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S U B S C R I B E
WRS stories about banks
Zurich-based Credit Suisse banker linked to U.S. tax fraud case
Wednesday, 23 February, 2011
The biography of Christos Bagios a senior figure Credit Suisse Private Advisors, has just been taken off the bank’s website. A Greek citizen based in Zurich, Bagios was apparently arrested as he arrived in New York two weeks ago. He reportedly faces charges of conspiracy and fraud. U.S. marshalls have transported him to Florida where he is expected to appear in court. U.S. officials aren’t saying much, but Credit Suisse is pointing fingers at UBS, his previous employer. Daniel Ryntjes reports from Washington:
Wednesday, 23 February, 2011
The biography of Christos Bagios a senior figure Credit Suisse Private Advisors, has just been taken off the bank’s website. A Greek citizen based in Zurich, Bagios was apparently arrested as he arrived in New York two weeks ago. He reportedly faces charges of conspiracy and fraud. U.S. marshalls have transported him to Florida where he is expected to appear in court. U.S. officials aren’t saying much, but Credit Suisse is pointing fingers at UBS, his previous employer. Daniel Ryntjes reports from Washington:
Banking rules prompt Credit Suisse's CEO to call for 'level playing field'
Friday, 11 February, 2011
Credit Suisse came out with its 2010 figures yesterday and markets were disappointed. Its shares lost 5.8 percent after Switzerland’s second biggest bank reported a net profit of 5.1 billion francs in 2010—around a quarter less than the previous year. CEO Brady Dougan talks to WRS’s Tony Ganzer about potentially lean years ahead for the Zurich-based financial institution. One reason is that new Swiss rules requiring banks to keep more of their assets in liquid form. While Credit Suisse welcomes tougher regulation, Dougan says it doesn’t want to be put at a disadvantage to other global banks. Tony Ganzer reports:
Friday, 11 February, 2011
Credit Suisse came out with its 2010 figures yesterday and markets were disappointed. Its shares lost 5.8 percent after Switzerland’s second biggest bank reported a net profit of 5.1 billion francs in 2010—around a quarter less than the previous year. CEO Brady Dougan talks to WRS’s Tony Ganzer about potentially lean years ahead for the Zurich-based financial institution. One reason is that new Swiss rules requiring banks to keep more of their assets in liquid form. While Credit Suisse welcomes tougher regulation, Dougan says it doesn’t want to be put at a disadvantage to other global banks. Tony Ganzer reports:
Shrinking bonuses worry both UBS bosses and lower ranks
Wednesday, 9 February, 2011
UBS confirmed yesterday its performance-related bonus pool is 10 percent less than last year—at about 4.3 billion francs. Switzerland’s largest bank says the shrinking bonuses and more regulations will hurt its ability to retain top talent. But lower-level employees worry that changes in compensation rules will cut their pay and hurt morale. WRS’s Tony Ganzer has more:
Wednesday, 9 February, 2011
UBS confirmed yesterday its performance-related bonus pool is 10 percent less than last year—at about 4.3 billion francs. Switzerland’s largest bank says the shrinking bonuses and more regulations will hurt its ability to retain top talent. But lower-level employees worry that changes in compensation rules will cut their pay and hurt morale. WRS’s Tony Ganzer has more:
Bankers' group defends rules on illicit funds
Friday, 21 January, 2011
Earlier this week the Swiss government imposed a freeze on the assets of former Tunisian president Ben Ali. But when it comes to the money of corrupt politicians, what are a bank’s obligations under Swiss law? WRS’s Adam Beaumont sought some answers from Rebecca Garcia, spokeswoman for the Swiss Bankers Association:
Friday, 21 January, 2011
Earlier this week the Swiss government imposed a freeze on the assets of former Tunisian president Ben Ali. But when it comes to the money of corrupt politicians, what are a bank’s obligations under Swiss law? WRS’s Adam Beaumont sought some answers from Rebecca Garcia, spokeswoman for the Swiss Bankers Association:
Dateline CH: What to make of Rudolf Elmer?
