The former UBS banker who’s been in the news recently after his indictment for helping billionaires evade taxes, will plead guilty in June and turn state’s evidence. That tightens the screws on UBS, which the Journal on C1 says is discussing settling with the U.S. by giving prosecutors the names of its American clients, a no-no for a Swiss bank.
Despite an information-sharing agreement with the U.S. in 2000, Swiss banks continued to secretly manage the assets of wealthy Americans, according to banking documents, court filings and several people familiar with the arrangements. To keep that work secret from U.S. authorities, the Swiss banks used shell companies and sometimes directed their American customers to put their accounts in Liechtenstein.The arrangement—outlined in a legal analysis prepared in 2000 by the Swiss Bankers Association and in a separate set of LGT documents—involved setting up companies and trusts to act as the nominal owners of the assets, thereby shielding the identities of U.S. citizens seeking to shelter the funds from the IRS.
The NYT scoops on C7 that Bradley Birkenfeld, the ex-banker, “will implicate others at UBS and other financial institutions,” according to a source. Fun!
But can the U.S. get its hands on the alleged wrongdoers? The FT reminds readers of its scoop that UBS is advising the bankers not to travel to the U.S. to avoid getting swooped up like Birkenfeld.
‘You screwed us, Jimmy’
Bear Stearns finally came to its end yesterday after eighty-five years, as shareholders voted to accept the $10 a share deal from JPMorgan Chase. Apparently, folks couldn’t wait to wash their hands of the mess: the Journal on C1 says the meeting “lasted about 11 minutes.”
Chairman and ex-CEO Jimmy Cayne showed up and even offered a perfunctory apology to shareholders. It was met with “dead silence,” the NYT reports.
“That which does not kill you makes you stronger,” he added. “And at this point we are all like Hercules.”Again, his words were met with silence.
“JPMorgan is a great organization,” he concluded. “There are better days ahead.”
And then the meeting, which lasted no more than 10 minutes, was over and Bear’s employees headed quietly off to work.
A Quote of the Day Sampler from the “carnival like atmosphere” of T-shirts and signed paintings outside the company’s headquarters:
“You screwed us Jimmy.”“I worked for Bear Stearns 20 years and all I got was a Cayne-ing.”
“Hubris—thy name is Jimmy!”
We like this best of all, from the NYT:
Entrepreneurs hawked T-shirts with pictures of Mr. Cayne playing a violin on the 19th hole of a golf course.
Discredit bureau
The LAT reports that credit bureau TransUnion Coproration has signed the largest class-action settlement in history. TransUnion had sold lists of consumers based on their credit files to others in violation of federal law.
The settlement will give consumers six months of free access to their credit reports and credit scores—a service it normally sells for $60 or more.
Rachael Ray hates our freedoms!
The Associated Press reports on a bone-headed move by Dunkin’ Donuts, which caved into loony right-wing blog attacks that claimed Rachael Ray (!) was promoting jihadism by wearing a Palestinian-style kaffiyeh while she holds “an iced coffee while standing in front of trees with pink blossoms.”
We’re sorry, but this doesn’t exactly scream “kill the infidels” to us.
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How much mis-direction can the public take about the skyrocketed, damaging price of oil?
The basic fact is that the U. S. government is actively helping the oil cartel O.P.E.C. and its allies.
Ever since March 2003, the U.S. has been the occupying power in Iraq, taking over ALL government powers, including the membership in O.P.E.C. The U.S./Iraqi delegate has always voted for the price-raising production cutbacks. The U.S. has cut back production in Iraq below what Hussein produced.
Really dismaying is that both Democrats and Republican support this help to O.P.E.C. Senators Obama, Clinton, and McCain are all for it.
We need Congress to investigate. How about the other Presidential candidates Ralph Nader and Bob Barr taking up the cause for the public?
Posted by Carl Olson![[TypeKey Profile Page]](http://www.cjr.org/nav-commenters.gif)
on Fri 30 May 2008 at 12:32 PM
Nations who has their great capacity of natural resources turned to natural gas are really in their mid state alleviating their economy in recession. For instance, Alaska ranks second in the nation in the crude oil production. The has substantial marketed natural gas production, most of which takes place in the Cook Inlet, where output is in decline. Although large volumes of natural gas are extracted during oil production on the ANS, this supply has no way of reaching consumption markets and is subsequently pumped back into the ground for repressurization or used as lease fuel to operate equipment at oil production facilities. Alaska has vast energy resources but low energy demand. Major oil and gas reserves are found in the Alaska North Slope (ANS) and Cook Inlet basins. This natural gas would help Alaska’s economy in upgrading its state. This means a lot to transportation. Transforming natural resources into new form of energy would possibly give us the chance to search for the ways to live in cheap environment most especially in times of recession. Transportation is a great requirement of modern living. However, just because you need it doesn't mean you have to let GM or any one else's marketing department tell you how to do it. If you let them tell you how to do everything, you will need cash advance loans just to be able to get to work every day. For instance, you could carpool. Lots of people do it and have done so for a long time. Also, if you live close enough to work, you can start riding a bike. No gas and you get in better shape. (Win – win.) There's also public transport, and all of these are cheaper modes of transportation.
Posted by DevinB on Mon 6 Apr 2009 at 03:08 AM