Tuesday, March 10, 2009

YOU & US - UBS and its tax cheating clients in the USA

Here is an excellent video clip from the American News Project featuring the toppled giant UBS, and starring TJN stalwart Jack Blum:

Switzerland's largest bank, UBS, has long been a generous donor to American lawmakers. Last year alone, the bank spread over three million dollars across hundreds of U.S. election campaigns. That kind of money wins lots of friends on Capitol Hill, but with the economy now in a tailspin, the money banks like UBS squirrel away in tax havens is getting unprecedented attention and the once cozy relationship between UBS and U.S. politicians has soured. When a top UBS executive was hauled in front of a Senate subcommittee recently to explain his company's actions, remarkably few lawmakers showed up to grill - or defend - their erstwhile friend.

A must see for viewers of all ages, especially those who still can't believe that a major bank can be turned into a criminal enterprise. And if these things can happen in the USA, you bet your life that similar things happen elsewhere: those with long memories will remember how UBS subsidiary Cantrade Bank bought political influence in the British Island of Jersey, where a senior politician called Pierre Horsfall was a board director of the bank whilst also chairing the organisation responsible for regulating that bank: which led to an interesting little scandal when Cantrade was caught in bed with a forex swindler called Robert Young. The criminal culture runs deep.


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