Thursday, 20 January, 2011
Imogen Foulkes tells the story of the enigmatic former Julius Bär banker, Rudolf Elmer, who says he came to realize that the Cayman Islands were an offshore tax haven after he became the chief of the bank’s branch there in his forties. But his attack of conscience to expose this greedy world seemed too neat for some:
Thursday, 20 January, 2011
Imogen Foulkes tells the story of the enigmatic former Julius Bär banker, Rudolf Elmer, who says he came to realize that the Cayman Islands were an offshore tax haven after he became the chief of the bank’s branch there in his forties. But his attack of conscience to expose this greedy world seemed too neat for some:
Former Julius Bär banker rearrested after sentencing
Thursday, 20 January, 2011
Rudolf Elmer, Julius Bär bank’s former head of operations in the Cayman Islands, was sentenced in a Zurich court yesterday for violating Swiss banking secrecy laws and sending threatening emails to the bank’s employees. The court fined him more than 7,000 francs, placed him on probation for two years and assessed him court costs. Then, later that evening, Zurich cantonal police announced that Elmer had been re-arrested. WRS’s Jo Fahy was at the court in Zurich:
Thursday, 20 January, 2011
Rudolf Elmer, Julius Bär bank’s former head of operations in the Cayman Islands, was sentenced in a Zurich court yesterday for violating Swiss banking secrecy laws and sending threatening emails to the bank’s employees. The court fined him more than 7,000 francs, placed him on probation for two years and assessed him court costs. Then, later that evening, Zurich cantonal police announced that Elmer had been re-arrested. WRS’s Jo Fahy was at the court in Zurich:
As whistleblower heads to court, U.S. probes Julius Bär
Wednesday, 19 January, 2011
Former Julius Bär banker Rudolph Elmer is to appear in court later today, charged with breaking Swiss banking secrecy laws. Before he left for Switzerland, Elmer provided the names of some 2,000 offshore banking clients to the website WikiLeaks in London. Reports on who is on the list and which banks are involved remain vague. But the potential release of U.S. names could have major implications for U.S. investigations. And a leading Washington tax lawyer told WRS the Department of Justice is already actively investigating Julius Bär. For its part, the bank denies Elmer’s allegations that it helped rich clients evade taxes. Daniel Ryntjes reports from Washington:
Wednesday, 19 January, 2011
Former Julius Bär banker Rudolph Elmer is to appear in court later today, charged with breaking Swiss banking secrecy laws. Before he left for Switzerland, Elmer provided the names of some 2,000 offshore banking clients to the website WikiLeaks in London. Reports on who is on the list and which banks are involved remain vague. But the potential release of U.S. names could have major implications for U.S. investigations. And a leading Washington tax lawyer told WRS the Department of Justice is already actively investigating Julius Bär. For its part, the bank denies Elmer’s allegations that it helped rich clients evade taxes. Daniel Ryntjes reports from Washington:
Former banker hands big names to WikiLeaks
Tuesday, 18 January, 2011
Swiss whistleblower and former Julius Bär banker Rudolf Elmer has handed over two CDs to the website WikiLeaks, before returning home to Switzerland to stand trial on Wednesday. Elmer says the discs contain information on prominent politicians, celebrities and companies which hide money in Swiss banks. Our UK correspondent Nina-Marie Potts was at the packed press conference in London, where Elmer disappointed the media throng by not naming names:
Tuesday, 18 January, 2011
Swiss whistleblower and former Julius Bär banker Rudolf Elmer has handed over two CDs to the website WikiLeaks, before returning home to Switzerland to stand trial on Wednesday. Elmer says the discs contain information on prominent politicians, celebrities and companies which hide money in Swiss banks. Our UK correspondent Nina-Marie Potts was at the packed press conference in London, where Elmer disappointed the media throng by not naming names:
U.S. taxman looms over cantonal banks
Tuesday, 28 December, 2010
Switzerland’s cantonal banks are likely to be one of the next major targets of U.S. tax investigators, according to the U.S. tax law firm Caplin and Drysdale. The information has been provided exclusively to World Radio Switzerland by Caplin and Drysdale, which is currently handling hundreds of tax evasion cases in the wake of the UBS saga. With more, here’s reporter Daniel Ryntjes in Washington:
Tuesday, 28 December, 2010
Switzerland’s cantonal banks are likely to be one of the next major targets of U.S. tax investigators, according to the U.S. tax law firm Caplin and Drysdale. The information has been provided exclusively to World Radio Switzerland by Caplin and Drysdale, which is currently handling hundreds of tax evasion cases in the wake of the UBS saga. With more, here’s reporter Daniel Ryntjes in Washington:
Swiss bankers breathe sigh of relief at EU compromise
Thursday, 9 December, 2010
