the locking systems between the Federal Reserve Bank of New York J. Henry Schroder Banking Corp., J. Henry Schroder Trust Co., Rockefeller Center, Inc., Equitable Life Assurance Society (J.P. Morgan) and the Federal Reserve Bank of Boston.
Alan Pifer, President
Locks of trustee-
Rockefeller Center, Inc. J. Henry Schroder Trust Company
Cabot Corporation Paul Revere Investors, Inc.
Federal Reserve Bank of Boston Qualpeco, Inc.
Owens Corning Fiberglas
New England Telephone Co.
Fisher Scientific Company
Mellon National Corporation
Equitable Life Assurance Society
Twentieth Century Fox Corporation
J. Henry Schroder Banking Corporation
The federal reserve Directors: A study of the Influence of corporations and Bank
This graph shows the relationship between the Federal Reserve Bank of New York, Brown Brothers Harriman, Sun Life Insurance Co.(N.M. Rothschild and Sons) and the Rockefeller Foundation.
Maurice F. Granville
Chairman of the Board of Directors
Director and officer of Texaco interlocks – Liggett & Myers, Inc.
El L Arabian American Oil Company St John Ray Mining Co. Ltd.
O | |
Brown Brothers Harriman & Co. N National Steel Corporation
D | |
O Brown Harriman & Intl’ banks Massey-Ferguson Ltd.
N | |
American Express Mutual Life Insurance Co.
N. American Express Intl’ Banking Corp. Mass Mutual income Investors Inc.
M. | |
Anaconda United Services Life Insurance Co.
R | |
O Rockefeller Foundation Fairchild Industries
T | |
H. Owens-Corning Fiberglas Blount, Inc.
S | |
C National City Bank (Cleveland) William Wrigley Jr. Co
H | |
I have Sun Life Insurance Co. National Blvd. Bank of Chicago
L | |
D General Reinsurance Lykes Youngstown Corporation
Corporation Inmount of General Electric (NBC)
* Source: federal reserve Directors: a study of the Influence of corporations and Bank. Report of personnel, Committee on banking, currency and housing, the House of representatives, 94th Congress, 2nd Session, August 1976.