Even NZZ sees the situation in black money process in France skeptical for Switzerland’s number 1 – Arrogant, stupid.
Today Raoul Weil faces the Paris judge. The former head of global asset management at UBS wants to explain what remains inexplicable.
That the UBS client advisors from Switzerland in Paris, Lille, Lyon and wherever else in the neighboring country were only for a chat with their black money customers there.
No sow understands that. Nobody can believe it. Except the UBS bosses Markus Diethelm, the highest legal boss of the financial multinational, and his supervisor, CEO Sergio Ermotti.
Diethelm and Ermotti, the two alpha animals of the UBS Executive Board: they are getting a bloody nose in Paris. This is the longer the more you go out.
If even the NZZ writes more and more of the judge’s doubts, as today , it is a first-rate alarm.
“Difficult to understand”: UBS-friendly NZZ orakelt gloomy. (Source: NZZ)
So how could Diethelm and Ermotti maneuver themselves into a dead end? What are their remaining chances to get out of the Paris crisis to some extent? And what does the heavily respected black money process in France mean for the bank as a whole?
Diethelm and Ermotti thought they would be able to blow the march to the Frenchman . Diethelm in particular: Had not he appeased the USA 10 years ago, which had led to a minibus for his bank?
The fact that Diethelm pressed the Federal Council to treason by giving up bank secrecy is another matter.
“Treason by the UBS General Counsel”: Commission Report, 30 May 2010
Diethelm considered himself invincible after his US success. Allez hop on on the French.
These are at heart socialists – President Macron or not. And socialists, unlike the US capitalists, do not want a deal. But an ideology. A principle. Atonement and remorse.
Diethelm understands only station. Now he is sitting in the Parisian ink, knows neither on nor off. UBS tries to keep hope alive with a lot of press work. Meanwhile, the harassment of a UBS banker in Beijing for new eruptions .
A drama of the extra class, which the two main protagonists Ermotti and Diethelm perform in Paris. How much it gets on everyone’s nerves is shown by the course. It crashed down yesterday. 13 francs for a UBS share – give me a break.
So if Diethelm and Ermotti rattled into the Parisian trap because of their own macho instincts, they and Switzerland are now wondering what their chances are?
The answer, as of today: bad to miserable. Why?
UBS emphasizes that there was no black money system for rich French people. How she hopes to get away with this version of the story remains closed to any normal.
The reason for this is Raoul Weil. It was the ex-UBS Bigshot who, together with his colleague, the unfortunate Marcel Rohner, launched the initiative “TASTE for BUCKS” *.
With that, Rohner and Weil wanted to conquer the world. In other words, your black money customers in Switzerland should also become top white money customers in their respective countries.
Said and done. An army of UBS client advisors swarmed to Paris, Rome, Madrid, Brussels, Frankfurt to secretly meet rich tax evaders with groomed laptops .
James Bond banking in the noughties. In France, the UBS “key” for big money was particularly strong. There, the black money consultants of UBS Switzerland handed over their French tax evaders to the white money advisors of UBS France.
So at least the charge of the Paris penalty inter mediaries. They support this, above all, on a document they call “Milchbüchlein”. Carnet du lait.
Such a booklet is in the possession of the UBS-Häscher. It shows how much bonus was credited to the Swiss offshore consultants through such introductions of black money customers to their colleagues in France.
By bonus is meant here how many assets – cashes, securities – a wealthy French tax refugee lands at the UBS in France thanks to the mediation of the Zurich, Basel or Geneva UBS advisor. There was also the opposite way.
This internal clearing was important. She rewarded the Swiss offshore consultants when they introduced their black money customers to their Paris colleagues.
Conversely, the whole thing was also good for the UBS Paris advisers. They suddenly had more customer assets and were able to show that they were on the upswing with their UBS France.
In short: a system. Everyone in the bank knew it. Everyone joined in. Those who resisted did not lose anything in the country’s No. 1 offshore banking.
Today UBS leaders Diethelm and Ermotti want to explain that this is a big misunderstanding. It goes to the milk booklet to ATA, tendered Asset Transfer Agreement: a quarterly Excel file that would show net, which would be credited to the respective customer advisors to postponed customer assets. Quite legal, completely normal.
Sounds good. Only: Why then were lists of such credits created and later destroyed? The French have received a copy of such a list from an ex-UBS employee. All other lists have disappeared.
Why are the lists no longer there if they are unproblematic? If only they should be an expression of a completely correct Excel file?
That makes no sense. But Diethelm and Ermotti stick to their version. They team up in this way with Raoul Weil, a man from gray black money time. They even pay him the whole process. Is not her money.
Completely unnecessarily, Diethelm and Ermotti have combined their “new”, “clean” UBS with the “old”, “dirty” – by deciding to go to court in Paris.
The alternative would have been a payment of 1 billion euros. Now threaten 5.
Should Ermotti-Diethelm win in the end, when the judge gives them the right or at least the guilt of UBS does not see proven, the UBS bosses would be there as big winners. But that they rose naked to the Himalayas, even then remains fact.
* TASTE for BUCKS stands for: Trust, Advice, Service, Team, Emotions; “Big Shift”, “Using Best Practice”, “Client Centered Offering”, “Key Clients”, “Strive for Growth”.