EU member states have decided that automatic exchange of banking details is no longer their policy goal. So how will this affect Switzerland? And is Switzerland out of the woods when it comes to tensions with the EU? WRS’s Conor Lennon called on Tomas Miglierina, who covers Brussels for our Italian-language sister radio RSI:
Thursday, 9 December, 2010
EU member states have decided that automatic exchange of banking details is no longer their policy goal. So how will this affect Switzerland? And is Switzerland out of the woods when it comes to tensions with the EU? WRS’s Conor Lennon called on Tomas Miglierina, who covers Brussels for our Italian-language sister radio RSI:
Countdown to handover of all U.S. bank clients begins
Monday, 6 December, 2010
In an attempt to catch tax evaders, the United States wants information on all American account holders outside of the U.S. The Foreign Account Tax Compliance Act requires banks to send the names, addresses, fiscal numbers, account numbers and income of the U.S. clients to the American Internal Revenue Service, starting January 2013. Banks have to sign up to the this act, but not complying means investment arms of those banks will not be able to invest in American stocks and bonds. WRS’s Alex Helmick gets the details from Martin Naville, CEO of the Swiss-American Chamber of Commerce:
Monday, 6 December, 2010
In an attempt to catch tax evaders, the United States wants information on all American account holders outside of the U.S. The Foreign Account Tax Compliance Act requires banks to send the names, addresses, fiscal numbers, account numbers and income of the U.S. clients to the American Internal Revenue Service, starting January 2013. Banks have to sign up to the this act, but not complying means investment arms of those banks will not be able to invest in American stocks and bonds. WRS’s Alex Helmick gets the details from Martin Naville, CEO of the Swiss-American Chamber of Commerce:
Lawsuit says UBS involved in feeder funds for Madoff's Ponzi scheme
Monday, 6 December, 2010
UBS is rejecting what it calls “completely unfounded” allegations of fraud and misconduct over its role in the biggest Ponzi scheme in history. The Swiss bank is accused of providing the “aura of legitimacy” for two feeder funds, which enabled European investors to pour money into Bernard L. Madoff Investment Securities. UBS is now one of the principle subjects of a $2 billion lawsuit by the man charged with trying to claw back funds from those who benefited. From Washington, Daniel Ryntjes reports:
Monday, 6 December, 2010
UBS is rejecting what it calls “completely unfounded” allegations of fraud and misconduct over its role in the biggest Ponzi scheme in history. The Swiss bank is accused of providing the “aura of legitimacy” for two feeder funds, which enabled European investors to pour money into Bernard L. Madoff Investment Securities. UBS is now one of the principle subjects of a $2 billion lawsuit by the man charged with trying to claw back funds from those who benefited. From Washington, Daniel Ryntjes reports:
Whistleblower Birkenfeld accuses lawyer of criminal conduct in UBS affair
Monday, 1 November, 2010
Former Swiss banker turned whistleblower Bradley Birkenfeld is accusing a senior U.S. Justice Department lawyer of criminal conduct over the handling of investigations into UBS. Birkenfeld is bitterly disappointed at prosecutor Kevin Downing who he says angrily warned him not to cooperate with investigations by two other U.S. government agencies. He believes Downing was under pressure to avoid following up leads on famous and politically exposed individuals who held secret accounts with UBS and that Birkenfeld’s subsequent prosecution was designed to shut him up. WRS’s Daniel Ryntjes has been speaking to Birkenfeld’s lawyer Stephen Kohn who is now calling for an inquiry:
Monday, 1 November, 2010
Former Swiss banker turned whistleblower Bradley Birkenfeld is accusing a senior U.S. Justice Department lawyer of criminal conduct over the handling of investigations into UBS. Birkenfeld is bitterly disappointed at prosecutor Kevin Downing who he says angrily warned him not to cooperate with investigations by two other U.S. government agencies. He believes Downing was under pressure to avoid following up leads on famous and politically exposed individuals who held secret accounts with UBS and that Birkenfeld’s subsequent prosecution was designed to shut him up. WRS’s Daniel Ryntjes has been speaking to Birkenfeld’s lawyer Stephen Kohn who is now calling for an inquiry:
'Milestone' tax deal with Germany—or a step backwards?
Thursday, 28 October, 2010
Thursday, 28 October, 2010
Finance Minister Hans-Rudolf Merz proudly left office having signed deals on taxation and banking secrecy with both the UK and Germany. Merz’s German counterpart Wolfgang Schäuble came to Bern yesterday, one day ahead of schedule, to sign a double taxation agreement and a joint declaration on the initiation of negotiations on tax issues similar to the UK deal which emerged earlier this week. The idea is to preserve the anonymity of bank customers from those countries, but while making them pay a withholding tax. WRS’s Vincent Landon has the story.
Meanwhile the Tax Justice Network—an NGO campaigning for a fairer global tax system—is horrified. Conor Lennon called on the organisation’s John Christensen for his reaction:
